Three leading altcoins, Polkadot (CRYPTO:DOT), Algorand (CRYPTO:ALGO), and Tezos (CRYPTO:XTZ), were a few of the biggest winners in the cryptocurrency markets today.
Today, most large-cap cryptos are up significantly, as well as risk assets like growth stocks, as investors debate how serious the omicron strain of the coronavirus could become. Capital looks to be flowing greatly into risk assets as of today.
Tezos is a self-amending blockchain that’s most popular for its established part in the security token industry and is among the largest winners in the altcoin industry today. It appears investors are finally factoring in the catalyst from Friday. Holiday sales took hold in the cryptocurrency space, amid concerns about the possibility of the new variant materializing after the holidays. However, there was news that was seemingly overlooked on Friday- that music non-fungible tokens, which includes those belonging to a member of Linkin Park, should be launched really soon on the Tezos network — which has provided yet another catalyst for investors that are bullish on what this crypto has to offer.
Some big venture capital interest is tied to Algorand’s rally of the day. News that an ex-Citi banker has made Algorand one of its first partners for its $1.5 billion fund has pushed this token higher. This notable choice from a high-profile investor, as well as bullish commentary surrounding Algorand representing an “ideal shift” in the cryptocurrency world, has some investors excited.
Polkadot looks to be moving alongside larger cryptocurrency markets. However, some investors have said Polkadot’s parachain auctions might be driving the returns investors are seeing with Polkadot.
These three altcoins are special in the utility they offer its end users. However, it is clear that these few altcoins have a lot of momentum today.
Each of These tokens have erased their losses from this weekend and seem to be continuing a positive trend. For longer-term investors searching for altcoins with fresh support right now, Polkado, Algorand and Tezos look strong.
These three tokens seem to be top of mind for a lot of investors trying to buy the dip today.
Author: Scott Dowdy