Injective, Immutable among top cryptocurrency gainers

Dec. 11 data from CoinMarketCap, the world’s most-referenced price-tracking website for cryptoassets, Injective, Immutable, and Synthetix are the top gainers in the last 24 hours, reporting up to 22% gains.

The news comes with the backdrop of what is said to be the next altcoin season.

A 2,000% price hike

Current live data indicates the Injective (INJ) price at $22.94, with a 22.19% increase over the last 24 hours. The Injective Protocol token has surged nearly 2,000% from the year-to-date low. The increase is attributed to Helix, its primary decentralized exchange (DEX), which has significantly expanded its market share in recent months, and the network is preparing to introduce the Volan upgrade in the near future.

After Injective sits Immutable (IMX) with a live price of $2.02, accompanied by an 11.72% in the last 24 hours. The IMX token has risen in CoinMarketCap’s ranking to 29th. The surge comes in response to VanEck’s assertion that the release of new blockchain-based video games, such as next year’s Illuvium, could potentially enhance the value of the IMX token.

Among the top three gainers, Synthetix (SNX) is priced at $4.57, with a 7.94% increase in the last day. Synthetix has recorded significant gains since the end of November, with key developments including the impending launch of Perps V3 on the Synthetix Network, an upgrade that is expected to introduce new features like multi-collateral, cross-margin, account-based access and liquidation upgrades.

Ringing in altcoin season

Dec. 11 numbers coincide with the substantial momentum noted in the cryptocurrency space since October, prompting speculation within the community about the potential onset of an altcoin season. 

As noted by the number of ongoing altcoin price rallies, a clear shift in investor sentiment and a growing appetite for altcoins is becoming more evident.