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Altcoins cryptos that are not Bitcoin are seeing their prices shooting up due to a confluence of factors and some of them are notably rising.

See: Ethereum Competitor Solana Achieves $38 Billion in Market Valuation What Does This Mean for Bitcoin?Find: Polkadot (DOT): What It Is, What Its Worth and Should You Be Investing?

For example, Solanas crypto SOL has jumped to the seventh spot among the worlds top 10 largest virtual coins amid optimism that the blockchain could be a long-term competitor to Ethereum, Bloomberg reports. As of this morning, the crypto, with a $53 billion market cap, was up 26% at $185, according to Messari.

Bloomberg reports that Solanas SOL token has tripled in about three weeks. Solana, a decentralized blockchain built to enable scalable, user-friendly apps for the world, says it is the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with more than 400 projects spanning DeFi, NFTs, Web3 and more, according to its website.

Jason Yanowitz, Blockworks co-founder, tells GOBankingRates that were witnessing the early innings of a layer 1 war, where blockchains with large war chests of capital are trying to compete with Ethereum to be the go-to smart contract platform.

The altcoin market share is now a record 35% of investment products, surpassing the 30% highs seen in January 2018, according to a Coinshares report yesterday.

Solana remains the favorite with weekly inflows totaling $13.2 million last week, doubling its total inflows year-to-date, Coinshares reports. Assets under management were at $13 million last week.

Other altcoins, including Ethereum saw a third week of inflows totaling $14.4 million, while market share is at a record 28%, highlighting that while some investors have protocol concerns, its dominance is continuing to rise, Coinshares says.

Other altcoins, such as Cardano, Polkadot and Ripple all saw notable inflows of $6.5 million, $2.7 million and $1.2 million, respectively, it adds.

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See: Ethereum: All You Need To Know To Decide If This Crypto Is Worth the InvestmentFind: Ripples XRP: What It Is, What Its Worth and Should You Be Investing?

The increase of altcoins price is attributed to anticipation for blockchain upgrades, as well as to other major factors, from institutional adoption to decentralized finance (DeFi) and non-fungible tokens (NFTs), Delios Head of Strategy Oleg Smagin told Blockworks. In addition, as the recent network upgrade of Ethereum is done, it is natural that investors turn attention toward rival blockchains with similar functionality. If the boom in decentralized finance and non-fungible tokens continues, not only Ethereum but also altcoins like Solana would keep gaining against BTC dominance.

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This article originally appeared on GOBankingRates.com: Its an Altcoin Season: Solana and Others Shoot Up

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Its an Altcoin Season: Solana and Others Shoot Up - Yahoo Finance

Five cryptocurrencies have skyrocketed 100% or more in just one week despite the broader correction in the crypto markets.

At the top of the list is XYO Network (XYO), a decentralized network of devices that anonymously collects data with a geographical component. The crypto asset, which holds a market cap of over $590 million, surged nearly 285% from a seven-day low of $0.013 to a high of $0.05, according to CoinGecko.

Next up is Oasis Network (ROSE), a privacy-focused decentralized blockchain platform for open finance. The crypto asset ignited a 167% rally this week after climbing from a low of $0.12 to a high of $0.32. The token has retraced since and is now trading at $0.26.

Interoperable blockchain technology Quant (QNT) is also on the list of top performers this week. The crypto asset rose over 124% after rallying from a seven-day low of $190.48 to a fresh all-time high of $427.42.

Quant has given up some of its gains as it is now valued at $377.76.

Algorand (ALGO) is also seeing a price surge. The digital asset for decentralized finance (DeFi) with a market cap of over $10 billion soared from a seven-day low of $1.19 to a high of $2.41, marking an increase of 102% in just one week.

Even after more than doubling its value in seven days, ALGO is still down from its all-time high of $3.56.

The fifth altcoin that saw a major rally this week is the token of the artificial intelligence-operated blockchain project Velas (VLX). From a low of $0.09, the crypto asset ascended to a high of $0.18, representing gains of 100% in a week.

At time of writing, VLX is trading at $0.12.

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These Five Altcoins Are All Up 100% or More in One Week Despite Broad Crypto Correction - The Daily Hodl

Throughout the Altcoin Evolution series, we have taken a closer look at the potential gains and pitfalls that will define the path forward for cryptocurrencies not named Bitcoin (BTC) or Ethereum (ETH).

The behemoths of the crypto market have clearly set themselves apart from the rest of the pack, and while they may be subject to these potential outcomes, its fair to say at least today that these cryptos have a completely different perspective than virtually any other crypto or blockchain project.

That being said, what can altcoins do to gain traction and become more competitive on a larger scale? Lets recap what weve covered throughout this series.

We highlighted a few projects, particularly around the booming NFT space, that have done this quite well. Sign contracts. Find partners. Make connections. As the broader crypto industry continues to assess what altcoins can provide to daily operations, there are sure to be consistent opportunities. Having a foot in the door when these situations arise is almost certainly beneficial.

Arguably the most compelling argument for the evolution of altcoins is to specialize one particular aspect (low gas fees for transactions, speed, etc.), but be capable in a variety of areas. Of course, projects are going to want to maximize value by having technical capabilities across the board that are ahead of the curve.

However, taking the technical and foundation aspects aside, what we honed in on most was the extras for altcoins the selling points that arent inherent to the blockchain technology being used on certain projects. This is why NFTs made for great examples. A majority of NFTs work off of Ethereum, which is known for having higher transaction costs. So how can projects find other selling points to grab ahold of? Thats what weve looked to address in the duration of Altcoin Evolution.

Related Reading | Crypto Has Arrived In Hollywood, And The Stars Are Loving It!

In Part I, we laid out the groundwork for the inherent challenges that crypto projects often face in the market. We went on to discuss those with more depth in the following three pieces in the series.

We started off with accessibility. With emerging exchanges and platforms, accessibility becomes an increased focal point for rising altcoins. Platforms like UniSwap and SushiSwap have increased accessibility for intermediate consumers. All the while, more widely-used platforms such as Coinbase have placed an emphasis on supporting more tokens. Of course, it takes technological fundamentals, a strong whitepaper, and great marketing even just to be considered for some of the more well-known exchanges and platforms.

By Part III of the series, we began to start scratching the surface of nailing down the importance of a digestible use case. This can often come as shifts in global activity come over time. For example, the economic impacts of COVID-19 are often cited as a growth driver for projects like Axie Infinity, which has taken a prominent position in the NFT marketplace. Axies have essentially formed internet economies that individuals in developing countries can utilize.

In our final discussion around challenges for emerging projects, we highlighted a number of different buckets that we often see some of the best altcoin sales pitches utilize. Some projects lean into more than one of these buckets: Partnerships & IP, Aggressive Interest Rates / Rewards, Decentralization, Versatility, and Low Cost.

Before we close the books on Altcoin Evolution, lets take a closer look at prime examples of each of these buckets that are executing today. Earlier in the series, we highlighted the OMI token and the associated ECOMI project, who have sealed NFT partnerships with companies like Marvel on their VeVe marketplace.

DeFi and CeFi companies like BlockFi, Nexo, and Celsius have been offering aggressive interest rates for storing tokens on their respective platforms; these firms have built massive enterprises simply off of loaning crypto and incentivizing crypto consumers to hold their tokens with these platforms, providing interest rates substantially more aggressive than what weve seen in traditional banking.

Decentralization is a core component of almost any crypto project although many projects can be significantly more centralized than others. However, the crypto community has long recognized the importance of decentralization. One example of this recognition is NFT marketplace Raribles recent move to a more decentralized format, implementing $RARE tokens and giving platform users a greater voice in the future of Rarible.

Versatility can often be seen in projects like Cardano or Polygon. Both respective projects flex the versatility muscle, working across a variety of spaces. Both projects have been building ecosystems around DeFi, smart contracts, NFTs, and a whole lot more.

Finally, the attribute of low cost can often draw in mass consumers. Dogecoin has often had major appeal from its cheap price relative to other tokens, and many mainstream Bitcoin critics have said that the high price of one BTC would dissuade new potential crypto consumers from buying in. While this can be positioned as a mental battle, it is still one that is present in todays crypto discussions, and there is an appeal to having a cheaper token for many emerging projects.

That closes the books on Altcoin Evolution. We appreciate you stopping by each week and look forward to our next altcoin-focused series.

Our team at NewsBTC provides a special thank you to Jerry Sena for his insight, feedback and contributions to this series.

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Altcoin Evolution - Part V: The Closing Recap - NewsBTC

Crypto analyst Michal van de Poppe is looking at Cardano, which has surged a staggering 116% over the past 30 days and 2,400% in one year, according to CoinGecko.

Van de Poppe says theres now a massive chance that Cardano will retrace significantly after its epic breakout.

If you want to buy Cardano right now, the chances of a significant drop and drawdown on your entry based on the daily time frame is massive. This means that it can easily correct 25-30% and still be bullish. But you have been going down 25%, while potentially a better entry is granted on those lower levels.

At the time of writing, Cardano is trading at slightly below $3.00 and Van de Poppe says he would prefer buying at or below $2.45 since such an entry point offers a better risk-reward ratio.

The actual pain is on the downside. Doesnt mean that Cardano cant keep on running. It can. But you have to wait or look for levels that are interesting to watch in order to actually take the entry

I would be looking around $2.45 and second, I would be looking around the area that we have around $2.

Van de Poppe says that the target zones for profit taking are at or above $4.40.

What is the next target zone for Cardano based on the impulse waves? Well, obviously you can use the Fibonacci extension based on the previous impulse wave, through which you can target $4.75 and $6.80. You can also do it based on the recent run, and then you get to $4.40 and $6.50.

The analyst says that signs of a retracement for the third-largest cryptocurrency by market cap are also evident on the Cardano/Bitcoin (ADA/BTC) chart.

Is Cardano done with running at this point? I dont believe that it is. But it shows that we might be getting such a corrective move at this point, given the fact that also the daily [time frame] on the Bitcoin pair [ADA/BTC] is not really granting any strength at all. So the scenario that we have here is showing us a potential corrective move.

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Time To Be Cautious on Cardano? Analyst Michal Van De Poppe Looks at Whats Next for the Explosive Altcoin - The Daily Hodl