Onyxcoin (XCN) has soared by a remarkable 97% in the past 24 hours. The surge places XCN at the forefront of altcoins experiencing massive buying pressure, particularly as major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have faced significant dips in price.

Despite a general slump in the market, Onyxcoin’s meteoric rise has caught the attention of investors and analysts alike. At its peak, XCN reached an intraday high of $0.017, making it one of the biggest gainers in the crypto space for the day. This sharp increase in XCN’s price defies the broader trend that has seen other leading cryptocurrencies such as Bitcoin and Ethereum struggling to hold on to their recent gains.

XCN Price Performance: A Market Outperformer

Onyxcoin’s standout performance has set it apart from other altcoins that have been struggling amidst the broader crypto market downturn. For comparison, Bitcoin and Ethereum, which had posted strong gains just a day earlier, saw their prices dip to below $80,000 and $1,500, respectively. In contrast, XCN surged to new heights, marking an extraordinary jump of 97%, which placed it at the top of the daily gainers’ list.

According to data from CoinMarketCap, Onyxcoin is now trading at $0.017, with its trading volume up an astounding 1,230% in the last 24 hours. This dramatic rise in volume indicates a significant influx of buying activity, further strengthening the case for a continued rally. Although XCN’s market cap remains modest at around $531 million, this recent surge has pushed it into the top 100 cryptocurrencies by market capitalization, outpacing other well-known tokens like Floki and CORE, which rank 100th and 99th, respectively.

Broader Crypto Market Conditions and XCN’s Performance

The broader cryptocurrency market has faced downward pressure over the last 24 hours. Bitcoin, Ethereum, and other altcoins have seen their values dip following a brief rally. This has resulted in a 3.9% decline in the global crypto market cap, bringing it down to $2.52 trillion. Trading volume has also dropped by about 20%, totaling roughly $127 billion. This trend mirrors the losses seen on traditional stock markets, particularly after recent news out of the U.S. trade negotiations.

The Impact of U.S. Trade Talks on Crypto

The cryptocurrency market, like traditional equities, responded sharply to recent developments in U.S. trade policy. On Wednesday, U.S. President Donald Trump announced a 90-day pause in the ongoing tariff war with China, which initially sent risk assets like Bitcoin soaring. The rally saw Bitcoin price rise above $82,000, with stock markets like the S&P 500 and the Dow Jones Industrial experiencing massive gains.

However, by Thursday, market optimism had started to wane as Trump revealed an additional 25% tariff on Chinese imports, escalating the trade war. Analysts have expressed concern that this could derail the global economic recovery, pointing to the “sticky” inflation and the potential for higher tariffs as factors that could lead to a sustained selloff in both stocks and cryptocurrencies.

Despite the general market downturn, Onyxcoin’s ability to buck the trend is raising questions about its underlying potential. With a market sentiment weighed down by tariff news and broader macroeconomic factors, XCN’s performance offers a stark contrast and highlights its appeal to traders looking for opportunities outside the major players.

Market Outlook: What’s Next for XCN?

Despite the positive price movement, analysts caution that the broader crypto market remains volatile. The S&P 500 and Dow Jones opened lower on Thursday, and a broader sell-off in risk assets could continue to affect the cryptocurrency space. With the U.S. Federal Reserve expected to weigh in on interest rate cuts amid the ongoing trade tensions, market participants are keeping a close eye on inflation data and its impact on both stocks and crypto assets.

Peter Schiff, a well-known economist and market critic, recently highlighted the continued pressure on the U.S. dollar, bonds, and stocks, noting that “America’s ride on the global gravy train is about to come to a screeching halt.” His comments, along with the ongoing trade war, suggest that the market’s recovery may not be as stable as some had hoped.

In the case of Onyxcoin, it remains to be seen whether this sudden surge can be sustained. Traders will likely look for further momentum before fully embracing the recent rally. If Onyxcoin can maintain its position and continue to gain traction, it could establish itself as one of the more promising altcoins in 2025, attracting the attention of investors seeking alternatives to the more established cryptocurrencies.

Conclusion: A Bright Spot in a Slumping Market

Onyxcoin’s 97% spike is a testament to the dynamic and unpredictable nature of the cryptocurrency market. As major players like Bitcoin and Ethereum experience volatility, XCN has found its stride, attracting attention for its strong price performance and growing market presence. Whether this surge will continue depends largely on the broader market conditions and investor sentiment, but for now, Onyxcoin remains one of the most exciting altcoins to watch.