Surprisingly, Ark (ARK), a relatively low-cap Ethereum (ETH) rival, has experienced a meteoric rise of more than 61% in just one week. This increase in value comes on the heels of several leading cryptocurrency exchanges launching perpetual futures contracts for Ark’s native asset. Another altcoin, Gifto, experienced an increase for no particular reason. However, it did not take long for these coins to lose their upward momentum. Here are the details…
The arc experienced a leap
Known for its open-source, typescript-based, layer-1 blockchain protocol that prioritizes simplicity and efficiency, Ark is making waves in the crypto space. The project’s native token, ARK, saw its price rise from $0.375 to $0.607 in just one week. This impressive rise has positioned Ark as the 219th-ranked cryptocurrency by market cap, contributing to an additional gain of 11% in the last 24 hours. However, currently ARK has lost 8 percent of its value. The driving force behind Ark’s recent gains can be attributed to the launch of perpetual contracts on three major exchanges. Binance, the world’s largest cryptocurrency exchange by trading volume, led the way by introducing the ARK/USDT perpetual contract, which offers investors up to 10x leverage.
Seychelles-based crypto derivatives trading platform Deepcoin also launched its own ARK/USDT perpetual futures contract on the same day. KuCoin, another Seychelles-based exchange, has also joined the fray by offering an ARK/USDT-M perpetual futures contract with a significant 20x leverage option. Despite Ark’s impressive price gains this week, it’s crucial to maintain a long-term perspective. The asset remains 94 percent below its all-time high of $10.22, reached in January 2018. This historical context reminds us that the cryptocurrency market is notorious for volatility and past performance is not indicative of future results.
Altcoin GFT rose 50 percent
In other cryptocurrency news, Gifto (GFT) briefly experienced a significant price increase on September 24, according to market data. The token rose to $0.0207 before pulling back slightly and settling at $0.01945. This rapid price action resulted in an impressive 24-hour increase of 50.66% for GFT. Currently, GFT’s 24-hour rise is around 15 percent. While the factors that triggered GFT’s rise are not fully known, such price movements highlight the inherent volatility of the cryptocurrency market.
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