While investors' attention is focused on the price movement of bitcoin, given the drama that has unfolded around the SEC and bitcoin-ETF, speculators are driving up the price of altcoins.
Bitcoin traded relatively well last week and so far its price has risen by approximately 3.4%. With BTC holding 56% of the AltDex 100 Index (ALT100), the benchmark index for cryptocurrencies and large-cap tokens, this figure remained unchanged.
Despite a quiet week of trading, some altcoins rose sharply in price, meaning speculators are once again willing to take risks and may have engaged in a pump.
The biggest standouts Nano (NANO) and ICON (ICX) became cryptocurrencies.
The Nano price increase may be due to a recent network test in which the Nano blockchain processed 75 transactions per second (TPS) for 30 minutes, with a maximum of up to 756 TPS. The second highest peak was around 580 TPS, which is a significant change from previous stress tests in the 100-300 TPS range.
There is no doubt that Nano has room to grow, and its price has since increased by more than 25%.
ICON, on the other hand, benefited greatly from crypto advocate Joes Young's optimistic tweet regarding the team's recent decision to purchase five million of the project's own tokens.
The result in the coming weeks will show whether the significant price jump is temporary or a sign of improving market conditions.
According to sludgefeed.com
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