Three Ethereum Altcoin Projects Explode 54% or More in Just 24 Hours As Bitcoin and Crypto Markets Pop
A trio of digital assets are leading the charge as the cryptocurrency markets rebound from a rough week of trading with the overall market cap increasing by more than 10% in a day.
First up is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH) that seeks to reward participants for making contributions to the Ethereum network.
Native token OP launched on May 31st and is used for governance and allocation of network resources.
Optimism has been surging over the past 24 hours, currently up 75% and valued at $1.50.
Also vaulting up the price charts is Lido DAO (LDO), native token of decentralized staking platform Lido Finance which has garnered support from Silicon Valley-based investment firm Andreessen Horowitz.
Lido DAO is designed to build liquid staking services for different blockchains. It allows participants to earn staking awards without locking assets or maintaining a staking infrastructure. LDO can be used for collateral, lending, staking and yield farming.
Lido Finance was trading for $1.30 just two days ago but has worked itself higher in several bursts. LDO is up 58% today and trading for $2.47.
The final altcoin on the rally bandwagon is the trustless automated market maker (AMM) and cross-chain bridge Synapse (SYN).
Native asset SYN is an Ethereum token that grants holders voting rights within the protocol and rewards liquidity providers.
According to the project website, Synapse aims to resolve “interoperability roadblocks” that complicate both the user experience and the process of app development.
Synapse was also witnessing modest gains this week before going vertical by 54% this morning. SYN was trading for $0.92 on Tuesday but is currently changing hands for $1.81.
Amid the broader crypto market rally, traders have also seen leading digital asset Bitcoin (BTC) once again shatter the psychological resistance level of $23,000.
BTC is currently up 9.91% over the last 24 hours, priced at $23,810.
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