Over the past month, the overall cryptocurrency market may not have exhibited huge growth but some smaller coins have benefited from massive gains.
Enjin Coin (ENJ) in particular has skyrocketed over the past two weeks, surging from $0.03 to a high of almost $0.19. The increase represents a whopping six-fold growth in value from a coin that had not even breached the top 50 coins by market cap just a few months ago
The assets impressive spike is attributed to the announcement of its listing on Samsung’s Galaxy S10 blockchain wallet last month, on February 26th. The Singapore-based E-gaming cryptocurrency saw a 75 percent increase directly following the announcement and has continued to grow since. Other projects such as Funfair and related cryptocurrencies used for both gaming and gambling have also seen some growth as of late.
However, the coin is not alone in its achievements, with several other top 50 coins enjoying an exceptionally good start to the year. The asset creation and transfer platform Ravencoin (RVN) is up an incredible 264 percent since this time last month, with Theta Token (THETA), Basic Attention Token (BAT) and ICON (ICX) each experiencing close to 100 percent gains.
The developments indicate an impressive spread of interest in the cryptocurrency market, with more investors beginning to consider projects other than the usual top 10 coins. Crypto’s golden boy Bitcoin (BTC), by comparison, is only up 15 percent in the past 30 days, with Ethereum at 31 percent and XRP a rather weak 7 percent. Binance Coin (BNB) is leading the charge in the top 10 with 75 percent gains and looks set to be continue to grow, followed closely by Litecoin (LTC) with a very respectable 72 percent.
In previous years, a surge in altcoin activity has usually preceded a significant bull run. While analysts remain overly cautious following a year’s worth of failed breakout attempts, could this possibly indicate an upcoming crypto rally?