Bitcoin stunned the market on Sunday with a small gain that pushed its price closer to the coveted $30,000 threshold. Bitcoin surged by 4.62 percent on the day to $28,000, its highest daily rise in over a month and a half. These gains occurred during some notable developments perceived as positive for the industry, namely the United States’ tentative debt ceiling deal and the release of China’s Web3 whitepaper.
Meanwhile, altcoins also enjoyed a risk on-market and some even outperformed Bitcoin in terms of percentage gains. Continue reading to learn more.
Injective (INJ)
Injective has had a stellar performance so far this year, amassing year-to-date gains of 460 percent. On the daily chart, its price has consistently made higher highs and higher lows throughout the first four months of the year, indicating a bull run. However, its upward momentum stalled in May, owing to a correctional period between late April and mid-May in which Injective plummeted by up to 40 percent to monthly lows of $5.6. Nonetheless, bulls were active once again on Sunday as the broader market turned green. Injective registered a daily gain of 11 percent on Sunday and hit a high of $7.42.
Recently, Injective’s upward price movement came amid increased network activity, according to a blockchain manager at network validator service, Everstake Pool. The same included an increase in network validators, new wallets, and the number of coins staked. Although its Sunday rise could not be wholly attributed to a single event, China's Web3 adoption could have played a role. Injective is a layer-1 blockchain for DeFi applications that provides customers with a platform for developing and deploying Web3 applications. In this regard, changes in China may have increased investor confidence in Web3 projects, resulting in increased investments.
At the time of writing, INJ was trading at $7.42, up by 14 percent in the last 24 hours.
Mask Network (MASK)
Mask Network is a protocol that allows users to send encrypted messages on social media platforms, essentially acting as a bridge between Web2 and Web3 applications. So far this year, its native token, MASK, has had a roller-coaster ride. The coin rose steadily over the first four months of 2023, but it eventually fell by roughly 30 percent to $4.49 in April. The losses could be attributed to profit-taking following a rise of more than 70 percent in March when MASK reached a two-month high of $7.1. On Sunday, MASK rose by 14 percent to $4.67, outshining even Injective in terms of percentage gains.
Similar to public and private companies, cryptocurrency-related firms can see bullish interest from investors after securing acquisitions or partnerships perceived as fruitful over the long run. On that front, in March, Mask Network acquired RARA, a Web3 social protocol that allows users to add commentary to non-fungible tokens. In May, MASK announced an investment in layer 1 blockchain, The Open Network, to boost its ecosystem.
At the time of writing, MASK was trading at $4.73, up by 8.8 percent in the last 24 hours.
Floki Inu (FLOKI)
Floki Inu performed well in the first quarter of 2023, growing by more than 300 percent, according to data tracker CoinCodex. Its gains have even surpassed those of meme coin leaders Dogecoin and Shiba Inu. On Sunday, FLOKI rose by as much as 15 percent to $0.00003718 before easing on Monday.
Public advertisements and marketing campaigns are known to trigger price movements in certain digital assets, especially meme coins. In this regard, FLOKI’s Sunday movement corresponded with the meme coin’s appearance on a billboard during the singles finals of the 2023 World Table Tennis Championships, which were televised by Chinese state TV station CCTV-5. Many Twitter users were quick to notice the development and post it on the social media network. As per LunarCrush, Floki Inu’s social engagements on the day spiked to 66.4 million, making it one of the most talked about altcoins during the weekend.
At the time of writing, FLOKI was trading at $0.0000334, up by two percent over the last 24 hours.
Conclusion
Although much of the attention has been focused on Bitcoin's Sunday surge, other altcoins have eclipsed the market leader. The likes of Injective, Floki Inu, and Mask Network boasted double-digit returns during the day, comfortably beating Bitcoin’s daily gain of 4.62 percent. It will be interesting to see how the market shapes up this week, especially if the bullish sentiment wears off over the next few days.
