This article comes fromCointelegraph, Original Author: JOSEPH YOUNG

Odaily Translator |

, Original Author: JOSEPH YOUNG

Altcoins have recently started to surge higher across the board. In recent weeks, some small-cap cryptocurrencies have seen triple-digit percentage gains. At the same time, some large-cap cryptocurrencies such as VeChain (VET), Stellar (XLM), Cardano (ADA) and Chainlink (LINK) also saw gains.

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The performance of the cryptocurrency market in the past 7 days, source: Coin360

The top ten "players" in the crypto market last week

In the past week, the market performance of VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO, and ETC was stronger than Bitcoin, and Bitcoin only rose by 1.13% during the same period.

image descriptionAccording to reportsThe top 10 crypto assets with the highest gains last week, source: Cointelegraph & Coin360

Both Bitcoin and Ethereum are up more than 150% since March,

According to reports, driven by a surge in retail demand and institutional demand. With the strong recovery of the two major crypto assets, many altcoins are starting to gain momentum, especially after the Bitcoin halving in mid-May.VET ranked third among the top ten performing crypto assets last week. Some have speculated that the presence of the VeChain team at a large conference could mean that a new product launch is imminent. Others believe the rise stemmed from expectations that Coinbase might list VET.

On June 11 this year,

Coinbase Says It's Considering Listing 18 New Digital Assets

. According to an official blog post published by Coinbase on June 10, the exchange is evaluating Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, Supported by SKALE Network, Synthetix and VeChain. Coinbase also emphasized that it is not currently considering listing Siafunds.

Coinbase did not give a timetable for the listing of these assets. The blog said the process required "significant technical and compliance review" and some regulatory approval. "We will add new assets by jurisdiction based on applicable reviews and authorizations," the announcement said.In addition, Stellar and Cardano will usher in major protocol updates, and Cardano's hard fork will be activated on July 30. In recent weeks, the heat surrounding protocol upgrades and new product releases has boosted investment sentiment and confidence around mainstream currencies.At the same time, due to the crazy spread of a Dogecoin (Dogecoin) challenge video on the short video platform TikTok, user interest is high, driving the price of the currency to soar. Among altcoins with a market cap below $700 million, Dogecoin emerged as the best-performing cryptocurrency, reaching its highest level in two years, prompting Dogecoin via official Twitter

remind users

, be “smart” about FOMO trends.

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Why do altcoins seem to be turning bullish?

Overall, the stronger sentiment surrounding altcoins appears to stem from two factors. First, ETH has been performing strongly against the USD. Historically, ETH rallies have aligned with altcoin uptrends. In the past four months, the price of ETH has risen from $90 to $241, an increase of nearly 270%.

Second, most mainstream coins have completed the first phase of key network upgrades. Taking Cardano as an example, it will complete the Shelley upgrade at the end of July. The Shelley upgrade could make the Cardano blockchain network 100 times more decentralized than its competitors, the foundation said.

Note: Cardano issued an announcement on July 1 to update the mainnet launch process. The content of the announcement shows that Cardano has shifted from the "Byron" testnet to the "Shelley" network. It is reported that this is the first full version of the Shelley mainnet, which includes all key functions. The team will continue to iterate over the next few weeks, with each new release now featuring code optimizations and enhancements. According to the main network roadmap, the Cardano team will perform a hard fork upgrade to Shelley on July 29.