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Bitcoin's Recovery Is Crypto World's Too

cryptocurrencies sep16 lt

Crypto watchers heaved a sigh of relief as prices of most crypto currencies recovered smartly from the previous week's drubbing. At current levels, all but 6 of the top-15 coins according to market capitalization, are making positive returns over a seven-day horizon.

Leading in the seven-day returns is Avalanche (AVAX) which has gained more than 41 percent, mainly attributed to the coin's compatibility with Ethereum tools, apps, and assets as well as faster transaction speed. Polkadot (DOT) and Terra (LUNA) have both strengthened more than 23 percent. Bitcoin (BTC) and Ethereum (ETH) have gained between 3 and 4 percent in a 7-day period.

Prominent among the laggards is Solana (SOL) that has shed 23 percent in the backdrop of its main net going offline after high transaction volumes.

The top-15 coins are holding on and there is no new entrant or change in rankings within the top-15 league since our last review.

Bitcoin (BTC) is currently trading at $47,957.34. $47,000.00 was a great resistance point and having broken that, there is expectation that bullish momentum could return to the coin sooner rather than later. The market leading cryptocurrency has gained 0.66 percent in 24 hours and 3.91 percent over a seven-day horizon. Though BTC has shed close to 14 percent over a six-month period, it has recorded a gain of about 346 percent over the past twelve months.

Rival contender Ethereum (ETH) is currently trading at $3,606.69. The lead alternate coin has gained 5.20 percent in 24 hours and 3.83 percent in seven days. ETH has gained more than 100 percent in 6 months and around 890 percent in twelve months.

To see beyond noise or short-term volatility, we have also analyzed the top-15 coins based on non-annualized year-to-date returns (gains between March 31 and September 15). This period was marked by flash crashes in the months of May and July and finally the El Salvador legal tender rollout event in early September.

The best performer of the pack is 6th ranked Solana (SOL), dubbed "ethereum killer", which has gained 717 percent. The other top performers are Dogecoin (DOGE) which gained 361 percent; Polygon (MATIC) which strengthened 294 percent; Cardano (ADA)which moved up 110 percent and Avalanche (AVAX) that advanced 101 percent. XRP(XRP) and Terra (LUNA) have also gained more than 95 percent during the five and a half months period. Top altcoin Ethereum (ETH) has added 88 percent. Binance Coin (BNB) and Algorand (ALGO) have moved up more than 40 percent. Bitcoin Cash (BCH) has risen around 20 percent.

14th ranked Internet Computer (ICP) which closed at $428.36 on debut day of May 10 has shed around 85 percent to close at $61.49 by September 15. Market leader Bitcoin (BTC) has lost 18 percent on a year-to-date basis. Litecoin (LTC) lost around 4 percent whereas Polkadot (DOT) shed around 1.5 percent.

To know how the wider crypto horizon actually looks like, we also peeped into the top-100 coins ranked according to market capitalization as per coinmarketcap.com. Some of the lower ranked coins too have caught investor attention, going by the surge in prices during the past seven days. 91st ranked Electroneum (ETN) with a rally of more than 100 percent, 94th ranked Kadena (KDA) with gains more than 50 percent, as well as 99th ranked Dero (DERO), 28th ranked Hadera Hashgraph (HBAR), 23rd ranked Tezos (XTZ) and 21st ranked Cosmos (ATOM), all gaining more than 40 percent have witnessed extraordinary price momentum in the past week.

As the crypto world widens and the competition among the coins become intense, it may be necessary from a wealth creation perspective to spot the coins early and watch them grow. For those ready to plunge, but nevertheless wanting to look beyond Ethereum's formidable position as a smart contracts' platform or Bitcoin's market capitalization or circulation volumes may do well to cast their scrutiny on the wider crypto universe.

The 12000-coin crypto basket could have some smart challengers waiting to be discovered by the investing world.

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