Zilliqa and VeChain rocket higher thanks to the latest BTC boom as it likely become the norm over the past few months. Over the past week, the leading cryptocurrency increased by 13% outpacing all crypto assets in the top 100 by market cap aside from a smaller group of coins as we read more today in the altcoin news today.
What’s interesting about it is that they are not the DeFi blue chips coins that one could expect. In fact, the coins that outpaced BTC are now the 2017-era coins like Zilliqa and VeChain which gained a lot of traction over the previous bull market but then died off in the so-called “Crypto Winter.” VeChain increased by 15.5% in the past 24hours became the best performing asset aside from Blockstack which gained about 35% over the same time span.
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The rally came in spite of the fact that there was little news about Vechain over the past few days but VET is going to be added to Coinbase Custody which means that they could get the Retail treatment in the future.
Another 2017-era altcoin that rallied as well was Zilliqa which is the first blockchain to implement technology as sharding. ZIL increased by 7% today and around 300 percent over the past 30 days. There seems to be a growing amount of traction around the blockchain’s narrative that will pose a threat to ETH. Ethereum has strong dominance in Defi but faces extreme network congestion in times of price volatility and when other projects are released.
Verge gained 15% in the past 24hous but remains around 97 percent below the all-time high price of $0.30. The rally in these altcoins are relative to BTC and the rest of the crypto market stumped investors in the DeFi space. Ethereum has the most vibrant community and collection of legitimate use cases but over the past week, ETH underwent a six percent gain which is less than half of what BTC gained over the week. Some of the most reputable names in the space include YFI, GRT, COMP, AAve, and ThorChain which all got down by 10 percent. The drop came in spite of the continued usage of the DeFi platforms and continued innovation.
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