FTM, AAVE, TAO see double-digit positive factors as Bitcoin retests $57k

• Fantom (FTM), Bittensor (TAO) and Aave (AAVE) are among the many greatest gainers prior to now 24 hours.
• The altcoins are seeing essentially the most upside motion within the prime 100 cash by market cap as of 4pm ET on September 9.
• In the meantime, 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 worth up greater than 16% to vary fingers above $286. In the meantime, Fantom worth was buying and selling above $0.46, up practically 14% on the time of writing, and Aave worth hovered close to $142 with the DeFi token’s worth up greater than 13% prior to now 24 hours.

Bitcoin worth bounces above $57k

Bitcoin’s bounce to above $57,000 follows Monday’s upward motion after BTC dropped to beneath $54k over the weekend. Whereas the flagship cryptocurrency stays in a bearish maintain with the Worry & Greed Index in excessive worry, analysts are bullish on long run prospects.

As highlighted earlier, Bernstein analysts see the US election as a key issue within the brief time period. A win for Donald Trump may imply a worth explosion to above $80k.

On the flipside, Kamala Harris successful may catalyse a downward transfer to lows of $30k.

FTM, TAO and AAVE tokens surge

The Bittensor token soared when Grayscale unveiled the AI tokens fund, permitting for publicity to prime synthetic intelligence tokens like Render (RNDR), Filecoin (FIL), and Close to (NEAR). Whereas the newest surge occurred amid a broader market spike, TAO seems to have hit an upward gear as contemporary community developments highlighted TAO staking and delegation.

In the meantime, FTM is hovering because the neighborhood cheers developments round Sonic Labs. The Sonic testnet has achieved key milestones, whereas Fantom founder Andre Cronje believes the Sonic blockchain community may faucet into an $11 trillion market that’s the unsecured lending business.

However, AAVE worth appeared to bounce after a devoted Ether.fi (ETHFI) market went reside on Aave. The deployment permits customers to borrow stablecoins, together with USDC, PYUSD and FRAX towards their liquid staking tokens weETH.

The Aave DAO simply deployed a devoted @ether_fi market on Aave.

Customers will now give you the option borrow stablecoins like $USDC, $pyUSD, and $FRAX towards their @ether_fi weETH liquid staking tokens. pic.twitter.com/s3Met9veuU

— Aave Labs (@aave) September 9, 2024

weETH is among the many liquid restaking tokens which can be enabling DeFi methods corresponding to leveraged ETH staking. Aave already has a devoted market like this on the highest Ethereum staking platform Lido.