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With the global market cap now at $1.41 trillion and Bitcoin surpassing $36K, the altcoin market is thriving. The total capitalization of the altcoin market has surged by nearly 35% since mid-October.
14% Surge in the Altcoin Market
According to Rekt Capital, a crypto analyst, the Altcoin Market Cap has broken through its resistance, setting the stage for a potential dip into the green area. This move aims to convert the old resistance into new support. After the retest, the Altcoin Market Cap could potentially rally another +14% at least. This optimistic view aligns with the super bullish sentiment among investors and the crypto community for their portfolios.
Moreover, Ethereum, the second-largest cryptocurrency, is making headlines after breaking the $2,000 mark. This surge is also reflected in other Layer 1 tokens, including Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), Kaspa (KAS), with Vulcan Forge’s $PYR emerging as the top choice for crypto traders.
The modern crypto ecosystem revolves around Layer-1 blockchains, where scalable platforms like Ethereum, Solana, and Vulcan Forged play pivotal roles. While Ethereum takes the spotlight, other Layer 1 tokens like Vulcan Forge $PYR closely follow suit.
$PYR Jumps 130%
Vulcan Forged’s native utility token, $PYR, has caught the attention of the market with an astounding 134.23% gain in just one month. The token is trading at $6.3 with the current trading volume soaring to an impressive $41,877,727.
The token is accessible with multiple trading pairs across some of the top-tier exchanges including Binance, KuCoin, and Coinbase. With its latest listing on South Korea’s top exchange, Bithumb signifies the project’s strategic efforts to establish a strong foothold in the Asian crypto landscape.
$PYR has been the top name in their list of hottest altcoins to invest. An analyst, Crypto Tony on Twitter highlights PYR as “THE PUMP CONTINUES” and mentions it as a top pick for Layer 1 gaming. Additionally, he mentioned PYR as One of my top L1 Gaming picks. However,another trader, Eliz on Twitter platform notes the token’s 130% rally, predicting a potential jump to $9.50 if it crosses the $7 threshold. As $PYR captures the spotlight, investors are eagerly watching for possible upward movements in its price.
While the token has doubled its value within a few weeks, Altcoin Sherpa, a popular crypto analyst recently compared the PYR trading chart with that of the LINK chart.
A platform behind PYR, As an established NFT game studio and marketplace, Vulcan Forged is a key player in the blockchain gaming industry with a portfolio of 10+ games. The games include popular titles like VulcanVerse and Berserk which have gained significant popularity. . Boasting a rapidly growing community of over 200,000 users, Vulcan Forged is a hub for blockchain game enthusiasts.
As Altcoins like PYR experience over a 100X surge and crypto analysts express bullish sentiments, it’s intriguing to observe its potential rise to $7 and the anticipated milestone of $9.50. The crypto market in 2023 seems poised for a potential bull run, sparking heightened interest in new altcoins that could replicate past growth.
Final Thought
The recent surge in the total market cap, reaching a 14-month high, serves as a clear testament to the current bullish momentum. From $526 billion on September 8 to $661 billion on November 14, the substantial increase underscores the growing interest and investment inflow into altcoins, reflecting a trend that could shape the crypto landscape in the near future.
Additionally, the surge in altcoins like PYR, marking an impressive 100X increase, has undoubtedly captured the attention of crypto enthusiasts and analysts alike. The coin’s journey towards the $7 mark and potentially reaching $9.50 is exciting to wait. In conclusion, the crypto landscape is witnessing a significant shift, with Layer-1 tokens and altcoins gaining momentum, setting the stage for potential growth and exciting developments in the coming months.