The cryptocurrency market has witnessed a significant downturn over the past week, with various digital assets experiencing considerable losses. However, a few standout altcoins are defying the prevailing bearish trend, posting impressive gains amidst a largely stagnant market performance.
Leading the charge is Mantle, an Ethereum layer-2 network, which saw a remarkable increase of 12.1% within the day. This surge propelled its market capitalization to approximately $5.9 billion, making it the 37th largest cryptocurrency. The upswing can be attributed to a recent partnership with centralized exchange Bybit, aimed at providing institutional investors with better loan terms and higher leverage rates.
Avalanche also made headlines with a significant jump of 10.7% in a single day, alongside a 12% increase over the past week. The token’s market cap is now around $14.5 billion, ranking it as the 15th largest cryptocurrency according to CoinGecko. This gain follows the rebranding of a Bitcoin mining firm to AVAX One, which subsequently acquired $550 million worth of Avalanche tokens as part of a digital asset treasury pivot. This move led to a substantial 200% stock increase for the firm. Additionally, Avalanche reported impressive trading volumes, recording $4.29 billion on Monday and $4.46 billion on Friday—its highest trading activity since December 2023.
In a similar vein, Aster, a new decentralized exchange for perpetual futures on the Binance Smart Chain, has emerged as a notable player, achieving a 7% gain in 24 hours. This uptick raised its market capitalization to $2.8 billion, securing its position as the 56th largest cryptocurrency. Aster’s growth appears to correlate with a surge in total value locked, escalating from $378 million last week to $1.46 billion currently, coupled with claims of achieving $6 billion in perpetual trading volume on Monday. Market participants on Myriad—a prediction platform developed by DASTAN—estimate that Aster has a 67% probability of continuing its upward trajectory, potentially reaching a value between $1.70 and $2 by the month’s end.
Other notable gainers in the market include the AI project NEAR, which increased by 4.2%, and Cronos’ CRO, also up 4.2%. Stellar, recognized as a layer-1 network, saw a moderate rise of 3.3%.
Despite these bright spots, Bitcoin and Ethereum have traded flat on the day, following a tumultuous start to the week that resulted in approximately $1.6 billion in liquidations across the broader crypto landscape. With many cryptocurrencies continuing to experience losses, the market remains fraught with uncertainty as investors navigate these challenging conditions.
