The cryptocurrency market has remained shaky over the past 24 hours, and sentiment remains in “Extreme Fear” according to the popular Crypto Fear and Greed Index. The total market capitalization is dwindling, currently at about $2.47 trillion as of this writing.
Bitcoin’s Price Struggles Through the Week
Before we proceed with the altcoins, let’s have an overview of what happened to Bitcoin this week. Tensions in the Middle East are far from over, while in the US, the Federal Reserve held its second FOMC meeting of the year.
Just a week ago, BTC’s price surged toward $74,000 for the second time in ten days, but was then faced with rejection and slipped back toward $70K during the weekend. The decline was exacerbated by one of the most severe US bombing operations on Iranian infrastructure, as described by the POTUS himself.
Despite all of this pressure, BTC held the $70K level and managed to reverse course early in the week. The momentum picked up on Monday and especially Tuesday, when the price soared to about $76K – a level we hadn’t seen in nearly six weeks.
However, the rally lost its steam soon after. By Wednesday, the leading cryptocurrency had pulled back to $74K, and then dropped sharply ahead of the FOMC decision, which, by the way, was in line with expectations. Comments from the Fed Chair, expressing concern about inflation and the broader economy, triggered another wave of selling, ultimately pushing BTC below $70K.
Altcoins Tumble, But Some Are Catching the Attention
Many altcoins have lost their footing in the past 24 hours, and many of them are also charting insignificant increases in the range between 0% and 1%. That’s especially true for the large-caps such as Binance Coin (+0.02%), XRP (-0.47%), ETH (-0.07%), Solana (+0.7%), and so forth.
As mentioned above, the broader market sentiment has once again shifted to extreme fear, and the uncertainty in major markets is evident.
That said, there are always exceptions to the rule. Siren (SIREN) – a coin that recently entered the top 100 is performing really well today. It has managed to soar by 10% in the past day and by 60% in the past week. Bittensor’s TAO is the clear winner from the top 100, gaining more than 14% during the last 24 hours, riding on the back of the AI hype.
One coin that is flying under the radar but boasts strong fundamentals and visible traction, though, is the newly-launched GCOIN by PlayNance. The altcoin sits on a fully diluted valuation of about $80 million, meaning that it doesn’t take that much for it to gain traction.
On the other hand, nearly 10% of the currently circulating supply is locked and essentially out of the market for the foreseeable future, removing considerable immediate selling pressure.
GCOIN is the native cryptocurrency of the PlayNance ecosystem and is powering its entire infrastructure. The protocol is oriented toward some of the hottest current narratives in the face of gaming and entertainment and already boasts thousands of applications and millions of daily transactions, all powered by GCOIN. Following a successful token generation event (TGE) from a few days ago, GCOIN is available for trading on the popular MEXC exchange.
Those who want to get in on the action early can find more information about GCOIN here.
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The post These Trending Altcoins Are Turning Heads: Bittensor (TAO), SIREN, and GCOIN by PlayNance appeared first on CryptoPotato.
