5 altcoins all set to rally again as Bitcoin soars

Summary 

• Bitcoin’s prices have rebounded in the past week as US policymakers are set to decide on cryptocurrency regulations
• BTC touched US$ 46,115.26 today and has risen by 22.65 per cent in the past week
• Some experts estimate BTC prices to touch up to US$ 100,000 by the end of this year

The world’s first decentralised cryptocurrency, Bitcoin (BTC) rebounded in the last week, touching recent highs as US policy makers’ mull the currency’s regulatory framework.

BTC’s prices recouped around 23 per cent in the past one week, after having sliding in recent months due to Chinese regulators’ crackdown on crypto mining. BTC was trading at US$ 46,115.26, up by 1.41 per cent as of 11 August at 10:49 AM GMT+1.

The global crypto market cap stood at US$1.91 trillion, up by 2.40 per cent from the previous 24 hours. And the total crypto market volume is at US$ 119.58 billion, up by 8.76 per cent from the last 24 hours as of 11 August at 10:52 AM GMT+1.

Industry experts Mike McGlone of data firm Bloomberg Intelligence and Tom Lee from independent research boutique firm Fundstrat Global Advisors, expect BTC price to soar to US$ 100,000 by the end of 2021.

Also Read: Pushback from crypto community to White House amendments

As BTC prices resumed an upward trend in the past few weeks, several alt coins in the digital currency space have also witnessed a similar knock-on effect and are set to rally.

In this article, we take a look at 5 altcoins that are poised to jump, following BTC’s recent price movement news:

1. IoTex (IOTX)

IoTex is a  decentralised platform focused on machine economics and can be used for machines in smart home devices, autonomous vehicles and various other internet of things (IoT) devices.

Its native coin is called IOTX token. IOTX’s prices spiked after being listed on crypto exchange Coinbase Pro starting today.

IoTex’s current price was at US$ 0.1191, up by 290.29 per cent in the past 24 hours. IOTX’s price return over the past 7 days was 338.52 per cent, making it the highest riser among all cryptocurrencies listed on CoinMarketCap.

The coin’s total market cap was at US$ 1.15 billion as of 11 August, and its total traded volume was at US$ 2.743 billion, up by 2,544.43 per cent in the past 24 hours.

2. Axie Infinity (AXS)

Axie Infinity is a non-fungible token (NFT) based online trading and battling video game, which was developed by Vietnamese game developer Sky Mavis. The NFT game uses the Ethereum based blockchain protocol and its cryptocurrency AXS and SLP.

It became the highest grossing NFT ever after recently announcing a record sales of US$ 1.1billion as of  9 August.

Axie Infinity’s real time price was at US$ 69.46, up by 28.61 per cent in the past 24 hours. AXS’s price return over the past 7 days was 63.17 per cent, according to cryptocurrency database CoinMarketCap.

The coin’s total market cap was at US$ 4.255 billion as of 11 August, and its total traded volume was at US$ 5.827 billion, up by 251.05 per cent in the past 24 hours.

3. Ravencoin (RVN)

Ravencoin is a blockchain focused on the creation and peer to peer transfer of assets and is based on a Bitcoin fork. The coin surpassed a US$1 billion in market cap earlier this year, without any fundraising, initial coin offering (ICO) or pre mine activities. Its native governing token is  RVN.

The coin has been on the rise recently due to increased upside potential from considerations in mining profitability.

Ravencoin’s real time price was at US$ 0.165, up by 23.23 per cent in the past 24 hours. RVN’s price return over the past 7 days was 132.73 per cent, according to cryptocurrency database CoinMarketCap. Thus, making it the second best performer on the database in the past 7 day week.

The coin’s total market cap was at US$ 1.543 billion as of 11 August, and its total traded volume was at US$ 729.946 million, up by 34.46 per cent in the past 24 hours.

4. Holo (HOT)

Holo is a distributed peer to peer hosting platform for applications based on the open source framework, Holochain. It’s ERC-20 token is called HOT, and can be redeemed in exchange for when Holo’s native token Holofuel is scheduled to be launched.

Holo is designed to act as a bridge between regular internet users and Holochain applications.

Holo’s real time price was at US$ 0.01108, up by 23.29 per cent in the past 24 hours. HOT’s price change over the past 7 days is up by 78.97 per cent, according to CoinMarketCap.

The coin’s total market cap was at US$ 1.913 billion as of 11 August, and its total traded volume was at US$ 518.528 million, up by 157.64 per cent in the past 24 hours.

5. Helium (HNT)

Helium is a decentralised peer to peer blockchain powered 5G network, and its native token is called HNT. The coin raised up to US$ 111 million in a token sale, receiving backing from US venture capital firm a16z Andreessen Horowitz on 10 August, causing its token price to rise sharply.

Helium’s live price was at US$ 16.73, up by 17.78 per cent in the past 24 hours. HNT’s price change over the past 7 days is up by 30.46 per cent, according to CoinMarketCap.

The coin’s total market cap was at US$ 1.595 billion as of 11 August, and its total traded volume was at US$ 133.121 million, up by 17.89 per cent in the past 24 hours.

Also Read: ADA jumps 22% in 24 hours as investors eye Cardano’s Alonzo hard fork