The cryptocurrency market has seen a notable shift from Bitcoin to altcoins such as PENGU, HBAR, and XLM, which have surged in price within a day.
PENGU Coin’s Remarkable Price Surge
PENGU leads the altcoin list with an 85% increase over the week. Supported by the NFT brand Pudgy Penguins, the coin attracted both individual and institutional investors due to its planned Layer-2 network, licensed toy sales, and rumored ETF approval. Daily trading volume exceeds $1.8 billion, propelling the price up to $0.0295. Experts describe PENGU as "individually focused but with a long-term vision."
Price Rally in HBAR and XLM
HBAR reached $0.253, showing a rise reminiscent of its 2021 breakout. The increase in smart contract deployments and institutional interest, notably with $184 million in volume from South Korean exchanges, supports this rise. Its eco-friendly and scalable infrastructure attracts companies seeking institutional Blockchain solutions. XLM climbed to the $0.50 range due to anticipation of the v23.0.0rc2 update. The $460 million volume from South Korea in just 24 hours reflects optimism about its use in stablecoin and payment corridors.
Impact of Capital Rotation Analysis
Renowned analyst Rekt Capital emphasized that Bitcoin’s slight pullback in market dominance accelerated capital rotation. A potential halt in the largest cryptocurrency could broaden the rally among mid-sized cryptos. At this point, PENGU is expected to maintain its leadership among memecoins, XLM to gain wider acceptance through financial technology integration, and HBAR to stand out with corporate Blockchain solutions.
The price rise of altcoins PENGU, HBAR, and XLM demonstrates significant investor interest and potential shifts in the overall dynamics of the cryptocurrency market.
