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Several altcoins rose on Tuesday as cryptocurrencies strengthened amid the latest recovery efforts.
Amid these gains, VeChain (VET), The Graph (GRT), and Injective (INJ) have managed decent gains in the past 24 hours to rank among the top-performing alts.
Crowd sentiment improving
The upside move for Bitcoin (BTC) helped sentiment, which has Sui, Aave, and Artificial SuperIntelligence Alliance leading top altcoins with double-digit gains.
Meme coins Brett and dogwifhat were top performers in the top 100 by market cap, with BRETT and WIF up 18% and 16% respectively in 24 hours.
While the Fear & Greed index is largely in fear territory, analytics platform Santiment says crowd sentiment across crypto is improving. The bounce in prices is seeing traders flip positive, particularly after Bitcoin tapped prices above $61k.
đź“Š Crypto is showing signs of recovery, with Bitcoin rebounding to as high as $61.3K today. The crowd sentiment has been flipping more and more bullish for most top caps since the August 5th bottom, and BTC +19% since that fear-causing crash. đź‘Ť pic.twitter.com/giuRmtgX5o
— Santiment (@santimentfeed) August 20, 2024
VeChain (VET) surges
VeChain (VET) is seeing decent upside action after surging from under $0.023. VET currently trades near $0.024 and a break above $0.025 could see bulls target $0.03.
The native token of VeChain, a blockchain platform for real-world assets and decentralized applications, has surged after Coinbase announced VET, and VTHO among five new assets accessible to its users in New York. The others are Near Protocol (NEAR), Aerodrome Finance (AERO), and the stablecoin PYUSD.
Coinbase supports these assets on iOS and Android apps.
Five new assets are now available to New York users đź—˝
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 19, 2024
NEAR, AERO, VET, VTHO, and PYUSD (ERC-20) are now available to NY residents on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps. pic.twitter.com/Z1DCwjuObW
VET is also registering upside momentum after Sunny LU, founder and CEO of VeChain, outlined a proposal calling for community support in a governance vote.
Specifically, the vote aims at the temporary removal of Quadratic Voting and Quadratic Funding until a solution addressing sybil attack is set.
Lu also said his proposal seeks VeChain dApp owners and future builders on VeBetterDAO to commit to never voting for the allocation of funds to their own projects as well as accept community supervision.
The new proposal is currently at the mainnet voting stage and will end on August 26.
The Graph and Injective among top gainers
The Graph (GRT) traded at $0.14 as the native token of the indexing protocol mirrored BTC and other altcoins. GRT price is back above levels seen on Aug. 13, with the coin’s value in the green over the past week.
Currently, The Graph is looking to retest the $0.15 area that has attracted bears since the sell-off on Aug. 5.
Injective (INJ) is another coin looking to break higher amid Bitcoin’s surge on Tuesday. With bullish catalysts helping stocks higher, crypto’s cue has INJ price poised near $19. The altcoin’s native token has seen a 40% jump in daily trading volume and is likely to break above $20 for the first time since the dip from above $26 in early August.
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