Why Stellar, Dogecoin, Elrond Suddenly Rallied Amid Bitcoin’s Climb Past $60,000

Bitcoin’s (BTC) price rose to highs of $61,218 on April 10 for the first time in nearly a month after spending weeks wavering between $50,000-$59,000. Bitcoin pulled back slightly after attaining this peak, though it was trading at $59,746 as of press time.

Following the rise in Bitcoin price, some traders and analysts are expecting the Altcoin market to take a breather in its bullish ride. A well-known trader stated that there is a high chance Altcoins do not rally nearly as much as expected when the volume is sucked up by Bitcoin. He stated that during this period, profits from Altcoins tend to flow back into Bitcoin.

However, some selected Altcoins such as Stellar, Dogecoin, Elrond had major breakouts despite Bitcoin’s climb in price action.

Why Stellar, Dogecoin, Elrond Suddenly Rallied

Stellar (XLM)
Stellar price has been consolidating after reaching highs of $0.60 on Feb. 13. The recent price rally was buoyed by positive fundamentals as well as a favorable technical structure. Analysts noticed a bullish cup-with-handle pattern on XLM price charts while also indicating a notable increase in volume.

London-based payment platform Revolut announced on Thursday the integration of 11 new tokens, including XLM as payment options. Customers will also be able to trade the new cryptocurrencies thanks to Revolut’s partnership with Paxful.

XLM price climb comes despite the outage Stellar blockchain suffered in the prior week where affected nodes experienced a downtime of about 10 hours. Several exchanges temporarily suspended XLM deposits within the time. The issue was fixed and the Stellar Development Foundation (SDF) stated that the network itself was not affected and didn’t stop. On Apr. 11th, XLM surged to intraday highs of $0.659 before retreating to its present price of $0.59.

Dogecoin (DOGE)
Dogecoin price had a massive spike to $0.072 on April 1 after Elon Musk tweeted that SpaceX will put a literal Dogecoin on the moon. However, this move didn’t last long, and practically all gains were lost within the next 48 hours. DOGE has been consolidating since then.

Dogecoin has seen its price rise this weekend as Elon Musk suggested that it would be “going to the moon very soon” in another tweet on Apr. 10. DOGE surged to intraday highs of $0.081 before retreating to its present price of $0.073.

Elrond (EGLD)
Elrond or eGold is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. Elrond has been trading inside an uptrend since March 25 while reaching new all-time highs of $242 on Apr. 11.

Elrond entered a recent partnership with blockchain platform Shopping.io who will bring the facility for users to spend their eGold tokens at some of the world’s most popular eCommerce marketplaces such as Amazon, Walmart, and eBay.

In the prior week, the creators of the popular Polkamon NFT collection of animated dragons and other creatures stated that it has entered into a long-term partnership to bring the ‘Manifold Universe’ of Polkamon to Elrond. The project cited gas fees as the primary reason for making the switch.

Elrond also announced the utilization of the ORAO Network, a data-agnostic oracle to feed smart contracts onto the Elrond mainnet. The idea behind blockchain oracles is to provide reliable information from outside.

Image Credit: Shutterstock

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