Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO) have been dominating the altcoin sector as they outperform Bitcoin and other large cryptocurrencies. The first crypto by market cap has been recording its best month in 2022 but is still far from the monthly average return from these tokens.
According to Arcane Research, altcoins have seen an average of 40% performance over the past month as the crypto market experienced a “classic relief rally”. July has been a historical green month for digital assets.
During this period, the nascent asset class has seen the expansion of two critical sectors, decentralized finances (DeFi) and non-fungible tokens (NFTs). As seen below, the rally has been particularly positive for mid-cap cryptocurrencies.
Source: Arcane Research
This market rally has translated into a reduction of Bitcoin and stablecoins market share, suggesting an increase in risk appetite for crypto investors, and more strength for Ethereum. Arcane Research noted:
Ether’s lack of strength relative to bitcoin last week has been reversed this week, as ether ..
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