Altseason Upon Us? These Altcoins Surged the Most Despite BTC, ETH Weekly Retracements
After Bitcoin (BTC) dipped to $55,500 and Ethereum (ETH) dropped to $2,200 earlier this week, many expected further struggles across the crypto market.
However, contrary to the expected downturn, altcoins have experienced a surprising rally. This renewed momentum in the sector highlights the resilience of smaller projects despite widespread fear, uncertainty, and doubt (FUD) among market participants.
The Magnificent Seven
According to Santiment’s latest market report, seven standout altcoins have outperformed expectations in the past week, posting notable gains to overcome bearish sentiment with ease. Leading the pack is Fellaz (FLZ), which is currently up by more than 30% across seven days, making it the top performer of the week.
In the last 24 hours, the token skyrocketed 34.3% and is now changing hands at $3.03, per data from CoinGecko. With a total supply of 2 billion tokens, the current price gives FLZ a fully diluted value just north of $6 billion.
Meanwhile, the new union between Fetch.ai, Ocean Protocol, and SingularityNET, known as the Artificial Superintelligence Alliance (FET), has seen its token rise by 28.1% across seven days, likely reflecting the broader interest in artificial intelligence within the blockchain space.
Priced at $1.43 at the time of this writing, FET’s value has gone up nearly 10% in the last 24 hours. It has also skyrocketed by more than 69% since August 14, per data from CoinGecko.
Not far behind, Fantom (FTM) witnessed a 24.8% increase in the same seven-day period. Additionally, its resurgence has continued in the last 24 hours, with the coin posting a 15.4% uptick in that time. However, across 30 days, the gains are less impressive, with FTM only up by 5.9%.
Sui Network, Optimism, Toncoin, Make the Cut
Other notable performers include Sui Network (SUI) and Optimism (OP), which have gained 24.4% and 15.5%, respectively, over the past week.
Toncoin (TON) also joined the winners’ list with a 17.4% rise. The cryptocurrency’s good performance comes after Telegram co-founder Pavel Durov was released on €5 million bail by French authorities following his arrest over allegations that his messaging platform was being used to carry illegal content.
Finally, Internet Computer (ICP) rounds up Santiment’s weekly top rebounders with a 13.7% uptick. However, the token has lost 2.8% on its price from yesterday, with a unit going for $8.46 at the moment.
Santiment analysts have suggested that the broader altcoin rally has been fueled in part by market participants reacting to FUD, which has created buying opportunities for savvy investors. As traders move away from Bitcoin and Ethereum, these smaller projects are capitalizing on the increased attention, driving their prices higher with relatively little resistance.
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