The overall crypto space has bounced back strongly amid the global market recovery on Wednesday led by positive Fed commentary. It’s the altcoin space that’s leading the crypto market rally by adding $100 billion to the overall crypto market.
The world’s second-largest cryptocurrency Ethereum (ETH) is showing healthy gains shooting 10% and moving past $3,100 levels. This is a strong bounceback from its crucial support levels of $2800.
However, as per the Santiment report, the ETH supply at the exchange increased minorly during the recent downtrend. The overall exchange supply still remains low.
At the same time, the 7-day MVRV ratio for Ethereum shows that the short-term holders are at loss. But it also represents that we are currently in the undervalued zone. Furthermore, the ETH network is not so encouraging. The Santiment report notes:
ETH’s Network Growth has been stagnant for the past few months even after the price bottomed out. Price continued to grow but Network Participants continue to just range, this deviation is generally not a healthy sign.
A Look Into the Altcoin Space
All of the top ten altcoins have made solid gains anywhere between 9-20% as of writing this article. Cardano’s ADA is up by 11.5% and is trading at $2.27 and a market cap of $72.4 billion.
Despite being on the backfoot in its recent fight against the SEC, Ripple’s XRP has gained 10% today moving past $1.0.
The much-popular Solana (SOL) is up 15% as of writing this story and is trading at $147. Any bullish breakout above $150 can lead to a rally further ahead. Similarly, Polkadot (DOT) has also gained 16.5% today moving past $30 levels. As of press time, Polkadot is trading at $31.98 and has a market cap of $31.3 billion.
The altcoin space has performed tremendously well this year so far. The overall altcoin market has added $1 billion to the crypto market this year so far.
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