Published on augustus 14, 2024, 12:24 am
Image source: Fox News
```json [ { "TLDR": "Altcoins like SUI, HNT, and ZEC have outperformed Bitcoin with significant gains in the past week. SUI surged 109% due to Grayscale's investment trust launch, HNT rose over 50% on increased demand and positive test results, and ZEC increased by 51% driven by a proposed upgrade. These altcoins show potential but investing in cryptocurrencies involves risks." } ] ```
Altcoins like ZEC, HNT, and SUI are stealing the spotlight in the cryptocurrency world as they produce remarkable gains amidst the recent turbulence in the broader crypto market. While Bitcoin has seen a modest 6% increase in the past week, these alternative coins have shown impressive double and triple-digit returns.
Taking a closer look at these standout performers, SUI has emerged as a top contender by soaring 109% in just seven days. This surge was fueled by Grayscale Investments’ launch of the Grayscale Sui Trust on August 7, which instilled confidence in the token’s future and led to increased buying pressure. Technical analysis indicates that SUI has established strong support levels and could potentially revisit its recent highs.
Helium’s HNT has experienced a notable price surge of over 50.98% within the same timeframe. The rise in trading volume and positive test results from prominent US carriers utilizing the Helium Network have driven up demand and prices significantly. With a golden cross on the daily chart and a bullish RSI reading, HNT is poised for continued upward momentum towards key resistance levels.
Zcash (ZEC) has also made headlines with a remarkable 51.15% increase in value over the last week. This surge is attributed to Zooko Wilcox’s push for a hybrid proof-of-stake upgrade for ZEC, accompanied by endorsements from industry figures like Tyler Winklevoss. Despite being overbought, ZEC’s move towards a hybrid model could stabilize its value and impact prices positively.
While these altcoins have shown promising performances, it’s important to note that investment decisions carry risks. Readers should always conduct thorough research before delving into any investment or trading activities within the volatile cryptocurrency space.
Original article posted by Fox News
