Several alternative cryptocurrencies are significantly outperforming the broader market on Thursday. Sei has risen 21% over 24 hours and 64% in a week, partly driven by its NFT trading platform surpassing $1 million in volume. Speed and scalability focused blockchain Kaspa also climbed 11% today.
Meanwhile, the memecoin+">memecoin Bonk staged a rebound with 10%+ gains after recent declines, bringing its explosive monthly growth to 260%. The token likely benefited from renewed hype and promotion after setting an all-time high milestone on December 15th.
Sei, Kaspa, and Bonk highlight that major technical developments, community sentiment, and milestones can catalyze investor interest and capital inflows. Their strong performances despite Bitcoin and Ethereum weakness illustrate the potential of altcoins to generate substantial returns.
Monitoring trending crypto assets can clue investors into promising projects before widespread awareness is achieved. However, chasing sudden vertical ascents after huge runs is risky. As Bonk demonstrates, gravity can strike after parabolic rises driven by speculation and mania.
