Altcoins Rally as Major Cryptos Recover: WLD and MYX Lead the Charge
Smaller tokens are outperforming as major cryptocurrencies rebound from Friday’s losses. Bitcoin (BTC $111,067), ether (ETH), and XRP ($2.95) have all staged recoveries, supporting broader market momentum.
Worldcoin (WLD $1.78), founded by Sam Altman, surged 122% in the past 24 hours, while MYX Finance’s MYX token skyrocketed 270% in a single day. The DeFi sector, in general, is benefiting from a search for yield ahead of expected Federal Reserve interest-rate cuts.
Gold extended its rally to $3,650 per ounce, marking its third consecutive record-breaking day. Adjusted for inflation, the yellow metal has surpassed its 1980s peak, according to Barchart.com. Pseudonymous analyst EndGame Macro noted on X: “Moves of this magnitude show that confidence in the current monetary framework is weakening.”
Despite Friday’s payroll data stoking stagflation fears, crypto sentiment remains calm. Bitcoin’s 30-day implied volatility (BVIV) has eased to 38% from 44% in late August, while ether’s EVIV index fell to 66% from 77%. One-day implied volatility for both tokens remains largely unchanged, indicating no immediate panic ahead of Tuesday’s U.S. Bureau of Labor Statistics payroll revisions.
Open interest in futures for the top 20 tokens has risen in the past 24 hours, led by WLD, ENA, SOL, DOGE, and XRP. Bitcoin futures OI increased nearly 3%, while 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. Options activity for BTC and ETH remains elevated, reflecting hedging demand. Deribit data shows bearish sentiment for BTC puts has softened, with similar trends for ether. OTC desk Paradigm reports traders holding September puts while writing upside calls, indicating a measured approach.
Worldcoin continued its momentum on Tuesday, posting another 51% gain over 24 hours and 122% over the past week. The rally follows Eightco Holdings’ (OCTO) $250 million private placement, supporting a WLD treasury strategy. In comparison, Solana’s $1.65 billion treasury initiative produced only a 1.7% gain in 24 hours, highlighting WLD’s unique catalysts.
WLD trading volume surged to $3.7 billion — up 250% from the previous day and 2,000% from Friday. Technically, the token has broken out of an eight-month range centered around $1.00, with a potential retracement to $1.62 before testing $2.00.
The broader altcoin market remains robust. The CoinMarketCap Altcoin Season Index stands at 57/100 — near its highest point this year — suggesting further upside potential if BTC and ETH maintain key support levels.
