Altcoins Double-Digit Rally Ignites Bullish Projections

Crypto assets continue to record gains this week with altcoins posting double-digit inflows. The move follows a resurgence in the market forces leading to a surge in the market capitalization. While Bitcoin’s market cap is $1.2 trillion, the wider crypto assets are $2.34 after posting weekly gains. 

The double-digit inflows by most assets in the market come after the Fed meeting that left interest rates uncharged. Around social media spaces, crypto users project the start of the bull run especially in memecoins. However, some users still need to be convinced of recent altcoin flows due to periods of fluctuations.

Solana and Near Protocol Lead Altcoin Jump

Solana (SOL) is up 20.6% this week after a period of low results. The altcoin’s gain continued in the last 24 hours as it traded at $155. Solana is known for outpacing the market in bull runs based on several factors including memecoin activity. 

Solana memecoins also post similar numbers in the market with some assets spiking above 50% recovering weeks of outflows. SOL has now reduced monthly losses to 15% with bulls projecting a wider market run.

Near Protocol is up 21.57% this week with a 1.6% increase today. The asset daily volumes surged 8% over 590 million following a price growth to $7.49. The jump above 20% weekly gains has ignited short-term trades to point to increased macroeconomic factors. This rally can also be seen in crypto stocks although most remain in single-digit gains.

Other Assets Spike

Other altcoins have also sparked a run in the market leading to weekly projections. Ripple (XRP) is up 7.59% while Cardano (ADA) and Avalanche (AVAX) notched 3.37% and 4.17% respectively. 

Memecoins have recorded the biggest gains as expected this week due to high volatility frenzy-inspired inflows. Leading memecoins in the last 24 hours are Bird Dog with 83% gain and FindMe and WSB Coin with 16.6% and 61% inflows respectively. 

Also Read: Crypto Market To Recover By May End; Here’s What You Should Know

The post Altcoins Double-Digit Rally Ignites Bullish Projections appeared first on CoinGape.