AltLayer (ALT) has seen its price surge over the past 24 hours, with the altcoin rallying to $0.33 at the time of writing. There are a few key reasons behind this latest ALT price pump:
Exchange Listings Major exchanges Bitget and Binance listed ALT on their platforms on January 25th, 2023. These high-profile listings brought significant exposure and liquidity for ALT, which helped drive up demand and price. Crypto assets often see a jolt in price when added to leading exchanges.
Innovative Technology Part of the reason major exchanges are listing ALT is because of its innovative underlying technology.
AltLayer is building a decentralized protocol for scaling Ethereum and other blockchains through “Restaked Rollups” – a novel form of rollups that aims to enhance security, decentralization, interoperability and transaction finality. As interest grows around scaling solutions, so too does interest around ALT.
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Show more +Oversold Bounce The Relative Strength Index (RSI), a momentum indicator, recently bounced up from around 40. An RSI below 30 typically signifies an asset is oversold, while a rise from this range indicates the asset is regaining strength. The bounce from oversold levels in ALT’s RSI line likely signals a short-term trend reversal and contribution to the price boost.
With the current market cap of around $300 million, ALT still has a lot of room for growth in this bull run.
Exchange listings, technological potential, and oversold conditions recombining have powered AltLayer’s latest price pump. If development continues at a strong pace, ALT may see further rallies as it carves out a position in the crowded rollups space.
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