The cryptocurrency market showed signs of a strong recovery on August 22, with Bitcoin holding steady above the crucial $60,000 mark.
This stability, coupled with positive economic updates, has boosted investor confidence in risky assets, leading to significant gains in several altcoins.
Among the top performers were POPCAT, io.net (IO), and Fantom (FTM), each surging up to 35% over the past 24 hours.
Bitcoin, the bellwether of the digital asset market, maintained its position above $60,000, trading at $60,601.23 at the time of writing.
Ethereum, the second-largest cryptocurrency by market capitalization, also saw a modest 1% increase, reaching $2,615.32.
Meanwhile, the global cryptocurrency market capitalization rose by 2.81% in the past day to $2.15 trillion.
However, it was the altcoins that stole the spotlight, with POPCAT, IO, and Fantom outperforming their larger counterparts.
These tokens demonstrated impressive gains, highlighting the growing investor interest in the broader crypto market.
Popcat (POPCAT)
POPCAT confirmed that meme tokens lead the pack during bull runs with substantial upswings within the past day.
The altcoin gained 35% on its daily chart to hover at $0.5834 during this publication. That represents a massive recovery from last week’s downward performance.
Source: Coinmarketcap
Further, the staggering 140% surge in daily trading volume confirms surged optimism behind POPCAT, suggesting upside continuation.
Nonetheless, slight declines often accompany robust uptrends before extended surges. Thus, POPCAT could witness brief retracements ahead of new all-time highs.
Io.net (IO)
Decentralized physical infrastructure and AI token IO also outshined with a nearly 20% increase on its daily chart.
The altcoin changes hands at $1.86 after a 19.10% uptick over the past day. Its 24-hour trading volume increased by 160% to $124.45 million.
The amplified activity from traders could help sustain io.net’s gains.
The latest collaboration with Chainabase to advance blockchain and AI contributed to IO’s improved sentiments.
Also, the project announced a new team with Tory Green as the CEO on 22 August. Such developments added to the altcoin’s ongoing recovery.
Fantom (FTM)
Fantom extended its 2-week winning streak with today’s 15% price surge. That alt exhibits massive bullishness during this publication, changing hands at $0.4583.
Source: Coinmarketcap
Its remarkable performance over the past day has attracted magnified attention from traders and investors, confirmed by the 100% increase in 24-hour trading volume.
FTM boasts a massive trend momentum, opening the path towards the crucial value of $0.50 after overcoming all vital exponential moving averages (20-, 50-, 100-, and 200).
A post-retest run would propel Fantom toward $0.5452, after which bulls will target $0.70.
While the three tokens outperformed Bitcoin in daily gains, the leading crypto by market cap will possibly shape their trajectory in the upcoming sessions.
A sudden Bitcoin slump would trigger notable declines in the altcoin market, pausing POPCAT, IO, and FTM’s recoveries.
Bitcoin trades above $60.6K, and proponents expect more bullish moves. Crypto expert Michael van de Poppe expects new all-time highs for BTC early in September.
The analysts believe a solid move past $62K would see the top crypto heading to ATHs “in less than two weeks.”
Such broad market developments would accelerate POPCAT, IO, and FTM surges to historic peaks.
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