Although the global cryptocurrency market is currently facing some decline, certain Ethereum-based altcoins stand out with their impressive performance compared to Bitcoin amidst the volatility. Bitcoin has fluctuated between $65,937.18 and $67,694.30, up just 0.02% the day before and 10.12% over the past week, but some cryptocurrencies have made notable progress. This article details Ethereum altcoins and their performance over BTC.
1.PENDLE
PENDLE is attracting attention for its unique yield tokenization method. Pendle price is currently $5.26, up 6.55% in the past 24 hours and an impressive 31.39% increase over the past week. This event increased his market value to $809.1 million, and his trading volume in the past 24 hours reached his $108.2 million.
Pendle is a protocol that enables the tokenization and exchange of future yields. By introducing the new AMM, which allows for time decay of assets, Pendle allows users to have greater influence over future yields by providing them with choices and opportunities for its use. It will be.
2. Gnosis (GNO)
Gnosis (GNO) is another Ethereum altcoin that has shown notable gains. It is trading at $307.83, The token has gained 2.11% in the past 24 hours and 9.65% in the past week. This growth has given it a market capitalization of $797.16 million, with a trading volume of $18.9 million over the past 24 hours.
Gnosis, (GNO) is focused on building decentralized infrastructure on top of Ethereum for the Ethereum ecosystem. Founded in 2015, it initially focused on prediction markets, but has expanded to create support infrastructure like Gnosis Safe.
Operating as a Decentralized Autonomous Organization (DAO), Gnosis provides an infrastructure for decentralized applications and products that guide ecosystem governance. In November 2021, the xDAI and GnosisDAO communities voted to merge to create Gnosis Chain, a companion to Ethereum that addresses scaling challenges through powerful engineering.
GNO's recent price increase is due to the release of an updated deposit UI. This new interface includes features such as automatic billing functionality and expanded support for additional wallets such as WalletConnect and Coinbase.
Wallet, compatible with both Chiard Chain and Gnosis Chain. This update and the rebranding of his UI likely increased investor confidence and interest in Gnosis, driving the price up.
3. Chain link (LINK)
Chainlink (LINK) is currently priced at $16.94 and is outperforming Bitcoin. The token registered an increase of 2.10% in the past 24 hours and an increase of 28.86% in the previous week. Chainlink has a market capitalization of $9.9 billion and a 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 network of oracles. 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, enabling decentralized participation by all users in the network.
After the release of the DTCC report, LINK's price skyrocketed. The world's largest payments system, the Depository Trust and Clearing Corporation (DTCC), along with blockchain oracle Chainlink, have concluded a pilot program with several large US banks to facilitate the tokenization of traditional financial funds.
conclusion
While Bitcoin's performance has been stable, Ethereum altcoins such as Pendle, Gnosis, and Chainlink have been gaining attention with impressive gains. These tokens exemplify the dynamic and rapidly evolving nature of the cryptocurrency market, offering investors diverse opportunities beyond Bitcoin.
