The altcoin market is heating up following two years of muted activity, with upward momentum spurred on by price increases in Bitcoin seen earlier this month. BTC dominance remains high over the wider market, meaning that higher Bitcoin prices can help catalyze major spikes in the value of smaller coins.
Some altcoins are doing very well from the latest market trends. For instance, El Hippo (HIPP), which is now at an all-time high, and Chainlink (LINK), which broke a yearly high earlier this month and looks set to blast past it to a new high if market forces align favorably.
El Hippo Bitget Listing and $56k Airdrop Lead to All-Time High
While one can never be fully certain what causes price changes in an asset, in the case of young meme coin El Hippo, a major listing on a centralized exchange plus a series of high-value airdrops that remain ongoing certainly didn’t hurt.
El Hippo is now trading at $0.0000000125, up 130% on the month and over 400% since its launch in August. El Hippo has launched a series of airdrops that anyone can participate in by depositing or trading HIPP on Bitget, as well as ongoing Zealy quests that also reward users in HIPP tokens.
With deep pockets to fund airdrops as well as announcements of listings and an NFT collection that will pay out 1% of the token supply to holders, El Hippo is making big waves in the crypto pond and attracting plenty of new investment.
With a small market cap below $10 million, this micro-cap coin could be set to see major gains in the kind of bull run that only small projects are capable of. However, small cap coins are equally capable of major losses, and are known for volatility, so users should measure the risk vs; reward here and in every financial decision.
Chainlink (LINK) getting closer to new yearly highs
LINK has had an excellent run recently, doubling in price since October and now pushing towards a yearly high that could lead to further upward momentum. The project’s usefulness as an oracle that feeds real world information to Web3 projects cannot be overstated in the blockchain industry, and it makes sense that the coin is being recognized as a valuable asset in the future of online communication.
Chainlink spiked 60% in a single week last month, demonstrating to the market that it has strong support behind it. Many view LINK as an evergreen token due to its strong utility, and the latest price spike certainly reflects a vote of confidence from retail and institutional traders in the project which now boasts a market cap of $8 billion and ranks at #12 by market cap overall.
Altcoins season might get back
While it’s too soon to say whether it’s altcoin season once more in the crypto market, things are certainly looking up when coins begin to climb towards higher highs like this. Crypto has been in limbo since mid-2021 according to some analysts, and now that it’s showing signs of life again, there’s no telling what the coming weeks and months will bring.