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There are comebacks in any bull market, and some comebacks provide a greater benefit realisation potential than others. In the current environment, low market cap altcoins such as VET, BSV, and LINK might be ideal examples.
Take, for example, VeChain. Since falling to $0.04 in the last week of February 2021, the price has risen to a new peak of $0.186 just hours ago. Though Vechain is not as common as other altcoins with low market capitalisation, it has emerged as a top altcoin to watch due to its rising trading volume and market capitalisation.
Bitcoin’s market surge, increased funding inflows into altcoins, and Vechain’s relationship with Salesforce have all contributed to this comeback.
Bitcoin SV is another case, with the cryptocurrency’s price hovering between $178 and $207 for nearly a year before recently reaching a new peak of $267. BSV’s trading rate increased by more than 22% in the last 24 hours. BSV’s uncertainty has also been observed to be more than 200 percent during the last week. BSV’s price recovered in advance of the Coinbase listing, with over 99 percent of its HODLers profiting.
Although on-chain sentiment for BSV is still bearish, its price has been rallying higher recently, with a recent return to the $330 mark. The aforementioned comeback has been fueled in large part by the rising number of NFT protocols published on the BSV network. At the current price level, trade volume is expected to rise further, particularly with BSV’s trade volume up by more than 20%.
Chainlink is another low-cap altcoin making a comeback this season. LINK rallied several times before Bitcoin’s price burst out of its rangebound price activity, with Grayscale’s rising holdings of LINK being the most recent.
Aside from the price increase, LINK’s trade volume had increased by nearly 60% at the time of publication, owing to increased institutional interest in the business. The trading rate on top spot exchange markets is rising in tandem with the recent altcoin rally. Nonetheless, trade rate has not reached the levels seen in the last week of February 2021 or the first few weeks of March 2021.
At the time of publication, the percentage of Connection supply owned by the top 1% of addresses had risen to a three-year high of 84.201 percent. The old record was set less than a week earlier. Though selling pressure is rising, top altcoins with low market capitalizations such as VET, BSV, and LINK are resisting.
Despite the fact that volumes are up more than 100 percent and on-chain sentiment is still a little bearish, 99 percent of HODLers were profitable at the above levels. The comeback of these altcoins is also propelling the crypto-market capitalisation higher than Ethereum’s price surge, and now could be an excellent time to book gains before the price rise for altcoins ends this season.