The cryptocurrency market showed an uptick over the weekend, with various altcoins achieving significant gains as investors embraced risk. While the focus is usually on leading cryptocurrencies like Bitcoin and Ethereum, this rally was particularly positive for speed and utility-focused altcoins.
As the weekend progressed, the crypto market gained clear momentum, with altcoins leading the surge. Blockchain-based tokens that focus on speed and utility saw notable increases in their values. During this rally, Algorand (ALGO) experienced a 10.3% increase, Fantom (FTM) rose by 11.5%, Avalanche (AVAX) by 13.4%, and Polkadot (DOT) by 6.8%.
According to The Motley Fool, the rise in altcoins is not just due to market speculation but is also supported by significant developments in the cryptocurrency space. An example of this trend is Deloitte collaborating with the KILT Protocol on the Polkadot Blockchain to establish a “Know Your Customer” and “Know Your Cargo” system for the shipping industry.
In this context, the increasing focus on layer-2 blockchains and related tokens designed for speed and efficiency has become a driving force for tokens like ALGO, FTM, AVAX, and DOT.
Cryptocurrencies have created a positive atmosphere in the market by benefiting from a more favorable regulatory environment, with developments in countries like Singapore, Venezuela, and the UK, as well as uncertain actions in the US. Ongoing legal battles by the US Securities and Exchange Commission and the evolving global regulatory environment support the industry’s growth.