Why Altcoins Soared Higher This Week

Crypto investors could be forgiven for thinking this week took place in 2024. That was a year full of rallies for all manner of coins and tokens, after all.

Over the past five trading days, a dizzying number of altcoins posted double-digit gains. According to data compiled by S&P Global Market Intelligence, popular utility token Solana (CRYPTO: SOL) rose by almost 15% over that stretch -- and that was a modest gain compared to other cryptos. Chainlink (CRYPTO: LINK), for example, rose by 22% while Litecoin (CRYPTO: LTC) scored a 30% gain. Aave (CRYPTO: AAVE) ended the week 16% higher.

As any crypto-head can attest, coins and tokens tend to trade more or less in sympathy. They also have a habit of following the leader -- Bitcoin (CRYPTO: BTC), of course. Sure enough, Bitcoin was a hot item right out of the gate this week, zooming from under $90,000 Monday morning to nearly $106,000 (close to its all-time high) before cooling down a touch late Friday afternoon.

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Source Fool.com