Four Altcoins Are Soaring As Bitcoin, Ethereum and Majority of Crypto Markets Retreat
Several under-the-radar crypto assets are exploding in price despite a lingering downtrend across the markets.
Patriotic ConstitutionDAO has seen its native token PEOPLE leap by 61% this week. The project initially arose to crowdfund the purchase of a rare original copy of the United States Constitution but was ultimately unsuccessful during a Sotheby’s auction in November.
The PEOPLE altcoin has seen unexpected strength despite the project’s founders offering to refund the $47 million raised, minus gas fees. At time of writing the token is priced at $0.13.
Also shining this week is Decentralized Social (DESO), which aims to solve the scalability needs of social media platforms. The project has previously received funding from billionaire investor and crypto advocate Chamath Palihapitiya’s Social Capital and just this week was listed on the Coinbase Pro trading platform.
DESO has blasted higher, gaining 61% to trade at $153.54 as news of the Coinbase announcement spread.
Climate-neutral developer platform Near (NEAR) is up an impressive 30% this week, including a 10% rise today to $10.18.
The project’s website says that Near provides scaling solutions to help increase Web 3.0 adoption.
“The Creator Economy requires robust infrastructure including a set of intuitive developer tools, and an engaged, decentralized community.”
The final notable altcoin on the move this week is the cloud computing project FLUX (FLUX), which offers a comprehensive suite of developer-friendly tools for Web 3.0 and decentralized applications (DApps).
Native token FLUX can be used to buy resources, collateralize nodes, and fuel network transactions.
FLUX recently got a boost when popular crypto marketplace Binance announced the token would be available on its trading platform.
The creator of the Zelcore digital wallet and formerly known as Zelcash, FLUX has jumped by 37% over the past week to $1.78.
In contrast to these trending altcoins, leading crypto Bitcoin (BTC) has retraced by 7% over the same time frame to $47,311.
Second-ranked Ethereum (ETH) has also declined by 14% to $3,708, at time of writing.
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