Ethereum Altcoins Outperforming Bitcoin Today

Today, the global cryptocurrency market is facing a slight decline, however, certain Ethereum-based altcoins are standing out with impressive performance compared to Bitcoin amid volatility. While Bitcoin has seen fluctuations between $65,937.18 and $67,694.30, with a slight 0.02% rise in the last day and a 10.12% increase in the past week, some cryptocurrencies are making notable progress. This article will delve into Ethereum altcoins outperforming BTC, and their performances.

1. Pendle (PENDLE) 

Pendle (PENDLE) is gaining attention for its distinctive method of tokenizing yield. Pendle is now priced at $5.26, showing a 6.55% increase in the last 24 hours and a remarkable 31.39% rise in the past week. This event increased its market value to $809.1 million, with a strong trading volume of $108.2 million in the past 24 hours. 

Pendle is a protocol that allows for the tokenization and exchange of future yield. By introducing a new AMM that allows assets with time decay, Pendle empowers users to have greater influence over future yield through offering choices and chances for its use.

2. Gnosis (GNO)

Gnosis (GNO) is also one of Ethereum altcoins showing notable gains. Trading at $307.83, the token has appreciated by 2.11% in the past 24 hours and 9.65% over the past week. This growth brings its market cap to $797.16 million with a trading volume of $18.9 million in the last 24 hours.

Gnosis, (GNO) is focused on building decentralized infrastructure on Ethereum for the Ethereum ecosystem. Founded in 2015, it initially focused on prediction markets but expanded to create supporting infrastructure like Gnosis Safe.

Operating as a decentralized autonomous organization (DAO), Gnosis provides infrastructure for decentralized applications and products to guide ecosystem governance. In November 2021, the xDAI and GnosisDAO communities voted to merge, creating Gnosis Chain, an Ethereum companion addressing scaling challenges through strong engineering.

The recent price increase of GNO can be attributed to the launch of their updated deposit UI. This new interface includes features such as an auto claim function, expanded support for additional wallets including WalletConnect and Coinbase

Wallet, and compatibility with both Chiado and Gnosis Chain. The update, along with the UI rebranding, has likely boosted investor confidence and interest in Gnosis, driving up the price.

3. Chainlink (LINK)

Chainlink (LINK) is surpassing Bitcoin in performance with a price of $16.94 at the moment. The token has experienced a 2.10% growth in the last 24 hours and 28.86% gains in the previous week. Chainlink has a market capitalization of $9.9 billion and an 24-hour trading volume of $738.9 million. 

Chainlink is a blockchain platform that connects smart contracts to external data sources, events, and payment methods through a decentralized oracle network. It enables complex smart contracts by providing off-chain information.

Chainlink is supported by an open-source community of data providers, node operators, developers, researchers, and auditors, ensuring decentralized participation for all users in the network.

LINK experienced a surge in price following the release of the DTCC Report. The largest settlement system in the world, the Depository Trust and Clearing Corporation (DTCC), along with blockchain oracle Chainlink, have finished a pilot program with multiple major U.S. banks, to boost the tokenization of traditional finance funds.

Conclusion

While Bitcoin’s performance remains steady, Ethereum altcoins like Pendle, Gnosis, and Chainlink are capturing the spotlight with their impressive gains. These tokens exemplify the dynamic and rapidly evolving nature of the cryptocurrency market, offering investors diversified opportunities beyond Bitcoin.

The post Ethereum Altcoins Outperforming Bitcoin Today appeared first on CoinGape.