Is altcoin season here? Bitcoin has gained 5% today, but altcoins are thriving

Bitcoin has gained 5% today, but altcoins are thriving, and Ethereum is leading the way with a 13% uptick. The move has catapulted $ETH

The cryptocurrency market is showing signs of life as Bitcoin rises by 5% today. The move comes after a recent report from Ark Invest highlighted that Bitcoin could hit $1 million by 2 семестр 2024.

As for what happened today, Bitcoin's gains pale in comparison to Ethereum, which has surged by 13% to reach $1,790—its highest price since 6 April.

The move has catapulted countless other large-cap altcoins to pull stunning gains today. DeepBook Protocol is up 121%, ImmutableX is up 33%, and Bonk is up 28%.

It looks as though altcoin season has arrived—so what cryptos should you consider adding to your portfolio?

Solaxy

As the cryptocurrency market continues to heat up, investors are looking for new and innovative projects to add to their portfolios.

One project that is catching the attention of investors is Solaxy, the world’s first Solana layer 2 blockchain.

Solaxy is designed to reduce costs and increase speed compared to Solana. But at its core, its goal is to tackle Solana's congestion issue.

It will use off-chain computation to handle some of Solana's workload and process transactions in bundles to increase scalability.

This will enable Solaxy to process a large number of transactions without slowing down the network.

In doing so, it will be a massive boost for the Solana ecosystem. And right now, it’s undergoing a presale that has raised over $31 million.

With a use case set to revolutionise Solana and the token currently in its early stages, it appears that Solaxy has massive room for growth.

Dogecoin

Among the most interesting cryptocurrency price movements today is Dogecoin. The meme coin has risen by 14%, outpacing many other cryptocurrencies.

This is a sign that Dogecoin could continue to perform well in the months ahead, especially as investors grow increasingly confident in the market.

As altcoin season unfolds, investors will increasingly gain confidence and thus dial up their risk exposure. There are three main ways to do this: buy more tokens, use leverage, or buy riskier assets.

And when it comes to everyday crypto traders, many choose the third option by purchasing meme coins.

While meme coins are riskier, thus presenting higher volatility and upside potential, they’re also easy to understand and less serious than most other crypto asset classes—this makes them a fan favorite.

In the crypto sphere, Dogecoin is a household name among both casual and serious investors. It’s also the oldest and most established meme coin, and it has the most notoriety thanks to its support from Elon Musk and subsequent coverage on mainstream media platforms.

Ethena

Ethena is a governance and staking token that powers the Ethena ecosystem, which is built around a yield-bearing stablecoin, USDe.

USDe provides a yield based on delta-neutral strategies, using a mix of tactics from hybrid and digital asset markets to produce profits.

Users can also earn more yield by staking the ENA token.

While users must consider the additional risk that a yield-bearing stablecoin imposes, such as smart contract risk, Ethena continues expand its market share. The USDe market cap is currently at $4.9 billion, which is over 2x higher than one year ago.

Ethena is also an Ethereum-based project, so a bullish Ethereum performance in will benefit the ENA price, but likely with more volatility. This is evident today with ENA gaining 19% as ETH rises by 13%.