Three Ethereum Competitors Explode As Layer 1 Altcoins Outperform Bitcoin and Overall Crypto Markets
Three layer 1 altcoins are surging as crypto markets bounce back and Bitcoin attempts to reclaim the $60,000 mark.
While BTC price action continues to be relatively uneventful, Binance Coin (BNB), the utility token of top crypto exchange Binance, has started to pick up the pace.
Over the past week, BNB rallied from $555 to $654 for a 17% increase in less than two days before retracing. At time of writing, BNB is changing hands at $615 and remains the third-largest crypto by market cap in the world.
Joining the bull run is Ethereum scaling solution Polygon (MATIC), which also printed a quick 24% rally from $1.56 to $1.94 in almost the same timeframe as BNB. MATIC gave up most of its gains, but is now making a second run at the $2.00 mark, currently trading at $1.78. It’s up 14% over the last seven days and is the 18th largest crypto asset on the market.
Also trading well in the green is stablecoin-powered blockchain platform Terra (LUNA). At time of writing, LUNA has locked in 42% in gains over the last seven days, currently trading at $58.38.
Macro guru and former Goldman Sachs executive Raoul Pal named Terra as one of his four favorite altcoins outside of Bitcoin and Ethereum, along with Avalanche (AVAX), Solana (SOL), and Polkadot (DOT).
While its competitors look strong, the king smart contract platform is also surging. Ethereum (ETH), the second-largest crypto in the world, is once again defying Bitcoin and other sectors of the market as it makes another break for the $4,700 level. At time of writing, ETH is up 11% in the last seven days, currently valued at $4,639.
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