The latest bull-run allowed Altcoins to recover from a four-month-low: Altcoins experienced a sharper selloff than Bitcoin (BTC) in the previous month and at the beginning of April, due to regulatory concerns in the Asian markets and a broader selloff in crypto markets.
However, the latest bull-run provided huge support to altcoins.
The majority of top 10 Altcoins outperformed bitcoin regarding price appreciation last week. With an exception to Litecoin (LTC) and Bitcoin Cash (BCH), the majority of altcoins have posted high double-digit growth in the previous week, led by substantial gains from Cardano (ADA), IOTA (MIOTA), Stellar (XLM) and NEM (NEM).
Source Image: coinmarketcap.com
IOTA Outperformed Cryptocurrencies
IOTA was among the prominent gainers last week. Its price jumped almost 50% in the last seven days, sharply higher from BTC price growth of 15%. Along with broader market rally, MIOTA coin received support from various reports, including the joining of Fujitsu executive Rolf Werner and the announcement of the Trinity desktop-wallet launch.
Navin Ramachandran, the IOTA developer, stated that the Trinity wallet app is in the stage of an alpha testing and it is set to conclude in the coming 6-7 weeks.
Cardano, Stellar and NEM Posted Substantial Gains
Cardano is the second largest gainer among the top ten altcoins. ADA price soared 45% last week to the highest level in the last month. ADA coin trades around $0.23 at present.
Stellar and NEM has also posted significant gains in the past week. NEM coin surged 45% last week to $0.34 – with the market capitalization of $3.1 billion. NEM coin started recovering losses that it had made last month due to the theft of $500 million Coincheck hack.
Here’s What to Expect
Altcoins were in the green during the weekend and extended that momentum into early trading on Monday before losing some ground later in the trade. Market pundits are expecting altcoins to post a sustainable rally in the days to come. They believe higher scrutiny from South Korean and Japanese regulators strengthened trader’s confidence in cryptocurrency markets.
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