A funny thing happened on the way to an unprofitable 2024 in altcoins. It turns out the summer doldrums were just that doldrums. And sometime between early July and mid-August, almost all crypto hit a recent low.
Since then quite a few are showing some relative strength. Some signs of life. Those that bounce back first off of their lows often pump the highest when sentiment improves. So today, 3 altcoins showing great relative strength compared to the market.
A Note on Relative Strength
First, let me take a second to talk about relative strength. When market conditions are bad, like say the year 2022, relative strength can mean most of the crypto market is down 20% and you are only down 5%. So it’s not only about profit.
But in today’s article, because all 3 of these bounced off of recent lows, they are all in profit since the summer. And all are doing better than Ethereum’s August low of $2197 to its current price of $2439, which is an 11% ROI. Not bad for 60 days, but these have done even better.
1) Fantom (FTM)
Now, back to our regularly scheduled program. Our first relative strength coin today is one we have not talked about in quite some time. Fantom. Fantom is an EVM Layer 1 chain built for DeFi. Aside from its ghostly theme, its most well-known commodity is its founder Andre Cronje. He’s one of the fathers of DeFi and one of the best builders in the industry. And he left the project for a while but now he’s back.
And boy are people excited about it. They are also rebranding later this year from Fantom to Sonic. The new Sonic token $S will be a 1:1 swap so there is no dilution for $FTM holders. Some of the advantages of Sonic include:
Nodes synch faster. Validator costs go down. The database will be smaller and more agile. RPC node costs will go way down making transaction and gas fees go down, and more.
Sonic is also working on a couple of improvements to tokenomics to make it deflationary.
Recent Performance
FTM is the 2nd best-performing alt in the top 100 over the last 60 days. From its Aug 5th low of 29c, it’s up to 72c now. That’s a gain of 160%. Only our next selection has done better in the same period. People are excited about this rebrand. Fantom fans have long thought that there is value in the network the token is not capturing.
Big changes are coming to the @0xSonicLabs (previously Fantom)
The Sonic upgrade isn’t just a small update. Let me break it down why this matters. pic.twitter.com/hQitnEP31E
Fantom has long had a dedicated community. And now they are going to see the rewards of some improved incentives in this quality Layer 1 project. What’s your favorite EVM project? Let us know in the comments below.
2) Bittensor (TAO)
Next, we have Bittensor. Despite it being a high-flyer in AI, we don’t talk about Bittensor that often. It seems like it’s one of the most hyped projects in Crypto Twitter, though. So it’s easy to follow what’s going on there.
AI and Machine Learning go hand in hand. We see machine learning on many legacy platforms. For example, the “for you” section on X is all based on the Twitter algorithm learning about what you like and comment on and giving you more of that. That’s machine learning at work. But also, X owns all that data they are using because we gave it away to them for free.
Welcome to Bittensor v8.0.0!
// Brand new btcli and btsdk!
Ultra-fast performance upgrades, rewritten from ground up and based on asyncio, using concurrent calls to the chain.
Redesigned interface, the fastest and most beautiful way to interface with the chain.
Bittensor thinks we should take some of that back. By having specialized networks called subnets, Bittensor gives projects access to decentralized machine learning. This means they can access more data in the early stages of their project than they could otherwise. That AND you maintain that control. You control who accesses your data. So it’s a real win/win for taking AI and Machine learning to the next level while still maintaining some control over our data.
Recent Performance
Bittensor’s $TAO token did not have as bad a summer as most alts did. But it did go down. Its recent low was on August 4th. Then it was at the same price it was back in December negating any positive returns for 2024 at that point.
Set up Ledger to manage your TAO on the Bittensor Network.
But the tides have turned. The August 4th price was $216. The price today is $621. That’s an over 200% gain in 60 days making $TAO the #1 alt in the top 100 in performance over the last 2 months. As AI continues to lead, we see Bittensor keeping its position as a top alt in that sector
3) Aptos (APT)
And last today we have Aptos. If you’ve been following the channel, then you know we’ve given Sui lots of coverage recently. And Aptos and Sui have an important thing in common. The Move language. Unlike scripting languages or functional programming, Move is an object-based programming language.
This makes everything from how you set up, run, and secure smart contracts to all things NFT function VERY differently. And many argue better. We expect to see more chains and apps using Move. Move will become a leading language in crypto. And when it does, Aptos will be one of the projects leading in that growth. Since NFTs themselves are objects, the object, and all its data stay together in one place for easy transfers or upgrades like leveling up in a game.
The time has come @Aptos has finally landed on Rarible!
Like most alts, their recent low on the $APT token was sometime between early July and mid-August. In this case, it was August 5th for $4.99. Notice the theme? Thanks to the market trending lower, every low in today’s video was on either August 4th or 5th. That’s the power of market sentiment.
Move on Aptos supports innovation at maximum speed. The language and standards move at an unprecedented pace. New blockchain features are integrated directly with native language support.
Since then, it’s up to $8.93. That’s a gain of almost 80% in just a few short months. Since the summer doldrums, it’s been one of the altcoin market’s best performers. And while we like Aptos, you should note that it has a potential unlimited maximum supply although its total supply today is 1.1 billion tokens. So keep that in mind despite the positives we see in the project.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 