FTM, AAVE, TAO see double-digit gains as Bitcoin retests $57k
Fantom (FTM), Bittensor (TAO) and Aave (AAVE) are among the biggest gainers in the past 24 hours.
The altcoins are seeing the most upside action in the top 100 coins by market cap as of 4pm ET on September 9.
Meanwhile, Bitcoin (BTC) has bounced above $57,000 after revisiting sub-$54k over the weekend.
FTM, AAVE and TAO tokens are all up double digits, with Bittensor price up more than 16% to change hands above $286. Meanwhile, Fantom price was trading above $0.46, up nearly 14% at the time of writing, and Aave price hovered near $142 with the DeFi token’s value up more than 13% in the past 24 hours.
Bitcoin price bounces above $57k
Bitcoin’s bounce to above $57,000 follows Monday’s upward action after BTC dropped to below $54k over the weekend. While the flagship cryptocurrency remains in a bearish hold with the Fear & Greed Index in extreme fear, analysts are bullish on long term prospects.
As highlighted earlier, Bernstein analysts see the US election as a key factor in the short term. A win for Donald Trump could mean a price explosion to above $80k.
On the flipside, Kamala Harris winning could catalyse a downward move to lows of $30k.
FTM, TAO and AAVE tokens surge
The Bittensor token soared when Grayscale unveiled the AI tokens fund, allowing for exposure to top artificial intelligence tokens like Render (RNDR), Filecoin (FIL), and Near (NEAR). While the latest surge occurred amid a broader market spike, TAO looks to have hit an upward gear as fresh network developments highlighted TAO staking and delegation.
Meanwhile, FTM is soaring as the community cheers developments around Sonic Labs. The Sonic testnet has achieved key milestones, while Fantom founder Andre Cronje believes the Sonic blockchain network could tap into an $11 trillion market that’s the unsecured lending industry.
On the other hand, AAVE price looked to bounce after a dedicated Ether.fi (ETHFI) market went live on Aave. The deployment allows users to borrow stablecoins, including USDC, PYUSD and FRAX against their liquid staking tokens weETH.
The Aave DAO just deployed a dedicated @ether_fi market on Aave.
Users will now be able borrow stablecoins like $USDC, $pyUSD, and $FRAX against their @ether_fi weETH liquid staking tokens. pic.twitter.com/s3Met9veuU
— Aave Labs (@aave) September 9, 2024
weETH is among the liquid restaking tokens that are enabling DeFi strategies such as leveraged ETH staking. Aave already has a dedicated market like this on the top Ethereum staking platform Lido.
