Bitcoin has seen some good gains in the last day which eventually saw the digital asset climb over $29,000 for the first time in nine months, albeit briefly. But despite the price gains that the digital asset has seen in this time, it is still not the best performer in the crypto market as some altcoins continue to put up impressive rallies.
ARB, CFX, And 1INCH Make A Splash
As the week draws to a close, there have been some interesting movements from both Bitcoin and altcoins in the market. However, some altcoins continue to rise above and have been mostly in the green, especially in the last two days.
The digital assets that have been able to maintain their gains during this time include Conflux (CFX), Arbitrum (ARB), and 1inch Network (1INCH). At a time when altcoins are struggling to keep up with Bitcoin’s gains, these assets continue to outperform.
In the last 24 hours, each of these digital assets has risen over 9%, sparking major interest in them. CFX which has been on a bullish momentum for the last week saw another 11.79% gain in the one-day period, bringing its price per coin to an impressive $0.4241.
Next is 1INCH which has managed to claw its way out of obscurity and back into the spotlight. The token rose 10.16% in 24 hours to be trading at $0.5595. Its trading volume has also seen a major boost during this time as it rose over 231% to $80.9 million.
Altcoins see higher gains than BTC | Source: Coinmarketcap
Following behind is ARB with 9.38% gains. Now, ARB is interesting in that the coin was airdropped to users of the Arbitrum Layer 2 blockchain, and massive dumping followed shortly after, as expected. But after hitting a local low of $1.11 on Tuesday, the cryptocurrency has been on an uptrend since then. It is now trading at a price of $1.36, making it the third-highest gainer behind 1INCH.
Bitcoin Not Giving Up To Altcoins
Even though these altcoins continue to outperform Bitcoin, the pioneer cryptocurrency is not giving up easily. It has been able to maintain the $28,000 territory despite mounting pressure from bears. It is also holding consistent gains on the weekly chart, which is not the same for most altcoins.
BTC still trading above $28,600 | Source: BTCUSD on TradingView.com
Bitcoin’s recovery is also moving the market, determining if investors remain bullish or not. Right now, as long as BTC continues to return gains and stay above its 50-day moving average, it remains on a path to re-enter a complete bull market.
Bitcoin is seeing gains of 0.72% in the last 24 hours to be trading at a price of $28,682 after briefly hitting $29,140, according to data from Coinmarketcap. Its trading volume is up 13% on the day and is now sitting above $22 billion.