The top-performing crypto coins and tokens with a 24-hour volume of more than US$50,000 in the last 24 hours are Ethereum Classic (ETC), Gnosis (GNO), and Bonk (BONK). This raises the question of why this mix of crypto tokens is currently leading the market despite Bitcoin, the market leader, losing over $2,000 from its price in the last 24 hours.
Ethereum Classic (ETC) leads market with highest gains
Ethereum Classic (ETC) is leading the way with a 7.07% surge, reaching over $34 before settling at its current level of $32.76. Over the past week, ETC has shown strong performance with a 19.92% increase, although it dropped below $30 a day ago.
The trading volume for Ethereum Classic (ETC) has increased by 107% in the last 24 hours. It currently has a circulating supply of 147.19 million, which accounts for approximately 69.86% of its maximum supply of 210.70 million. According to CoinMarketCap, ETC is ranked #25 with a market cap of $4.82 billion.
Despite no official announcements or new developments, ETC’s impressive performance is notable. The next target price could be $38 if the upward trend continues. However, if momentum slows, it is expected to find support around $22.8, in line with Bitcoin’s positive trend.
BONK outperformed DOGE, SHIB, WIF, FLOKI, and BOME.
The Bonk (BONK) meme coin has made it to the list of the best-performing coins in the last 24 hours, with an increase of 7.02%. BONK’s performance has outperformed top crypto meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB). Over the last 30 days, BONK experienced an 80% upside momentum, while during the same period, DOGE experienced only a 6% upside momentum, and SHIB saw a 3% downside movement.
At the time of writing, BONK is trading at nearly $0.000035. Over the last seven days, it has experienced more than a 46% upside momentum. However, the 24-hour trading volume highlights a lack of investor interest, though it is still recorded at a higher percentage than other meme coins.
Gnosis (GNO) price breaks resistance on buyback news
Gnosis (GNO) is also showing bullish signs today. It broke the $350 resistance two days ago, and if the momentum continues, it may move toward the next target of $400. This impressive rally followed Thanefield Capital’s announcement of a $30 billion buyback proposal from its treasury over six months.
On May 17, the announcement date, the GNO token was priced at around $270 before climbing to over $340 three days later. The digital asset is ranked 95 on the global cryptocurrency market and has a daily average trading volume of $21 million.
Gnosis (GNO) daily charts (CoinMarketCap)
This crypto fund plans a large-scale share buyback to align its market value with its intrinsic book value. Thanefield Capital anticipates that this transaction will enhance the value of GNO’s token, which they assert is currently undervalued compared to its book value.
Furthermore, deBridge has announced a significant advancement in global blockchain interoperability by integrating Gnosis Chain as its second IaaS (Interoperability-as-a-Service) chain. This integration may also be a contributing factor to the recent rally.
The reasons behind the surge of these altcoins, namely Ethereum Classic, Bonk, and Gnosis, paint an interesting picture of the current cryptocurrency market, where altcoins are vying for investor attention alongside the established giants.
