Bitcoin (BTC) is up 6.8% in the last seven days, while Ethereum (ETH) has gained 17% in the same time frame. However, some altcoins have managed to dwarf the performance of the two biggest cryptocurrencies.
Struggling with the nightmare of bankruptcy, Celsius's native token CEL rose from a seven-day low of $1.74 to $4.63. It was reported that Ripple would buy Celsius, facing many lawsuits and sanctions in the USA. According to analysts, short squeeze and Ripple may be behind the rally.
Another altcoin that has come to the fore recently is the decentralized finance protocol Kujira (KUJI), which has managed to attract the attention of individual investors. KUJI rose more than 108% from a seven-day low of $0.59 to $1.23. KUJI is currently trading at $1.17.
Another altcoin that made its investors smile this week was Flux (FLUX). With an inter-chain oracle and decentralized infrastructure, Poje is taking firm steps towards its goal. FLUX has risen over 106% in the past seven days from its weekly low of $0.59 to $1.22. The altcoin later corrected and is currently trading at $0.98.
Another altcoin that has challenged the market in the past week has been the Energy Web Token (EWT). BlackRock, the world's largest asset manager, talked about EWT in its announcement for its new spot Bitcoin investment partnership. This may have had an impact on the rally. BlackRock announced that it will encourage organizations such as the Energy Web to develop programs to bring more transparency to the sustainable use of energy in Bitcoin mining and to monitor progress around these initiatives. EWT, a utility token aimed at serving the energy industry, rose nearly 90% in a week, from a seven-day low of $2.42 to $4.56.
According to experts, it could be a sign of an altcoin season, especially with more than 90 percent of altcoins outperforming Bitcoin (BTC). The less-than-expected increase in the inflation rate has given support to the crypto market, leading to bull-run speculation.