Altseason upon us? These Altcoins rose higher despite BTC and ETH’s weekly pullbacks

After Bitcoin (BTC) fell to $55,500 and Ethereum (ETH) fell to $2,200 earlier this week, many expected more struggles in the crypto market.

However, contrary to the expected fall, altcoins have experienced a surprising rebound. This renewed momentum in the sector highlights the resilience of smaller projects despite widespread fear, uncertainty and doubt (FUD) among market participants.

The Magnificent Seven

According to Santiment’s latest market report, seven prominent altcoins have outperformed expectations in the past week, with notable gains to overcome bearish sentiment with ease. Leading the pack is Fellaz (FLZ), which is currently up more than 30% over seven days, making it the best performer of the week.

In the past 24 hours, the token soared 34.3% and is now changing hands at $3.03, according to data from CoinGecko. With a total supply of 2 billion tokens, the current price gives FLZ a fully diluted value north of $6 billion.

Meanwhile, the new union between Fetch.ai, Ocean Protocol and SingularityNET, known as the Artificial Superintelligence Alliance (FET), has seen its token rise 28.1% over seven days, likely reflecting broader interest in intel ·artificial intelligence within the blockchain space. .

Priced at $1.43 at the time of writing, FET’s value is up nearly 10% in the past 24 hours. It has also shot up more than 69% since August 14, according to data from CoinGecko.

Not far back, Fantom (FTM) witnessed a 24.8% increase in the same seven-day period. Moreover, its resurgence has continued in the last 24 hours, with the coin posting a 15.4% increase in that time. However, over 30 days, the gains are less impressive, with FTM only 5.9%.

Sui Network, Optimism, Toncoin, Make the Cut

Other notable performers include Sui Network (SUI) and Optimism (OP), which have gained 24.4% and 15.5%, respectively, over the past week.

Toncoin (TON) also joined the list of winners with a 17.4% increase. The cryptocurrency’s strong performance comes after Telegram co-founder Pavel Durov was released on €5 million bail by French authorities following his arrest over allegations that his messaging platform was being hacked. using to transport illegal content.

Finally, Internet Computer (ICP) rounds out Santiment’s top weekly bouncers with a 13.7% increase. However, the token has lost 2.8% from its price yesterday, with a unit costing $8.46 at the moment.

Santiment analysts have suggested that the broader altcoin rally has been driven in part by market participants’ reaction to FUD, which has created buying opportunities for savvy investors. As traders move away from Bitcoin and Ethereum, these smaller projects are capitalizing on the most attention, driving their prices higher with relatively little resistance.

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