ICP, NEAR, Toncoin and GALA are among largest gainers amid weak market
|- ICP's AI smart contract is propelling its rise.
- Telegram's ban in Spain isn't enough to stop TON's momentum.
- The GalaChain hackathon effect is still playing out on GALA's price as NEAR recovers.
The effect of Bitcoin's all-time high on the crypto market seems to have cooled off as many cryptocurrencies have posted weak growth in the past two weeks. However, a few altcoins have crafted their own path, breaking out from the consolidation happening in most cryptocurrencies. These altcoins include Internet Computer (ICP), Toncoin (TON), Near Protocol (NEAR) and Gala (GALA).
Bitcoin price consolidation affecting altcoins
Following Bitcoin's surge to a new all-time high, many cryptocurrencies skyrocketed in price, setting new record highs and breaking price resistance levels. However, the market is seeing slow growth after a price correction in the largest crypto asset.
Most crypto tokens in the top 100 category have posted weak gains as Bitcoin struggles to regain the bullish momentum. After the Fed maintained interest rates, Bitcoin and the crypto market jumped in price but couldn't maintain the momentum. Bitcoin ETFs, which had propelled the bull market, are seeing record lows in inflows. As a result, tokens depending on Bitcoin for growth may stagnate if the largest digital asset doesn't post record tangible growth.
Read more: Internet Computer price could move higher as ICP helps build the future of ordinals
ICP, TON, GALA, NEAR stage a breakout
A few crypto tokens have managed to break out from Bitcoin's slow growth effect after individual developments in their ecosystem caused them to record impressive price gains.
ICP has skyrocketed more than 42% in the past week, reaching a peak of $17.43 on March 25. Its recent rally follows an announcement on X by its CEO and chief scientist, Dominic Williams, where he demonstrated "the world's first artificial intelligence running on blockchain as a smart contract. ICP is up nearly 20% in the past 24 hours.”
ICP/USDT 1-hour chart
Toncoin saw impressive gains after announcing The Open League reward initiative. The initiative would see competitive projects and users within the TON ecosystem receive rewards of 30 million TON, valued at $115 million when the announcement went live. Despite a recent temporary ban on Telegram in Spain, TON surged nearly 50% in the past week, including a 12.4% rise in the past 24 hours.
TON/USDT 1-hour chart
Additionally, the effect of the Gala Chain hackathon has not dried up as GALA has risen 12% in the past 24 hours. This may indicate that people are realizing the potential of GalaChain by following the projects showcased in the hackathon.
Also read: Altcoins that show strength during Bitcoin price decline: JUP, SEI, AVAX, GALA and SUI
NEAR protocol also surged nearly 15% in the last 24 hours following an upcoming BUIDL Asia session tomorrow on Chain Abstraction—one of its core features for subsidizing gas fees.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.