With Bitcoin noting over 5% gains at the time of writing over the last six hours, the market seemed to pick up the pace again. However, the likes of AVAX and Tezos depicted an independent trajectory even as BTC and the larger market dropped. On the other hand, Algorand which made promising moves initially seemed to follow the market at large.
When the market consolidates or price drops plague the top coins, participants often turn their heads to mid-cap alts which may act as a good bet. In fact, last week’s market analysis by Arcane Research highlighted how mid-cap alts held better when looking at the monthly performance of market capitalization weighted Index.
The report also presented that for the month of September the Mid Cap Index comprising of cryptos such as Tezos, Algorand, and Avalanche noted profits. While Alogorand was the best performing asset in the top 50 cryptos noting 8% weekly gains, Tezos and Elrond were the worst performers in the last week. Algorand on the other hand followed the market shedding around 20% price in that week. But will these tokens hold further?
Whales to the rescue
Notably, on September 19 the percentage of stablecoin total supply held by whales with more than 5 million USD saw a major uptick for all three coins. Since the accumulation took place around prices consolidating it could’ve signified the high price expectation whales have from the alts.
Notably, Tezos saw close to 50% price gains over the last week while AVAX noted another price ATH on September 24. Trade volumes for AVAX have been high and Tezos has been seeing decent trade volumes too. Additionally, Tezos was one of the few alts that noted positive weekly gains at press time. On the other hand, Algorand which had replicated the larger market’s trajectory saw lower volumes as compared to the last run.
Decent ROIs but a long way to go
Over the three-month and one-month window, all three altcoins had high positive gains. While Avalanche noted an almost 500% ROI over the last three months, ALGO made around 100% and Tezos over 150% returns.
Looking at the profitability these altcoins offered the three seemed to be in a good place however, it was notable that Algorand was still 73.14% down from its ATH. Nonetheless, those who invested in these alts, in the last three months certainly saw profits.
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