Bitcoin’s sharp decline to lows of $47,500 during early Friday trading hit the Altcoin market especially hard, resulting in double-digit losses for a majority of the top 100 tokens. Although most crypto assets were seen posting a gradual recovery as of the time of writing, selected tokens stood out against the backdrop of the wider market sell-off.
Notable exceptions to the current sell-off include Compound (COMP), Waves (WAVES), Celsius (CEL), and Helium (HNT), which managed to suppress the selling by posting gains of 16.33%, 11.60%, 16.43%, and 18.72% at the time of writing. Other cryptocurrencies in the green are Function X which was up 31.76% in the last 24 hours and 68.75% on a weekly basis.
A complete outlier to the entire market scenario is Pirate Chain (ARRR) which surged by more than 100% to reach new all-time highs on Apr. 23.
Why Pirate Chain (ARRR) Rallied 100% to Record Highs Amid Bitcoin Sell-Off
Whereas many other “privacy” coins have optional privacy features, Pirate (ARRR) claims to be a 100% private send cryptocurrency, as well as the first ‘z transaction only chain’.
Pirate Chain, which was launched in 2018 has been in a strong uptrend since the beginning of April. The coin was able to ward off the sell-off that ripped the entire crypto market earlier on Sunday. ARRR shifted into a higher gear in April. 23 rallying more than 100% from lows of $7.59 to all-time highs of $16.56.
Pirate Chain, @pirate chain, tweeted on Apr. 23, wondering why most crypto is dropping in price and $ARRR gaining in popularity? Because the future of privacy is here and now.
This comes after Changelly Pro announced listing Pirate Chain in April. 16. It should be recalled that the top privacy coin, Monero had been in a strong uptrend since late March before today’s sharp declines halted the trend. It could therefore be said that while DeFi and nonfungible tokens, or NFTs have consistently stolen the spotlight, old timer Altcoins have quietly been climbing higher in this present market bull run.
However, the possibility of a near-term correction abides on ARRR/USD as the sharp rally in the previous days has pushed the RSI into overbought market conditions. Investors should bear in mind that corrections are normal occurrences in every bull cycle as they offer buy-the-dip opportunities.
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