The cryptocurrency sector stirred up with Bitcoin (BTC) breaking above $27,000, igniting a robust opening. Though the crypto market saw a 1.3% rise within 24 hours, some altcoins undeniably outperformed others. On Binance, despite high liquidity, altcoins recording significant growth piqued investor curiosity.
Rising Altcoins on Binance
The highest performing cryptocurrencies on Binance in the past 24 hours include AST, RAY, PIVX, RNDR, TOMO, COCOS, IRIS, SSV, CTSI, and PHB, demonstrating noticeable growth. So what factors propelled these altcoins?
AirSwap (AST), at the top with over a 60% surge, is a decentralized peer-to-peer exchange governed by an open-source community. Several factors could underpin such a rally for AirSwap, with the launch of AirSwap v4 being a probable one. The protocol now operates on six different EVMs, namely ETH, BSC, Polygon, Avalanche, Arbitrum, and RSK, thanks to this update.
Raydium, in second place, recently launched a hybrid AMM project that further narrows the spread in its order books. This development alone reportedly boosted liquidity in the SOL-USDC order book by 570%. Raydium’s wallet being featured by Coinbase Wallet about 16 hours ago may have contributed too.
PIVX, the third altcoin, is known as a privacy-focused crypto wallet. PIVX announced a new wallet update and revamped its staking interface as of May 12. Recent growth in the number of PIVX masternodes suggests that the token may gain more attention in the future.
The Render Network (RNDR) ranks fourth and is a cryptocurrency project closely followed recently. RNDR maintains its popularity, and we could see sharp movements in the RNDR price in the coming days.
Even without any significant update announced recently, TomoChain (TOMO) may have enjoyed unexpected growth due to its Web3-focused steps and robust infrastructure. TOMO was also among the cryptocurrencies that outperformed Bitcoin’s rise in the spring season.