Altcoins Explode as Bitcoin Hits $21,000, Compound (COMP), Helium (HNT) Rally Over 35%

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Alternative cryptocurrencies, otherwise known as “altcoins,” surged in price as Bitcoin hit the $21,000 mark over the weekend. This follows an improvement in sentiment on the back of encouraging macro data.

The DeFi token Compound (COMP) remains one of the biggest gainers in the DeFi sector, with its price surging by more than 35%. While the reason for this massive spike remains unknown, a scroll on the official Compound Labs Twitter page indicates an ongoing voting process to implement Proposition 143, which aims to upgrade the price stream implementation. from Compound v2 to use Uniswap v3 data for the drone, replacing Uniswap v2 data.

Helium’s HNT token was 27% higher at $2.87 at press time. The massive rise follows Solana’s massive 50% spike as crypto markets rallied. Helium, a network of hotspots, has announced that it will switch to the Solana blockchain in the first quarter of 2023.

Metaverse tokens have also seen significant gains over the past 24 hours. At the time of writing, Decentraland’s MANA token is up 34% in the last 24 hours. Sandbox and Axie Infinity are up nearly 16% in the past 24 hours.

Bitcoin hits $21,000

The key price of $21,000 was reached as the price of Bitcoin rose by 11%. At press time, BTC was trading at $20,441 as some of the gains slowed.

On Saturday, digital asset markets saw a large and broad-based rally, led by major cryptocurrencies Bitcoin (BTC) and Ethereum, which are currently up 8% at the time of this writing.

Global market cap briefly crossed the all-important $1 trillion threshold before recovering to around $961 billion at press time.

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