The Return of Altcoins: Why 2017 Favorites Are Surging Again ๐
The global crypto market cap stands at a robust $2.68 trillion, marking a 3.51% surge over the past day. Bitcoin, the marketโs bellwether, has breached $71,000 for the first time since mid-March, while Ethereum is testing the upper limits of a horizontal channel at its current $3,681 price.
New Life for Old Favorites
- NEO, dubbed the โChinese Ethereum,โ has surged 33.5% in the last 24 hours, climbing from $15.30 to $20.40.
- VeChain, a blockchain project that gained traction in 2017, has seen an 8% increase today, rising from $0.042 to $0.047.
- EOS, created by a former Ethereum founder, jumped by 7% in the last 24 hours, moving from $1.00 to $1.10.
- IOTA, a cryptocurrency focused on the Internet of Things (IoT), has seen a 4.72% increase today, moving from $0.30 to $0.32.
Long-time watchers of the digital assets space may have also noticed something interesting as of late: cryptocurrencies that thrived in the 2017 bull run and subsequently faded into obscurity are making a comeback.
NEO: Chinaโs Ethereum
NEO, often referred to as the โChinese Ethereum,โ has experienced a resurgence, surging 33.5% in the last 24 hours, climbing from $15.30 to $20.40. This is NEOโs highest price since April 2022, following a major crash that saw the coin plummet from $120 in May 2021 to around $13.
NEOโs Momentum
- NEOโs performance marks its best day since January 20, 2023, when it spiked 40.7%.
- The coin has broken past its flat performance, showing bullish behavior.
- It has breached resistance levels and displayed positive market indicators.
VeChain Rising
VeChain, another blockchain project that gained traction in 2017, is also performing impressively. The coin has seen an 8% increase today, rising from $0.042 to $0.047 before correcting to its current $0.046 price.
VeChainโs Performance
- VeChainโs performance mirrors NEOโs, breaking past resistance levels set by market indicators.
- The ADX for bearish correction is weak, hinting at a potential shift in market performance.
EOS Making a Comeback
EOS, created by a former Ethereum founder, is another top performer today with a 7% price bump in the last 24 hours, moving from $1.00 to $1.10. Despite its ICO success in 2017, EOS faded into obscurity during the crypto winter.
EOSโs Bullish Trends
- EOS is showing bullish hints, with positive indicators in its price action.
- The coin broke past resistance levels and is exhibiting a potential bullish switch.
IOTAโs Resurgence
IOTA, a cryptocurrency focused on the Internet of Things (IoT), has seen a 4.72% increase today, moving from $0.30 to $0.32. Despite losing ground in 2018, IOTA is showing signs of life.
IOTAโs Market Signals
- IOTA remains within a downward triangle with mixed market signals.
- The RSI indicates a balance between bulls and bears in the market.
Hot Take: The Resurgence of Altcoins ๐
Altcoins that were popular in the 2017 bull run are staging a comeback, with NEO, VeChain, EOS, and IOTA all showing positive price action. These coins, which faded into obscurity during the crypto winter, are now experiencing a revival as market sentiment shifts towards altcoins.
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