After a very bad start to 2022, crypto coins have started to really show some outstanding rallies. In the last week of March, most coins have closed well in the green, and the momentum could go on further. Here is why coins are rallying:
A period of uncertainty with regards to Fed rate hikes has now gone.
Many investors who were sizing up the market are starting to come back.
Institutions are looking at crypto as a diversified asset pool to hedge against equities.
In the midst of this rally, there are some coins that have done way better than we expected. Here are some of them:
Ethereum Classic (ETC)
As the shift from the Ethereum Proof of work model continues to near, we did see some remarkable shift among Ethereum miners towards ETC. In fact, at one point the coin rallied by nearly 70% in a week.
Data Source: Tradingview
As of now, ETC appears to have erased the losses made this year and the uptrend is still strong. Although there was always some positive outlook around the coin, many analysts did not expect it to recover as fast as it did. We expect more gains to follow in Q2 this year.
Convex Finance (CVX)
DeFi has always been a huge part of the future growth of crypto. 2021 was the breakthrough year of DeFi, and there was a lot of optimism that we were going to see more and more success in 2022. But DeFi coins failed to impress, and Convex Finance (CVX) saw massive falls from ATHs as a result. But the DeFi space is rebounding, and CVX is up 50% for the week.
Imagine a 150% surge in less than a week? ZIL appeared to be down and out a few weeks ago, and it was struggling to find any momentum. Although there was some hope it will finally recover, the fact that it has done so in a week or so simply boggles the mind.