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Five Under-the-Radar Altcoins All Surge 144% or More in Just Seven Days As Crypto Markets Rally

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Five under-the-radar crypto assets are in a hot streak, up by 144% or more over a period of one week as the digital asset market continues to rally. 

One of the best-performing altcoins this week is Function X (FX), which currently holds a market cap of $314 million. The project aims to mirror traditional financial products on its protocol while building decentralized financial products and a decentralized trading system. 

Data from CoinGecko shows that the Ethereum-based crypto asset soared 402% from a 7-day low of $0.44 to a high of $2.12. The altcoin has retraced since and is now trading at $0.78. 

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Next up is Vectorspace AI (VXV) a blockchain platform focused on powering advanced approaches to machine learning (ML) and artificial intelligence (AI). The crypto project climbed from a seven-day low of $3.47 to its all-time high of $10.94, representing a price jump of over 215%.

The third cryptocurrency seeing a major rally this week is Bitcoin Cash ABC (BCHA), which holds a market cap of $5.84 billion. BCHA, designed as a means of payment, rose from a low of $114.51 to a high of $345.96 in just seven days, marking a 202% increase.

Although the value of BCHA grew 3x in a span of one week, it is still down nearly 20% from its all-time high of $378.12.

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Another red-hot altcoin as of late is Fantom (FTM), a network of custom blockchains that aims to power smart cities. From a low of $0.47, the token rallied to $1.16, surging by 144% within seven days.

At time of writing, FTM is trading at $1.04.

The fifth crypto making a major stride this week is aelf (ELF), which is a decentralized cloud computing network and business-oriented blockchain platform. In seven days, ELF ascended from a low of $0.36 to a high of $0.88 to mark an increase of 144%. 

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The coin has given up some of its gains and is trading at $0.68 at time of writing.

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Newly Launched Altcoin Rallies 36% After Gaining Support From Crypto Exchange Binance

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‏‎‏‏‎‏‏‎A new blockchain-based gaming altcoin is surging after being listed by the cryptocurrency exchange Binance.

Launched in July, Yield Guild Games (YGG) is a play-to-earn decentralized autonomous organization (DAO) designed to allow users to invest in non-fungible tokens (NFT) in virtual worlds.

DAOs are governance systems that rely on computer code to control and execute actions rather than humans.

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Yield Guild Games rallied 36% from $6.01 to $8.22 following the announcement, according to CoinGecko.

The platform’s native token allows players to earn liquidity minding rewards, participate in the network’s governance, and pay for the service’s transaction fees, according to Binance.

Users can also stake coins into YGG’s vaults to earn gaming token rewards, or possibly other forms of altcoins.

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“Each ‘vault’ represents the token rewards from one or all guild games earning sources.

Users can stake YGG tokens into the YGG vault [and] in return receive token rewards from games in the vault. Depending on how the vault is constructed, token rewards can vary from YGG tokens to Ethereum [ETH] or stablecoins.”

YGG trading on Binance is set to begin September 25th. Its price has stabilized at $6.98 at time of writing.

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Peter Schiff: Prices of Altcoins Will Implode Overnight

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According to the famous digital assets skeptic, the altcoin market might “pop” in one day

In his recent tweet, chairman of SchiffGold and famous Bitcoin skeptic, Peter Schiff, has expressed his feelings about the current state of the cryptocurrency industry, Bitcoin, and the altcoin market in general. He said that the current supply is significantly higher than the existing demand on the market. Such conditions might lead to the rapid price drop of alternative coins andof the industry as a whole.

Schiff stated that, when supply overwhelms demand, prices might implode almost overnight, referring to the famous one-day 15-20% correction that was presented on the market in May. During the recent correction on the market, both Bitcoin and altcoins faced a major 5-10% correction.

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Various market analysts and experts noted that the cryptocurrency market’s correction might be tied to the increase of global risks associated with potential default that Chinese developer Evergrande may face.

At press time, Bitcoin is trading in the range of $43,000 after correcting for 8.5% in one day. After the strong plunge down, Bitcoin bounced back from $40,000 and is now not moving in either direction and forming a candlestick pattern known as a “bullish hammer” that usually appears at the bottom of downtrend movement.

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Bitcoin Daily Chart
Source: TradingView

In the same thread, Schiff answered one of the commentators talking about Bitcoin’s potential of removing costs and latency from financial systems.

The only thing that Bitcoin will remove is money from the pockets of people foolish enough to buy it.

Previously, Schiff supported the fact that Bitcoin is replacing gold as a hedge asset. According to the CEO of Euro Pacific Capital, if Bitcoin becomes a new popular hedge asset, gold will have less selling pressure, which will lead to a potential rally.

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Little-Known Altcoin Erupts 250% After Unexpected Listing on Crypto Exchange Binance

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A little-known cryptocurrency has surged by triple-digit percentage points after a surprise listing on a major cryptocurrency exchange.

The utility token of gaming and non-fungible token (NFT) platform Gala Games, GALA, surged by approximately 250% from $0.02 to hit an all-time high of $0.07 in just 24 hours.

GALA boasts a market capitalization of over $379 million and is the 181st-ranked coin, according to CoinGecko.

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The GALA altcoin is based on the Ethereum blockchain which is used as a medium of exchange to purchase in-game items and NFTs in the gaming ecosystem. The project is also using GALA to reward the top 100 players in one of the platform’s games.

Gala Games CEO Eric Schiermeyer, who also co-founded games developer Zynga, says blockchain gaming is the next phase of the internet.

“Everything that touches ownership is going to be affected by what’s happening here. Art and music and everything that has a digital life is going to be touched by this. Anything that you thought was digital that you thought you owned but didn’t really own — that’s what’s about to be revolutionized.”

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The surge in GALA’s price coincides with the listing of the utility token on global crypto exchange Binance. The crypto asset can now be traded against other cryptocurrencies specifically Bitcoin (BTC), Binance Coin (BNB), and stablecoins BUSD and USDT. Binance says withdrawals will commence 24 hours after the start of trading.

GALA has given up some of its gains after hitting its all-time high. At time of writing, GALA is trading $0.05.

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