Altcoins Lead Gains as Major Cryptos Rebound: WLD and MYX Surge
Smaller tokens are outperforming as major cryptocurrencies, including bitcoin (BTC $111,067), ether (ETH), and XRP ($2.95), recover from Friday’s losses.
Worldcoin (WLD $1.78), founded by Sam Altman, has surged 122% in the past 24 hours, while MYX Finance’s MYX token skyrocketed 270% in a single day. The broader DeFi sector is benefiting from a yield-seeking trend ahead of anticipated U.S. Federal Reserve rate cuts.
Gold extended its rally to $3,650 per ounce for the third straight day, surpassing its 1980s inflation-adjusted peak, according to Barchart.com. Pseudonymous analyst EndGame Macro noted on X, “Moves of this magnitude indicate waning confidence in the current monetary framework.”
Despite concerns sparked by Friday’s payroll data, crypto market sentiment remains stable. Bitcoin’s 30-day implied volatility (BVIV) eased to 38% from 44% in late August, while ether’s EVIV index fell to 66% from 77%. One-day implied volatility for both remains largely unchanged, signaling calm ahead of Tuesday’s U.S. Bureau of Labor Statistics payroll revisions.
Open interest in futures tied to the top 20 tokens has increased over the past 24 hours, led by WLD, ENA, SOL, DOGE, and XRP. Bitcoin futures OI rose nearly 3%, and Solana futures on CME reached a record 6.82 million SOL, with a three-month annualized premium exceeding 15%, nearly double that of BTC and ETH.
Institutional positioning remains cautious. Traders are reducing exposure in CME bitcoin futures, while ether futures OI continues to decline. Elevated options activity for BTC and ETH reflects ongoing hedging, and Deribit data shows bearish sentiment for BTC puts has softened, with similar trends for ether. OTC desk Paradigm indicates traders holding September puts while writing upside calls, highlighting a cautious stance.
Worldcoin extended gains on Tuesday, posting another 51% rise over 24 hours and 122% over the past week. The rally follows Eightco Holdings’ (OCTO) $250 million private placement, supporting a WLD treasury strategy. By contrast, Solana’s $1.65 billion treasury initiative produced only a 1.7% 24-hour gain, emphasizing WLD’s unique catalysts.
WLD trading volume surged to $3.7 billion — up 250% from the previous day and 2,000% since Friday. Technically, the token has broken out of an eight-month range centered around $1.00, with potential retracement to $1.62 before challenging $2.00.
The broader altcoin market shows strength, with the CoinMarketCap Altcoin Season Index at 57/100 — near this year’s peak — suggesting further upside is possible if BTC and ETH maintain support above key levels.
