The second-largest cryptocurrency, Ethereum (ETH) rose to highs of $3,793 on September 1, marking the third consecutive day in green after a brief consolidation. Telltale signs that an Alt season is nearing are beginning to increase across the cryptocurrency market as several Altcoins rallied alongside ETH.
Meanwhile, Bitcoin’s price faces a key resistance to break through, despite rising to highs of $49,069 in today’s trade. Ethereum (ETH) is already gaining ground against BTC, reaching highs last seen since June, further buoying the ”Alt season” narrative.
ETH/BTC Daily Chart
A near 7% gain in the ETH/BTC pair on Wednesday is thought to be the fuel behind Altcoins’ rally, as the pair marked the third consecutive day in green since August 30.
Why FTX Token, Fantom, Mina, MaidSafe, aelf Rallied
FTX token (FTT)
FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX. FTT rallied nearly 40% on Sept. 1 as it rose to fresh all-time highs of $66.28. The recent move is supported technically after a brief consolidation, also the daily moving averages made a bullish crossing which buoyed the price. FTX had announced a token burn on Aug. 31, stating: ”We bought and burned 5.6 million USD worth of FTT”. FTX.US, the U.S. affiliate of crypto exchange FTX, also made its first acquisition. The company has bought out crypto derivatives exchange LedgerX for an undisclosed sum in a deal expected to close sometime in October.
Fantom (FTM) is a decentralized and scalable platform. The Fantom (FTM) token holders can stake their holdings and earn staking rewards from the Fantom network.
Bullish momentum for Fantom revved higher after the announcement of the 370 million FTM incentive program on Aug. 30. The FTM token then rose to all-time highs of $0.959 on Sept. 1, gaining nearly 37% from lows of $0.698. Today’s run-up comes on the heels of a Coinbase announcement:
”We’re extremely excited to announce that @CoinbaseWallet now supports Fantom mainnet! Over a million Coinbase wallet users can now send and receive FTM instantly with near-zero fees, and interact with wallets and dApps.”
Mina describes itself as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Mina has ticked higher since Aug. 30 following its WazirX listing. The network shared the news ”MINA is listed on WazirX and you can buy, sell, trade MINA in the USDT market”. As of press time, Mina was trading up by 20.83% at $4.11.
aelf is a decentralized cloud computing blockchain platform. ELF refers to the main token on the aelf platform, used for transaction fees, side-chain index fees, production nodes deposits, voting, and block rewards. The ELF token rallied from $0.404 to highs of $0.6188, gaining nearly 52%. This comes on the heels of the announcement of its mainnet token swap scheduled to begin on Sept. 9.
MaidSafeCoin (MAID) is a token for SafeCoin. Asides from the recent technological updates which the network describes ”There’s been a bit of a rush of new tech incoming to the Safe Network,” The near 53% climb to highs of $0.663 seems more like a technical breakout, rather than that buoyed than fundamentals.
The IOTA NFT marketplace, developed by the IOTA community was launched on the IOTA 2.0 DevNet recently. This is significant as NFTs remain a talking point while users have the opportunity to leverage IOTA’s feeless transactions. Recent collaborations and updates seem to have buoyed IOTA’s run-up to highs of $1.14 today. The IOTA network had also announced incentives to run a node on Aug. 31.
Velas is an AI-Powered Delegated Proof-of-Stake (AIDPOS) blockchain. Velas has ticked higher since its technical breakout above the $0.05 level where it had consolidated since late June. Today marks the fifth day in the green since Aug. 27. VLX was trading up by 66.04% at $0.108 as of press time.
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