Why Altcoins Surged Ahead by Double Digits This Week
As we entered the last weeks of summer, the crypto market began to heat up as if it was mid-July. Numerous news developments and trends that have powered rallies in digital coins and tokens in the past started to boost the market again. As a result, many were rising at comfortable, double-digit rates over the course of this week.
There was plenty of variety in that surge, too, data compiled by S&P Global Market Intelligence reveal. Smart contract platform anchor coin Tron (CRYPTO: TRX) was up by almost 19% across the period, with utility token Chainlink (CRYPTO: LINK) not far behind with a 17% gain. Everything-but-the-kitchen-sink chain BNB's (CRYPTO: BNB) native cryptocurrency advanced by nearly 13%, and holders of meme crypto Pepe (CRYPTO: PEPE) were surely pleased with its almost 18% rise.
Cryptocurrencies experienced a slide -- well, let's call it a "correction" -- at the beginning of this month. U.S. economic data releases brought on fears of a looming recession, and that kind of environment isn't good for most financial assets. It's especially threatening for assets considered to be high risk, and even after all this time most cryptos (save for possibly Bitcoin and, at a stretch, Ethereum) are slotted into this category.
Source Fool.com
