Monday’s Big Cryptocurrencies: 3 High-Tech Coins on the Move Today

Cryptocurrency investors are certainly having a good day, with the overall index up 0.9% in early afternoon trading. However, three of the top projects that are providing a positive boost to the cryptocurrency space today are high-tech crypto projects graph (GRT 9.57%), Immutable (IMX 8.97%)and stacks (STX 9.54%) which are up 7.2%, 9.3% and 7.9% respectively in the past 24 hours as of 2:00 PM ET.

Graph’s status as the leading protocol to enable data querying on platforms such as Ethereum and Immutable’s status as the leading Layer-2 scaling solution for Ethereum positions these projects well to benefit from the growing demand seen on the Ethereum network. It’s clear that the growth in this project (and the increase in open interest, which hit a 20-month high) is having ripple effects for key related projects today.

Stacks benefit from wider Bitcoin adoption, allowing smart contracts and decentralized applications to use Bitcoin as an asset for settlement on the Bitcoin blockchain. So as Ethereum and Bitcoin go, so go these projects (generally speaking).

Here’s more on what’s driving the mainstream demand for these high-tech cryptos today.

Altcoins see a greater advantage in this environment

What is interesting when looking at projects like The Graph, Immutable and Stacks against the underlying assets they support (namely Bitcoin and Ethereum) is the widening divergence in performance. I believe this difference in performance could be related to a number of key factors, from lower floats and greater leverage in the derivatives world to the amplified growth potential derived from the success of these underlying networks.

Interest in projects that can enable or support the growth of on-chain AI applications is growing, and each of these projects has some limited exposure to this trend. Positive political commentary about crypto and AI in general has lifted a number of related assets in recent days, and I suspect that this is at least one of the positive factors behind these three projects of late.

But overall, each of these altcoin projects benefits from the growing adoption of major networks and can be seen as a leveraged play on that trend. So as long as investors more broadly believe that another piece of this bull market could emerge, it’s entirely possible that The Graph, Immutable, and Stacks have a bigger advantage than their megacap peers.

Will this momentum continue?

I must say, the reaction from both high-growth tech stocks and various cryptocurrencies following the Federal Reserve’s decision last week to impose a larger-than-expected 50 basis point rate cut (at least compared to what many in the media were). waiting) was interesting to watch. In the crypto world, many top altcoin projects are outperforming their larger-cap peers. Consequently, I think this is a trend that many in the crypto community will be watching closely to see if it can continue.

I will say that the short-term setup for these three higher-growth crypto projects looks attractive, although the medium-term outlook for all three could be more uncertain. Market participants appear to be betting that a longer-term continuation of these bullish trends in the crypto space could unravel. If so, this recent move may be the start of another big move higher.