The Ethereum Altcoins Rallying cryptocurrencies market has seen a significant uptick since May 23, 2024, when the U.S. Securities and Exchange Commission (SEC) approved spot ETH ETFs. The market’s reaction to the shift in the U.S. watchdog’s regulatory stance has been optimistic, driving up the price of several Ethereum alternatives. The article aims to dissect the elements that have contributed to the recent surge in the value of various cryptocurrencies and determine why they are doing so well.
1. Ondo (ONDO)
Among alternative cryptocurrencies, Ondo has performed exceptionally well. With a price of $1.09 as of this writing, the token’s value has increased by 13.04% and 23.56%, respectively, during the last 24 hours and seven days. Because of its success, CoinMarketCap ranks at number sixty-one, with a market cap of $1.51 billion. The Ondo Finance coin is seeing increased trading activity, with a 144.81% increase in a 24-trading volume of $442.99 million.
This shows how much interest and trust investors have in ONDO. Coinbase launched new ONDO-PERP trading pairs for perpetual contracts on May 23, which is believed to cause the current increase in ONDO pricing. The price of ONDO rose due to increased investor confidence due to Coinbase’s plan to enhance trading experiences.
2. Lido DAO (LDO)
Another Ethereum Altcoins Rallying whose value is skyrocketing is Lido DAO. With a gain of 10.17% in the past 24 hours and 37-90% in the past week, LDO is currently trading at $2.30. LDO’s 24-hour trading volume increased by 150% to $459.51 million, and the cryptocurrency is now valued at $2.06 billion, placing it 54th in the rankings.
This surge in value exemplifies the growing demand for Lido DAO’s DeFi platform and staking services. With the release of wrapped staked ETH (wstETH) on Mantle Network, Lido DAO improved the efficiency and scalability of DeFi and made staked ETH transfers easier.
3. Pendle (PENDLE)
Also making waves is Pendle (PENDLE), which has risen 48.81% in the last seven days and 5.67% in the previous 24 hours, trading at $6.43. Trading volume increased by 96.56% to $285.83M in the previous 24 hours, contributing to its $989.16M market value.
The market’s enthusiasm for new DeFi solutions that deliver unique yield and derivative goods is seen in Pendle’s recent surge to the 87th position. Recent events, including the USDA yield climbing to 37.2%, have contributed to the spindle’s rising price.
4. Gnosis (GNO)
Gnosis (GNO), now $362.51, has increased by 5.72% on the last day and 36.48% on the previous seven days. With a 24-hour trading volume of $26.85M and a market cap of $938.74M, Gnosis ranks 92nd, with a growth of 63.00%. In the middle of the more considerable rise of Ethereum Altcoins Rallying, Gnosis—well-known for its decentralized exchange technology and prediction market platform—keeps drawing attention.
Thanks to Thanefield Capital’s announcement of a $30 million buyback proposal, the price of GNO has recently rallied. This campaign aims to bring the token’s market value back to par with its perceived discounted inherent book value.
Conclusion
A wave of optimistic trade and mood has swept. The cryptocurrency market since the SEC gave the go-ahead for Ethereum ETFs. Ondo, Lido DAO, Pendle, Gnosis, and Chainlink are some Ethereum altcoins. That has seen explosive growth as investors and traders adjust to the new legal landscape. This trend is likely to continue as the market processes the historic decision made by the SEC. This might bring about a new era of institutional involvement and widespread recognition of cryptocurrency.
