Altcoins surge by over 20% as Bitcoin increases

August 20, 2021

As Bitcoin price starts to chart again, breaking above $47,000 with an increase of nearly 7% over the past 24 hours of trading, the cryptocurrency market as a whole has started to regain strength with the altcoins picking up prices. Bitcoin’s surge past the $46,000 level marked a win for the cryptocurrency bulls after the token struggled to break the resistance barrier.

Heading into the weekend, the market looks like it’s headed for an upward incline with several altcoins spearheading the charge with over 20% increases. New listings on exchanges, updates protocols to the platforms, and the overall bullish market are all factors in gaining tokens.

Altcoins leading the bullish rally in the cryptocurrency market

Looking at data from Coingecko, the top three leading altcoins in terms of trading increases are The Graph, Algorand and Cardano over the past day in trading.

The Graph cryptocurrency

 

Source: Coingecko

The Graph is a project that offers developers a look into public data needed to build decentralised applications (dApps). It is an indexing protocol and API that organises public blockchain data to make it easily accessible for developers to search and publish on. The Graph token (GRT) is an Ethereum-based token that has seen a massive 21% increase in the past 24 hours of trading to pick up a price tag of $1.05.

Algorand

Source: Coingecko

Algorand is a decentralized platform that has been built to achieve the three things that blockchains tend to only hit two: Speed, security, and decentralization. The protocol seeks to make functional use-cases for blockchain with a focus on the financial aspects of blockchain in order to offer borderless transactions as seamless as possible. Over the past 24 hours, the platform’s token (ALGO) has increased by 19.7%.

Cardano

Source: Coingecko

Cardano is one of the better-known altcoins in the market. The project is aiming to achieve a platform to house smart contracts that can deliver stronger and more expansive features than previously explored on the blockchain. The project developers focus on the science and philosophy on blockchain first and then implement the research into the project, retaining the core of decentralisation and the core characteristics of the technology. Over the past day, Cardano (ADA) has gained 18.1% in trading value.

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