The cryptocurrency market is still in the midst of a recovery process, following a decline when the tariffs impacted traditional financial markets. However, not all altcoins are created equal, and some are recovering faster than others. Many have noticed that Axelar, Aave, Uniswap, and Pepe were on the rise.
In this article, we’ll try to answer why that is the case. The state of the altcoin market is often heavily dependent on changes in the Bitcoin price, but that’s not always the case, as many altcoins have their markets.
How Are the Coins Doing?
Not all the coins we mentioned are on the rise when a long view is taken into account, but some are showing signs of growth when compared to the other coins in a similar niche of users. Put together, those metrics constitute a trend.
Axelar (AXL)
Depending on the source, AXL is up between 9% and 11% in the last month. This means that the price has been moved from about $0.36–$0.37 to around $0.40. Most of that gain occurred after it was listed on Upbit, with a single day of trading resulting in an 80% increase in value.
Aave (AAVE)
When viewed over a month, AAVE has risen between 19% and 25%, depending on the source. However, in the last week, the coin has dropped by about 11 percent. The current price is $269. At this point, technical indicators show that it’s approaching the “oversold” mark.
Uniswap (UNI)
Uniswap (UNI) has experienced the largest rise among all the coins on our list. It had a weekly surge of about 21 percent and a monthly surge of 13 percent. This means that the price has increased from approximately $6.70 to $7.60–$ 7.80, with a few fluctuations along the way. On June 10th, it experienced a surge of about 40 percent within a day.
Pepe (PEPE)
Pepe has had a great run until June of this year. Since Trump’s inauguration, meme coins have had a significant run, including PEPE. However, the novelty of this trend has worn off, and most meme coins have declined since the start of June. PEPE has decreased by about 21 percent over the last week. Since the popularity of meme coins depends on memes and online popularity in general, it is impossible to predict when they will experience a resurgence.
Stablecoins
Stablecoins, such as Tether, have gained significant popularity and value in recent years. That’s because it’s tied to the value of the US dollar, and the dollar has been doing well since there are no more tariff and trade war issues to worry about, at least not for a while.
Stablecoins have also found a variety of uses; for instance, the best Tether casinos provide all the features of a crypto casino alongside the stability of fiat money payments. These casinos allow users to know the value of their winnings when they withdraw them.
What Caused the Prices of Coins to Increase?
The primary reason for the rise of altcoins is often the growth of Bitcoin, as the market follows suit once it proves that Bitcoin is profitable. This is what happened here, as the Bitcoin market rallied above $110,000. Many analysts also believe that it will soon surpass its highest price in history – at $111,900.
Long-term charts show that when Bitcoin hovers near or just below the ascending trend line, it leads to major swings in price for altcoins. This is what happened in 2017, and that’s what’s happening now.
US and China trade talks and FOMC minutes
One of the reasons both Bitcoin and altcoins are doing better is the overall state of the traditional financial market. The US and China have initiated trade talks and agreed to lower tariffs, which has led to market adjustments and improvements. It proves that the scale of the tariffs is less important than predictably.
The Federal Reserve has issued the minutes from its meeting, and these documents play a significant role in the financial market as they provide market participants with an opportunity to understand how the government is shaping its policy. If the Federal Reserve lowers interest rates, the price of cryptos will increase.
To Sum Up
The price of many popular altcoins has been on the rise for a month now. Some meme coins, however, aren’t doing so well, as the interest in meme coins has slowed down recently. The rise comes soon after the rise of Bitcoin, and that’s a common trend when it comes to the price of altcoins.
The overall market trends are also in favor of the rise of altcoins, as well as Bitcoin, most notably the trade deal between China and the US. The openness with which the Federal Reserve approaches interest rates has also helped the market grow.
