Benzinga – Telegram-linked cryptocurrency Notcoin (CRYPTO: NOT) and Sam Altman-founded Wordlcoin (CRYPTO: WLD) raked in major gains on a day when market heavyweights slipped lower.
What Happened: NOT accumulated double-digit gains to emerge as the best-performing cryptocurrency in the last 24 hours. The coin, which is backed by top executives from Telegram, has more than doubled in value over the week, according to CoinMarketCap.
NOT logged a trading volume of $928 million in the last 24 hours, with its market cap surpassing $1 billion.
The rally outstripped the broader market’s performance as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) traded lower as of this writing.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:00 p.m. EDT) |
| Notcoin (CRYPTO: NOT) | +17.06% | $0.01071 |
| Worldcoin (CRYPTO: WLD) | +4.75% | $4.89 |
Alongside, biometric-based cryptocurrency, Worldcoin, rose significantly in the last 24 hours, with trading volume more than doubling to $525 million.
Why It Matters: NOT’s exponential growth comes as users hop on to mine the cryptocurrency through the play-to-earn Web3 game hosted on Telegram. The game’s cryptocurrency offerings have grabbed the attention of Telegram’s massive user base.
Meanwhile, WLD’s gains snapped a losing streak, as the project launched by OpenAI Chief Sam Altman, faces opposition over privacy concerns. Worldcoin was asked to shut down operations in Hong Kong recently.
Capital flows to altcoins indicated a healthy market trend in a year where Bitcoin’s market dominance has increased.
In an X post Wednesday, popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin was in a consolidation phase, while altcoins are bracing for their breakout.
Where are we in the cycle?
We’re at the stage where #Bitcoin consolidates and #Altcoins are waiting for their breakout to come.
To me, the trigger is going to be the listing of the Ethereum ETF.
From there, it could be going quite fast in a positive sense.
— Michaël van de Poppe (@CryptoMichNL) May 29, 2024
Photo by stockphoto-graf on Shutterstock
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