Altcoins like DegenCoin (DEGE), Assemble AI (ASM), and Caldera (ERA) were the best-performing cryptocurrencies on Thursday. DEGE token jumped by over 127%, reaching a high of $0.033.
Similarly, ASM token jumped by 132%, while ERA surged by 91%. Other top gainers included cryptocurrencies such as Block, Cross, and Sologenic.
These cryptocurrencies roared back as sentiment in the industry improved and the Fear and Greed Index surged to the greed zone. This happened as Bitcoin also bounced back and moved above the important resistance point at $120,000.
The main catalyst for the rally on Thursday was the climax of the Crypto Week, in which Republicans voted for three bills. The GENIUS Act simplifies regulations in the stablecoin industry, while the CLARITY Act separates the roles of the SEC and the CFTC in crypto regulations. They also voted on a bill to ban CBDCs in the US.
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It is common for random altcoins, such as DEGE, Assemble AI, and Caldera, to experience a parabolic rise when sentiment in the broader crypto industry improves. And in most cases, these gains tend to be short-lived.
In the case of Caldera, its surge was driven by optimism among investors following its listing on Coinbase and Upbit. Coinbase dominates in the United States, while Upbit is the biggest South Korean exchange.
It is common for a cryptocurrency to jump after an exchange listing. In most cases, the token then crashes as the hype dies. For example, Orca price surged by over 300% after Upbit listing and then plunged.
These exchanges listed Caldera because of its fundamentals. It is a blockchain network with over $1 billion in total value locked (TVL), 17 million unique wallets, and has handled over 550 million transactions.
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