Trading has been both volatile and strange since April started, with the days following the Liberation Day tariff announcement being especially dynamic and – for most assets – grim.
In the stock market, the long-pummeled Super Micro Computer (NASDAQ: SMCI) spearheaded the fake-news-driven stock market rally on April 7, while, for cryptocurrencies, the popular meme coin Fartcoin (FARTCOIN) took the lead.
Furthermore, not only is FARTCOIN the best-performing top 100 digital asset in the last 24 hours as it soared 32.67% within the time frame to its press time price of $0.6108, but is also at the top of the list in the last week of trading having recorded total gains of 20.40%.
Zooming out further makes Fartcoin stand out even more. Within the 30-day chart, the meme coin is up a remarkable 136.40%. For comparison, Bitcoin (BTC) is down 4.07% within the same time frame, and the benchmark S&P 500 stock market index is 6.37% in the red.
Fartcoin spearheads broad crypto market rally
The rally stands in stark contrast with the rest of the cryptocurrency market, which, despite recording a notable recovery from the late Sunday crash, remains in the red overall.
For example, the total market capitalization of digital assets is approximately $100 billion below its level just two days ago, despite a $20 billion gain on Tuesday.
Similarly, the more traditionally respectable cryptocurrencies, such as BTC and Ethereum (ETH), remain firmly in the red in the weekly chart even after regaining 2.22% and 1.39,% respectively, in the last 24 hours.
Is the Fartcoin rally a prelude to greater crypto market gains?
Still, should the current positive momentum persist, Fartcoin could soon face strong competition for the top spot among the daily gainers. For example, the on-chain analyst Ali Martinez pointed out that technical analysis (TA) shows that Bitcoin might surge to $88,000 if it reaches $82,000.
If the world’s premier cryptocurrency experiences a strong rally, traders will likely see it as a strong bullish signal, potentially supercharging digital assets’ recovery.
Another possible tailwind that could drive other cryptocurrencies above Fartcoin could emerge from XRP as the token is set to make history on Tuesday with the listing of a new leveraged exchange-traded fund (ETF) on the NYSE Arca exchange.
Featured image via Shutterstock
