Altcoins Record 50% Gains After BTC, ETH Set New Highs: Analysis

Altcoins record 50% gains with XYO, BCHA, and POLY leading the way after BTC and ETH set new highs flipping $50,000 and $4000 respectively so let’s read more in our latest altcoin news today.

The bullish momentum on the market continued to enhance as a market-wide rally lifted the prices of other altcoins that boosted BTC and ETH above their resistance levels at $51,000 and $4000. the recent price gains saw on the market shows no signs of slowing down and a few altcoins gained more than 30% on Friday. The data from Tradingview shows that the best performers over the past day were Polymath, Bitcoin Cash ABC, and XYO network. Polymath rallied as its Polymesh mainnet launch approaches and it is also an ETH-based project focused on digital asset management as the altcoins record 50% gains.

The data shows that after hitting a low of $0.345 but then the price of Poly rallied 56% to an intraday high at $0.54 on September 3rd. The sudden rise in momentum for the project came at the beginning of September as the upgrade to the POLY – Polymesh incentivized testnet puts the project one step closer to the full launch of the Polymesh mainnet. The excitement for the project came after the official rebranding to eCash which included a token revolution that increased the circulating from 21 million to 21 trillion.

On the other hand, XYO network benefited from a new collaboration. The network is decentralized and it collects and validates geospatial data and records it on the XYO blockcahin. As per the data, the market conditions have been quite favorable for the coin. The price spike came after the XYO community got a boost to visibility after CoinApp launched a new campaign allowing the users to earn XYO tokens for taking part in a case study on the application. The overall crypto market now stands at .
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289 trillion and the BTC dominance rate is 41.5%.

As recently reported, Bitcoin as the world’s biggest cryptocurrency is back above $50K and has reached the same level since two weeks ago before pulling back. Bitcoin retested $50K and is up 5.5% in the past 24 hours as per the data from CoinGEcko and peaked at the local high of $50,171 with a market cap of $941 billion and BTC dominating 40% of the market. While this can be considered as a positive start to the new month, September has always been a difficult month for the Bitcoin bulls, especially as now it reached a milestone level again.