The cryptocurrency market succumbed to widespread selling pressure as Bitcoin and Altcoins pared off the massive gains accumulated in the prior week. The majority of the crypto assets especially in the top 100 are trading presently in red as Bitcoin and Ethereum downswing extends further. The widespread declines are likely to have been triggered by Bitcoin’s plunge from highs around $60,000 to $51,000.
Affected crypto assets include Polkadot (-10.87%), Uniswap (-9.53%), IOTA (-13%) and Enjin coin (-11.25%). Interestingly amid the downturn, some Altcoins are holding in the green, Holo (HOT) is up by 4% in the last 24 hours, Theta Fuel (+4.23%), Qtum (+7.19%) while Aragon (ANT) rallied to new all-time highs.
Aragon (ANT), a decentralized platform built on the Ethereum network offering a modularized way to create and manage dApps rallied to new all-time highs of $14.40 (as seen on Bitfinex) today, Mar. 25. Aragon surged from an intraday low at $6.62 on March 24 to an intraday high at $14.40 on March 25, rallying nearly 120% in about 2 days.
ANT/USD Daily ChartAt the time of writing, Aragon has retraced slightly to $10.07 while still up by 50.63% in the last 24 hours and 61.61% weekly.
The last year 2020, Coinbase announced that it was exploring support for more crypto assets in its trading platform. Aragon (ANT) was one of the ten coins still awaiting review, other coins in this category are Arweave (AR), DigiByte (DGB), Horizon (ZEN), Livepeer (LPT), KEEP Network (KEEP), Origin Protocol (OGN), Render Token (RNDR), Siacoin (SC) and VeChain (VET).
Fast forward to this year in January, Aragon announced a merger with the Vocdoni protocol, a blockchain voting and governance solution provider.
Why Aragon is rallying? ANT broke out of a bottoming construction at a key support level against Bitcoin. A Twitter analyst stated ‘Aragon nice bottoming formation $ANT/$BTC, Plenty of room to Move’.
ANT/BTC Daily ChartIn the last two days, Aragon has been gaining strength against bitcoin. The ANT/BTC chart shows a new uptrend since the breakout above 0.00011 when buyers immediately stepped into this region. This was a breakout from a multi-month accumulation range, which increases the likelihood of upside gains in its USD pairing.
It is also worth noting that during bull markets, several tokens that have been left for dead tend to come out of their cocoons as market speculators pump them. Therefore, investors should do thorough research before putting their funds into any project.
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