Altcoins Outpace Bitcoin in Broad Crypto Rally: Cardano and Ethereum Biggest Gainers
Altcoins have taken the spotlight away from Bitcoin despite BTC’s strong bounce in the last few days amid a broad crypto rally over the weekend.
Smart contract platform Cardano (ADA) is having an impressive week as the cryptocurrency is up nearly 12% at time of writing, printing a low of $0.64018 and a high of $0.07725 in the last 24 hours. ADA continues to surge days after Cardano creator Charles Hoskinson revealed the time frame for the launch of Shelley, which is Cardano’s next major upgrade.
Cardano competitor Ethereum (ETH) is also spearheading the altcoin charge. The second-largest cryptocurrency by market cap is up over 5% at time of writing, posting a 24-hour low of $218.74 and a high of $244.05. The cryptocurrency’s rally comes in the midst of anticipation of Ethereum 2.0’s release.
Asset ranking platform Weiss Ratings highlights that altcoins were more bullish than Bitcoin in the week ending May 28. In the previous week, the Weiss Large-Cap Crypto Index which is made up of the 10 largest coins, dominated by Bitcoin, rose 3.14%. Meanwhile, the Weiss Mid-Cap Crypto Index is up 7.46% over the same stretch, led by Cardano’s resurgence.
The financial ratings agency also notes the red hot performance of small-cap coins. The Weiss Small-Cap Crypto Index climbed by 15.22%, as highly speculative small-cap cryptocurrencies posted huge gains early in the week.
Bitcoin is currently trading at $9,597, up over 1% at time of writing.