Altcoins
Why Altcoins Like Toncoin and Bitcoin Cash Are Soaring Today
Did we witness the start of a new cryptocurrency rally on Monday? It’s very possible. After all, the prices of several coins and tokens across a wide variety of use cases have increased significantly, following a general slowdown over the previous week.
Among the many altcoins that made investors richer on Monday were Toncoin (CRYPTO: TON), with an impressive gain of almost 27% from its 4 p.m. ET level the previous Friday, and Bitcoin Cash (CRYPTO: BCH), with an improvement of 21%. Meanwhile, a new partnership has driven up prices of immutable (CRYPTO: IMX) and B OK (CRYPTO: OKB), both of which increased by around 14%.
The leader bounces back
Much of this stems from the path blazed by the original cryptocurrency and the asset that remains the near-undisputed leader in the sector, Bitcoin (CRYPTO:BTC). The coin saw a rough price trajectory last week, largely due to outflows from spot Bitcoin exchange-traded funds (ETFs).
These days, however, many crypto bulls are willing to pounce on even a minor indication of price weakness, and as this trading week has kicked off, they have dove back into Bitcoin. By Friday afternoon, it had crossed the $70,000 mark and appeared to be staying there. The investment world at large always notices when crypto hits one of these psychological milestones, which builds support for the new level.
If market participants are bullish on Bitcoin, you can bet your last digital currency that they are also bullish on the future of altcoins. Since altcoins operate on similar principles to Bitcoin, as we have seen in many cases, they tend to accompany their leader in their progress. This helps explain the rocket ship that was Bitcoin Cash (a hard fork of Bitcoin) and the robust performance of the Toncoin blockchain integration platform token.
The Power of Crypto Partnerships
Of course, this is also a factor in the enjoyable leaps experienced by Immutable X and OKB; However, in the case of these two cryptocurrencies, some exclusive news was also a factor.
In a blog post updated on Friday, OKX – the crypto exchange operator that uses OKB as its native token – announced that it is partnering with Immutable, which it bills as “the leading platform for Web3 game”. The partnership will see the integration of certain Immutable offerings into the OKX marketplace and platform. These include a non-fungible token (NFT) “launching pad,” OKX wrote.
If done well and managed efficiently, such a tie-up could mutually benefit both parties, as OKX is an exchange and Immutable operates a well-known platform in various crypto circles. Expanding the user base is crucial for any crypto project that needs/wants to achieve large scale, so it is understandable that investors have been trading both cryptocurrencies on the news.
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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Immutable X. The Motley Fool has a disclosure policy.
Why Altcoins Like Toncoin and Bitcoin Cash Are Soaring Today was originally published by The Motley Fool