IMX, ASTR and MKR Rally Significantly Amidst Gloomy Market

• Immutable (IMX) surged 33% to $0.7201 with a massive 2302% increase in trading volume.
• Maker (MKR) reached 16-month highs above $1,360, outperforming the broader crypto with a 152% return this year.

In the midst of a week marked by a slight recovery in the global crypto market, investors are eyeing alternative options to Bitcoin as several of the top 50 cryptocurrencies are displaying significant rallies. Here are the top 3 cryptocurrencies that are gaining momentum and boasting strong community support.

Immutable (IMX)

Immutable (IMX) has emerged as the front-runner in terms of daily price gains, surging by 33% to reach a trading price of $0.7201. This remarkable price increase is a notable success story for Immutable, a mid-cap coin that had long been trading below the $0.550 price range.

The exact catalyst for Immutable’s surge remains a subject of speculation, as no major upgrades or partnerships have been announced by the core team. Nevertheless, Immutable has been actively launching ecosystem initiatives aimed at piquing community interest. The introduction of its zkEVM protocol on testnet in August and its continuous efforts to streamline game development are contributing to its growing appeal.

Furthermore, an influx of new wallets and bullish sentiment from whales have driven Immutable’s daily trading volume up by over 2302%, reaching $328 million at the time of writing.

Astar Network (ASTR)

Astar Network (ASTR), one of the pioneering parachains on the Polkadot blockchain, is leading the market’s recovery with a price surge of more than 6.2%. Currently trading at $0.05781, this rise is supported by a 365% increase in trading volume over the past 24 hours, reaching $34 million.

The positive momentum seen in the Astar Network is backed by substantial progress within its ecosystem. Notably, a partnership inked with Sony in September is yielding promising results, with a growing number of sign-ups to its incubation program.

The future growth of Astar Network is closely tied to its Astar 2.0 vision, which was unveiled recently and outlines the next phase of the protocol’s development.

Maker (MKR)

Maker (MKR) is drawing attention as on-chain data reveals increased interest from whales and new wallets. MKR has shown significant strength, surging by approximately 120% from its lows in June 2023 ($613) to its current price above $1,335. It has also reached 16-month highs, which were last seen in May 2022.

As of now, MKR is up by 5% in the past 24 hours and 16% in the past week, driving its market capitalization above $1.28 billion and increasing its trading volume by 30% to $107 million. Notably, MKR has outperformed the broader crypto market this year, delivering a 159% return, in contrast to Bitcoin’s 64% increase over the same period.