NAIROBI (CoinChapter.com) — Bitcoin plunged sharply from over $69,200 to under $62,000 in a day, taking the crypto market down alongside. However, three altcoins ignored the downside pressure, turning out to be a hedge against the rest of the market. Which tokens withstood the pressure of Bitcoin’s selloff? Let’s discuss.

Altcoin Boom Defies Bitcoin Selloff Turmoil

Uniswap (UNI)

3 Altcoins surged in value as the Bitcoin selloff sent shockwaves through the crypto-sphere. Savvy investors sought refuge in alternative assets, propelling UNI, LEO, and APT to unprecedented heights. Uniswap’s decentralized exchange protocol saw its governance token, UNI, surge by a very significant 13.69%, reaching an all-time high of $14.71.

UNI/USD 1-day price chart. Source: TradingView

Meanwhile, LEO, the native token of the Bitfinex exchange, proved its mettle as a potential hedge against Bitcoin selloffs. Bolstered by its token burn mechanism and a diverse presence on Ethereum and EOS blockchains, LEO’s value skyrocketed, defying the market volatility surrounding it.

Meanwhile LEO/USD price has catapulted to $5.88, marking a significant leap of 15.14% just in the past day. This upsurge has propelled LEO’s market cap to an impressive $5.45 billion, earning it the 21st spot among the world’s largest cryptocurrencies. The trade volume is also riding this wave, with a 38.31% increase to $2,419,825. A glance at the price chart shows a bullish breakout past the upper Bollinger Band, signaling a strong uptrend.

LEO/USD 1-day price chart

Perhaps the most striking surge came from Aptos (APT). The recent partnership between the Aptos Foundation and Jambo Technology is probably driving APT’s momentum. This collaboration aims to introduce the JamboPhone, an affordable blockchain smartphone, and educational resources, to underserved markets. This focus on accessibility and adoption could significantly boost APT’s use and value.

APT/USD 1-day price chart

APT’s value has taken an uptick, currently standing at $13.27, marking an increase of 5.08% for the day. This leap is a fresh breeze against the prevailing market winds, suggesting a bullish sentiment is taking hold. The alignment of the Simple Moving Averages (SMAs)—the 100, and 200—strengthens this outlook, indicating sustained growth over the long term.

Can Altcoins Hedge Against Bitcoin Volatility?

The recent inverse correlation between Bitcoin and these 3 altcoins obviously doesn’t guarantee that they will always act as a hedge during Bitcoin selloffs. However, it does suggest the potential for diversification benefits within a cryptocurrency portfolio. Investors may definitely want to consider incorporating a calculated allocation to these altcoins, alongside thorough research and risk assessment, to potentially mitigate the impact of market fluctuations.

The post Despite Bitcoin’s ‘Brutal’ Selloff at $69.2K, These 3 Altcoins Boomed appeared first on CoinChapter.

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Filed under: Bitcoin - @ March 6, 2024 6:16 pm