Mocked since the end of 2021, the altseason, the period in which altcoins soar with double- to triple-digit gains, showed signs again last weekend with significant gains by three altcoins considered small caps, Ziliqa (ZIL) , QuakChain (QKC) and StormX (STMX). This occurred in a context of recovery of Bitcoin (BTC) and Ethereum (ETH), the two main cryptocurrencies in the market.
ZIL remained trading around 0.048 dollars until last Friday (25), when, in the afternoon, it began to show strength. That would see a 150% vertical rally towards $0.12 by early Sunday morning, according to CoinMarketCap’s chart. The cryptoactive remained close to 0.11 dollars on the morning of this Monday (28).
ZIL/USD 7-day chart. Source: CoinMarketCap
ZIL’s rally came at a favorable market time, as Bitcoin (BTC), which is trading around $47,500 and up around 6.5 percent, and Ether (ETH), which is trading around 3 $.3,700 with gains of about 7 percentshowed a recovery that was also reflected in the market capitalization, above 2.1 billion dollars.
On the other hand, ZIL, a blockchain layer protocol, was also favored with the announcement of the incorporation of three E-sports startups, the Indonesian RRQ, the Spanish MAD Lions and the Swedish Ninjas in Pajamas. A deal that increased Ziliqa’s global valuation to $1.8 billion in 2022, according to a company statement.
Shopping loyalty platform StormX (STMX) also posted notable gains last weekend. That started as early as the early hours of Saturday morning, when the altcoin started a vertical rally from just over $0.016 to almost $0.026 on Saturday morning, printing a high of over 60%. As of Monday morning, STMX was changing hands for just under $0.021.
STMX/USD seven-day chart. Source: CoinMarketCap
Another crypto asset that stood out was the decentralized and scalable blockchain QuarkChain (QKC), which was trading around $0.024 on Monday morning posting a high of about 5.70%. For its part, QKC started rising on Saturday morning, when it was trading just above $0.017. In the afternoon, the crypto asset gathered strength and even ran into resistance at $0.029which at the time represented a rise of around 75%.
QKC/USD seven-day chart. Source: CoinMarketCap
Although the horizon of the cryptocurrency market is not clear enough to say that an altseason is coming, some market signs have caught the attention of experts in recent weeks. One of the possible drivers of the desired season is Loopring (LRC), as assessed by strategist Kevin Svenson, as reported by Cointelegraph.
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