While several trends in the past have evidently pointed out that the price of altcoins is heavily influenced by the price movement of Bitcoin, the latest data says otherwise. This week was eventful for altcoins as the price of almost every coin had witnessed a significant surge.
The Big Altcoin Price Rally
Satoshi Nakamoto went ahead and gave the world its first-ever cryptocurrency, Bitcoin. This coin further paved the way for the launch of many other coins. Today there are more than a thousand cryptocurrencies excluding Bitcoin. These crypto-assets are identified as an alternative to Bitcoin popularly known as altcoins.
Out of the numerous altcoins that recorded significant price change, here’s a list highlighting the top three best performing prominent crypto assets in the past week.
1. Cardano [ADA]
With the Shelley update underway, the Cardano network has been garnering immense traction. Previously, at the beginning of last month, the price of ADA witnessed a significant surge. Despite the fact that the coin has been on an uphill journey since March this year, ADA recorded a whopping 35.4 percent increase in its price over the last seven days.
At the time of writing, the coin was trading at $0.1133. As for the Shelley hard fork, it was scheduled to take place on 7 July 2020. However, it seems like the network is behind schedule.
2. ChainLink [LINK]
Soon after its latest partnership with the prominent cryptocurrency exchange, Huobi, the price of LINK started soaring. Despite witnessing a mere 2.3 percent rise on the first day of its partnership, the coin observed a 25.7 percent soar in its price over the past seven days. The latest altcoin rally even pushed the coin to its all-time high of $5.84 on 7 July 2020.
Over the past 24-hours, the coin had surged by 18.9 percent and was trading at $5.78, during press time.
3. Dogecoin [DOGE]
While all the other coins were surging due to partnerships and the altcoin rally, Dogecoin witnessed a rise, thanks to a viral TikTok video. The video that went on prominent Chinese platform, TikTok under the hashtag “#DogecoinTiktokChallange” garnered a whopping half a million views. This video is speculated to have had an impact on the price of DOGE. The coin had surged by almost 20 percent over the last seven days.
At the time of writing, the altcoin was trading at $0.00277 with a 12 percent change in the last 24 hours.
VeChain’s native currency VET was the biggest gainer of this price rally as the coin witnessed a 85.9 percent increase in its price over the past seven days. Bitcoin SV was also seen performing well with a 14.2 percent increase over the week.
Bitcoin, on the other hand, witnessed not more than a 1 percent increase in its price in the last seven days. At the time of writing, Bitcoin was trading at $9,265.67.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org