Altcoins Show Renewed Momentum as Market Captures Renewed Interest

A significant increase in activity related to altcoins was observed on April 17, 2021, with STRAX ($Stratis) striking the greatest percentage by which its price rose

A significant increase in activity related to altcoins was observed on April 17, 2021, with STRAX ($Stratis) striking the greatest percentage by which its price rose among those considered in this analysis. According to data by Phoenix Group, STRAX was up by 83.0% within 24 hours with a $0.08 price and $164.7m market capitalization.

Binance was listed as the leading exchange through which STRAX was trading during the rally. Many others joined STRAX with double-digit percentage gains.

SUILEND ($SEND) was also up by 36.0% to a target price of $0.44 with a $21.6 million. The asset is currently listed on the CoinEx exchange for trading.

Binance-listed Biswap, ( $BSW ) token was up by 30.5%, and at the close of the session, it was trading at $0.01, making its market value reach $7.3 million. SYRUP ($SYRUP) also increased by 23.5% to $0.13 a share and was valued at $130 million in the market. It is listed on PancakeSwap.

Further gains were made in the mid-cap and the lower-cap funds this year. NYM ($NYM) gained 23,3% and was quoted at $0.05, making its market capitalization to be $40,5 million. IQ fetched a 20.8% rise to $0.004 and a $95.4 million market capitalization. These gains indicate that short-term traders are chasing tokens with high volatility or low prices as large caps consolidate.

Polyswarm’s token ($NCT) was up 20.6%, reaching $0.02, and was most actively traded on Coinbase. On the other hand, Acala ($ACA$) also rose by 14.8% to $0.03 and had a market capitalization of $36,400,345 at the time of writing. It went up by 13.8% to $3 and brought Zircut (ZRC) to $82.2 million. Both coins appear to be gaining attention from Binance users as liquidity returns to alternative networks.

STRIKE Maintains High Valuation Despite Modest Move

Strike ($STRIKE) closed the daily leaderboard with its shares up 12.6% to $7,96 and a market cap of $44.1 million. It was not as volatile as the other tokens, but due to a higher price per token and fixed cap, it has a different trading pattern. This can be interpreted as increased certainty or optimism concerning the project’s success, potentially due to growing app usage or development modifications.

The overall pattern points indeed to the fact that, now, retail and algorithmic players are regaining interest in more obscure assets. As Bitcoin and Ethereum remain range-bound, trading activity now seems to be rotating into altcoins, which have more potential for significant gains.