When it comes to the top ten cryptocurrencies based on their market cap, Bitcoin and Ethereum have always shown their resilience. However, Bitcoin started this week in the red. This was soon followed by the cryptocurrency market in general.
This is happening due to many factors. A major factor contributing to uncertainty in the market is the potential fault by Evergrande, a Chinese company.
Altcoins that Stayed in the Green
A report by Arcane Research revealed, even as market trends pushed once-reliable cryptocurrencies into the red, assets belonging to middle-cap Altcoins experienced a profit.
For the monthly chart, cryptocurrencies like Tezos, Avalanche, as well as Algorand experienced profits. This happened even as these Altcoins were seen as losers in the current market trend. Despite this, the monthly chart showed that ultimately, they had made profits. They are 5% up in the monthly chart.
In contrast, Bitcoin went down by 9% and experienced losses in the same thirty-day period. Ethereum, Solana, Cardano, as well as other major cryptocurrencies also experienced losses. Arcane Research noted that it was the smaller assets that experienced the highest percentage of loss – at nearly 14% by September 21st 2021.
Altcoins Experienced a Profit
As major cryptocurrencies experienced losses within the last thirty-day period, middle-cap Altcoins experienced a profit. This means that Altcoins like Algorand and Avalanche outperformed the usually reliable cryptocurrencies like Bitcoin and Ethereum.
In terms of holding highs, it was ultimately middle-cap Altcoins that witnessed growth despite the recent uncertainty in the crypto market.
