Smaller altcoins shine as bitcoin stills trades around $85,000
Smaller altcoins are experiencing significant gains while Bitcoin remains stagnant around the $85,000 price level. Market analysts suggest that a drop below $84,000 could trigger a further decline for the leading cryptocurrency.
Why it matters
The divergence between Bitcoin and altcoin performance indicates shifting investor sentiment and risk appetite within the digital asset market.
Leading the gains is BTW, the native token of Bitway, a bitcoin-compatible layer-1 blockchain with proof-of-stake consensus and decentralized finance (DeFi) infrastructure. The token has jumped 25% in the past 24 hours and is up 170% over the past 30 days.
BTW has also been drawing attention on social media, following the end of Binance Wallet's "Booster Season 5" campaign on Oct. 2. The campaign offered rewards for deposits and may have boosted retail engagement.
The rally also appears to be part of a broader shift toward smaller altcoins. Filecoin's FIL and LayerZero's ZRO have gained 12% and 10%, respectively, in 24 hours, and both are up 50% or more over four weeks. Midnight's NIGHT token has added 8% over the same 24 hours.
At the other end, SKY, VVV and DASH are the three worst performers among the 100 largest tokens by market value.
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