10x Research: Institutional FOMO, DeFi craze and favorable regulations drive altcoins to surge

PANews reported on April 27 that 10x Research said in its latest report that the cryptocurrency market surged across the board this week, with Bitcoin breaking through the $95,000 mark, driven by factors such as easing macro risks, record inflows of ETF funds and a weakening dollar. Altcoins followed closely behind, with a surge in institutional interest, ecological expansion, the outbreak of DeFi and warming regulatory winds becoming the main drivers.

Specifically, Solana (SOL) rose 6.7%, supported by institutional buying, DeFi growth, short squeeze and Meme coin activities; Ripple (XRP) rose slightly, CME launched XRP futures and bank integration increased, despite legal risks, market enthusiasm remained unabated. Stellar (XLM) soared 18.1% due to cooperation with South Asian retail giants, surging trading volume and relaxation of new US crypto bank regulations; Polkadot rose 10.1% against the trend. Although the SEC postponed ETF approval, the market is optimistic about the final approval and the opening of the crypto market. SUI soared 64.3%, driven by the explosion of DEX trading volume, the expansion of the stablecoin ecosystem and well-known cooperation; Raydium Protocol (RAY) rose 27.9%, thanks to the Solana chain Meme coin incentive plan and the recovery of DeFi; Aave (AAVE) rose 21.5% due to Bitcoin rebound, buyback plan, GHO stablecoin growth and increased locked value. Trump tokens soared 86% due to the announcement of plans for a dinner with Trump, still attracting investors amid political controversy. After the Algo Foundation launched the decentralized ID project, ALGO prices rose 18.4%. BONK rose 55.7%, regaining Solana’s top meme coin status, benefiting from token destruction and NFT market acquisitions. Ondo rose 16.7% as positive dialogue with the SEC on tokenization and treasury tokenization boosted confidence.