Top gainers Aave, Curve DAO, Jito: Altcoins continue strong performance despite Bitcoin dominance rebound
- Altcoins including Aave, Curve DAO and Jito maintain bullish momentum as the broader crypto market consolidates.
- Bitcoin dominance rebounds to 64% after a sharp drop to 61% on May 14.
- Aave’s bullish breakout reflects renewed optimism following its deployment on the Aptos blockchain.
- Curve DAO accelerates its uptrend, targeting highs above $1.00 after testing the 50-day EMA support.
The cryptocurrency market started the week on a positive note, supported by broader bullish sentiment. Select altcoins like Aave (AAVE), Curve DAO (CRV) and Jito (JTO) are extending gains on Tuesday, following closely in Bitcoin’s (BTC) footsteps.
The Bitcoin-led uptick comes amid growing optimism for a Russia-Ukraine ceasefire. United States (US) President Donald Trump’s call with Russia’s President Vladimir Putin on Monday hinted at the possibility of a ceasefire between the two warring nations.
President Trump’s announcement of immediate negotiations and the potential for peace talks at the Vatican injected a dose of confidence into global markets, sparking a mild recovery across major cryptocurrencies.
With geopolitical tensions easing, investor confidence is rising, paving the way for a recovery in Bitcoin and altcoins.
Altcoins sustain bullish momentum as Bitcoin dominance rises
Investors shifted their focus to altcoins in the recent rally, led by Ethereum’s (ETH) trend reversal above $2,700, which was supported by the successful implementation of the Pectra upgrade.
Despite Bitcoin’s price surging past $105,000 and renewing optimism for an extended uptrend to new all-time highs, its market share dropped sharply from approximately 65% to 61%.
A drop in Bitcoin dominance often boosts altcoin prices, as investors rotate profits from Bitcoin into other tokens.
The Bitcoin dominance chart shows that a swift reversal took place right after its sharp drop. Bitcoin dominance currently accounts for 64% of the total market capitalization, driven largely by strong interest from institutional investors who continue to buy BTC directly or through Exchange Traded Funds (ETFs). Interestingly, altcoins like Aave, Curve DAO and Jito uphold gains, suggesting that interest in alternative cryptocurrencies remains elevated.
BTC dominance daily chart
Aave, Curve DAO and Jito bulls accelerate gains
Aave’s bullish breakout stands out, with the token surging over 5% on the day to $261 and climbing 15% in the last 24 hours. This rally, largely fueled by the launch of Aave v3 on the Aptos blockchain, ignited immense interest from traders, which was reflected in the derivatives market Open Interest (OI) exploding to $576 million, as reported earlier.
Aave faces resistance at $270, which, if broken, could boost the uptrend above the $300 mark. The Moving Average Convergence Divergence (MACD) indicator has maintained a buy signal since April 12, reinforcing bullish momentum. This buy signal occurs when the MACD line (blue) crosses above the signal line (red).
AAVE/USD daily chart
Meanwhile, Curve DAO mirrors renewed sentiment in the market, with intraday gains exceeding 5% to trade at $0.70 at the time of writing. The token holds above key moving averages, ranging from the 50-day Exponential Moving Average (EMA) at $0.65, the 100-day EMA at $0.62, to the 50-day EMA at $0.59.
The Relative Strength Index (RSI) indicator recovery above the 50 midline highlights a strong uptrend. If CRV sustains the bullish momentum, a buy signal from the MACD could emerge, encouraging traders to buy the token, anticipating extended gains towards the $1.00 supply range.
CRV/USDT daily chart
On the other hand, Jito continues to attract attention, growing slightly on the day to exchange hands at $1.97. Technical indicators support the bullish structure, starting with a buy signal from the MACD and its position above the centre line.
JTO/USDT daily chart
The RSI indicator’s return above the midline implies a strong uptrend. JTO sits on top of the 50-day EMA, offering support around $1.92. Traders must consider short-term resistance at approximately $2.11 near the 100-day EMA and the 200-day EMA around $2.34 when placing buy orders.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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