After the favourable decision from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs on May 23, 2024, the Ethereum Altcoins Rallying cryptocurrencies market is booming. The market has favoured the SEC’s shift in policies according to the batons held by the U.S. watchdogs that have allowed the price rise of several Ethereum alternatives. The article intends to break down the main factors that have caused the increase in the cash value of different cryptocurrencies and reveal the reasons for their superior performance.
Ondo (ONDO)
Apart from the alternatives, Ondo has had outstanding success among the cryptocurrencies — it has an ATOM-based network that connects a variety of DLTs. The currency’s price is $1.09, which means inequivalence, despite the token having appreciated by 13.04% and 23.56%, respectively, in 24 hours and a week. Due to its prosperity, it has a market capitalization of $1.51 billion and ranks number 61, as evidenced by CoinMarketCap. The Ondo finance currency’s trading has also increased, with a 144.81% rise in the 24-hour volume of $442.99 million.
It depicts the level of interest and trust investors have in ONDO. On the 23rd of May, Coinbase launched the new ONDO-PERP trading pairs for perpetual contracts, which are the source of the current increase in ONDO pricing. ONDO’s price has increased because of the higher confidence of investors who ensure the plan Coinbase to improve trading experiences.
Lido DAO (LDO)
Lido DAO, yet another Ethereum altcoin, is rallying,, and its price is rising quickly. The 24-hour trading volume of LDO has spiked by 150% to $459.51 million, and the cryptocurrency is now worth $2.06 billion, ranking 54th in the market.
This value’s movement demonstrates the upward interest trend for the DeFi platform and staking related to Lido DAO. As a result of the wrapped staked ETH (wstETH) release through Mantle Network, Lido DAO increased the throughput and scalability of DeFi and enabled rapid and safe staked ETH transfers.
Pendle (PENDLE)
Pendle (PENDLE) is also making waves, with a price increase of 48.81% in the last seven days and 5.67% in the previous 24 hours, currently trading at $6.43. Trading volume grew by 96.56% to $285.83M on the past Day; thus, it contributed a lot despite its $ 9 significantly million market capitalization.
The excitement of the market for the new DeFi products, geared towards providing fresh yield and derivative products, can be observed in Pendle’s recent elevation to the 87th slot. The recent happenings, including the USDA yield going up to 37.2%, are causing the spindle’s price to surge.
Gnosis (GNO)
Gnosis (GNO) today $362.51, rising by 5.72% yesterday and 36.48% during the past seven days. The volume of trading during the last 24 hours is $26.85 million, with a market capitalization of $938.74 million. Still, Gnosis is ranked 92nd and has a 63.00% growth rate. While Ethereum Altcoins Rallying is experiencing one of the more significant spells right now, Gnosis, well-known for blockchain technology and prediction markets, is what people are talking about the most.
Thanks to Thanefield Capital’s statement regarding a $30 million shares buyback, the price of GNO has gained a lot of steam lately. The campaign aims to return the token to its fair market value, which is equal to its perceived book value discounted to the owners.
Summary
The wave of optimistic trading and feeling has flooded. The cryptocurrency market as the SEC has approved the Ethereum ETFs. Some Ethereum altcoins include Ondo, Lido DAO, Pendle, Gnosis, and Chainlink. That has outpaced due to investors and traders aligning to the new legal landscape. We can already anticipate that the market will keep evolving as it has been la punched, the SEC announced. It is a positive opportunity for the industry to rethink its approach to the institutional world and for cryptocurrency to become a generally accepted technology.
FAQs
What role has Ondo (ONDO) played in this rally?
Lido DAO’s rise is attributed to increased interest in DeFi and staking, particularly after the release of wrapped staked ETH (wstETH) via the Mantle Network, which boosted its trading volume by 150%.
What is driving Pendle’s (PENDLE) growth?
Pendle’s 48.81% increase in the last week is due to excitement around new DeFi products and its impressive yield offerings, with a significant rise in trading volume and market interest.
How has Gnosis (GNO) performed recently in the market?
Gnosis has experienced a 36.48% increase over the past week, boosted by a $30 million buyback initiative from Thanefield Capital, aiming to restore the token’s market value.
