It was a great week for cryptocurrencies and American stocks as investors embraced a risk-on sentiment continued. In the US, the key stock indices like the Nasdaq 100 and S&P 500 jumped to a record high. Similarly, Bitcoin surged to over $64,000 as it approached its all-time high of $69,000.
Spell Token price soared
While Bitcoin and Ethereum made headlines, the real action was in the altcoin market, where some of these tokens surged to their all-time high. In most cases, these altcoins tend to outperform Bitcoin when it is in a strong surge.
Spell Token, a popular player in the decentralized finance (DeFi) industry, was one of the top performers in the altcoin industry. It jumped to a high of $0.0014, which was its highest point since September 22nd. $SPELL has jumped by more than 350% from its lowest level in 2023, giving it a market cap of over $195 million.
The main reason why Spell Token surged is that the developers finally launched Abracadabra on the Blast blockchain. Blast has become one of the fastest-growing blockchain networks in the world with millions of dollars in Total Value Locked (TVL). Still, most of Abracadabra’s activity is in Ethereum, Arbitrum, and Fantom’s network.
Aerodrome (AERO) price surged
Aerodrome’s AERO was another top-performing cryptocurrencies this week. The AERO token has rallied in the past five days straight and the momentum is continuing. This surge has seen it rise from the YTD low of $0.073 to a record high of $0.40. This rebound implies that the token has jumped by over 417% from its lowest point this year, giving it a market cap of over $60 million.
Like the Spell Token, Aerodrome is a leading player in the DeFi industry. It has become the biggest player in the Base ecosystem with its total value locked (TVL) of over $162 million. This is the highest the TVL has been since September last year.
There were other top-performing altcoins this week like Neon, ConstitutionDAO (PEOPLE), GXChain, Celo, and Bitgert (BRISE). Most of these tokens jumped because of Bitcoin’s performance and the Fear of Missing Out. A good example of this was ConstitutionDAO, which was shattered a few years ago.
They also rose as the crypto fear and greed indexmoved to the extreme greed area of 80. In most cases, these altcoins tend to do well when there is a sense of greed in the market.
