Three Ethereum Competitors Explode As Layer 1 Altcoins Outperform Bitcoin And Crypto Markets Overall

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Three Layer 1 altcoins surge as crypto markets rebound and Bitcoin tries to recover the $ 60,000 mark.

As BTC price action continues to be relatively uneventful, Binance Coin (BNB), the utility token of leading crypto exchange Binance, has started to pick up the pace.

Over the past week, BNB rose from $ 555 to $ 654 for a 17% increase in less than two days before coming back. At the time of writing, BNB changes hands at $ 615 and remains the third largest crypto in the world by market cap.

Ethereum Polygon’s scaling solution (MATIC), which also printed a rapid 24% rally from $ 1.56 to $ 1.94 almost in the same time frame as BNB, joins the bull run . MATIC gave up most of its gains, but is now running a second run to the $ 2.00 mark, currently trading at $ 1.78. It has risen 14% in the past seven days and is the 18th largest crypto asset in the market.

The stablecoin-powered blockchain platform Terra (LUNA) is also trading well in the green. At the time of writing, LUNA has registered 42% gains over the past seven days, currently trading at $ 58.38.

Macro guru and former Goldman Sachs executive Raoul Pal named Terra one of his four favorite altcoins outside of Bitcoin and Ethereum, along with Avalanche (AVAX), Solana (SOL) and Polkadot (DOT).

While its competition looks strong, the king smart contract platform is also booming. Ethereum (ETH), the second largest crypto in the world, once again challenges Bitcoin and other sectors of the market as it takes another step to reach the $ 4,700 level. At the time of writing, ETH has risen 11% over the past seven days, currently valued at $ 4,639.

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Featured Image: Shutterstock / Space Creator / Vladimir Sazonov



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