Double-digit gains propel top cryptocurrencies to rally
After the Boxing Day, a number of cryptocurrencies experienced significant increases of 10% or more, while Bitcoin and Ethereum lagged behind. The top gainers on December 27th included Ethereum layer-2 solutions, Bitcoin forks, a native layer-1 blockchain token, and a Polkadot parachain. This surge in value is likely due to traders booking profits and shifting their investments into other altcoins after several weeks of upward movement in the markets during the fourth quarter of 2024.
According to CoinMarketCap, these top gainers saw double-digit increases ranging from 10% to as high as 25%. Bitcoin forks, Bitcoin SV (BSV), and Bitcoin Cash (BCH), ranked second and seventh respectively, with gains of 24.7% and 11% due to increased trading volume. The ties of these forks to the original Bitcoin blockchain and token may have contributed to their gains, especially with the recent buzz surrounding spot BTC ETFs. BSV traded above $62, while BCH reached over $256 following the rally.
Three of Ethereum’s largest scaling solutions also experienced significant increases. Optimism (OP), Polygon (MATIC), and Arbtrium (ARB) saw gains of over 23.8%, 18.1%, and 12.1% respectively. OP surpassed $4, MATIC broke the $1 mark, and ARB reached a price tag of $1.50.
The native token of the L1 privacy-focused blockchain Mina, MINA, rose to $1.40 after gaining 18.3% with a trading volume of nearly $500 million. Mina utilizes zero-knowledge technology to enable developers to build decentralized applications and privacy-preserving smart contract platforms.
Astar (ASTR) emerged as the top gainer with a 25% increase in 24 hours, despite a trading volume of $145 million. Astar operates as a parachain on the Polkadot ecosystem, allowing users to create smart contracts across multiple decentralized networks and virtual machines like the Ethereum Virtual Machine (EVM).
These developments demonstrate the ongoing volatility and rotation within the cryptocurrency market, as traders continue to seek out profitable opportunities.
