Altcoin
Bitcoin Surge, Solana ETF Hype, Major Altcoin Moves
The cryptocurrency market is up 3.5% to $2.48 trillion, largely fueled by Bitcoin’s impressive rally to nearly $70,000 on July 29 and overall positive sentiment. While Bitcoin leads the charge, altcoins have seen more modest gains of 2% to 4%. This week’s major moves include significant token unlocks, legal battles, upgrades, and mainnet launches.
Cryptocurrency Market Updates: Major Movers and Shakers
Wife’s Hat
Notably, this meme coin has increased by 9% in the last week and has been the best performing cryptocurrency in the first half of 2024 with an astonishing increase of 1300% since the beginning of the year. Its market cap is $2.5 billion, surpassing other popular meme coins such as Dogecoin and Shiba Inu.
Solana
Moving forward, Solana rallied 7% last week, boosted by comments from SEC Commissioner Hester Peirce suggesting potential approval for Solana ETFs. This has sparked significant institutional interest, with firms such as Van Eck and 21Shares already filing. Solana’s market cap now stands at $78.2 billion.
Coat
Formerly known as BitDAO, Mantle has surged 4.8%, supported by a surge in new and active addresses. This indicates growing network activity and investor interest, pushing its market cap to $2.7 billion.
Exchange rate risk
XRP is up 4.2% on the anticipation of the SEC lawsuit against Ripple. The market is also bullish due to the approval of the Spot Ether ETF and positive regulatory suggestions from prominent figures. XRP’s market cap is $33.6 billion.
Notable declines
Alliance for Artificial Superintelligence
Despite the start of the second phase of FET’s migration to ASI tokens, the token fell 16.6% over the week. The platform aims to consolidate more projects under the ASI coin, with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.
Uniswap
Uniswap has seen a 10% decline despite announcing a major upgrade to UniswapX, aimed at improving trade execution. The market cap for Uniswap is $4.3 billion.
Shiba Inu Dog
Shiba Inu fell 9.6% following a hacking incident at Indian cryptocurrency exchange WazirX, resulting in significant losses, including $100 million in SHIB tokens. The hacker sold some of the stolen tokens, hurting the market. Shiba Inu’s market cap is $9.6 billion.
Polygon
Polygon’s value has dropped 8.4% despite the ongoing MATIC-POL migration, which is part of its 2.0 roadmap. The new POL token is expected to support several upcoming features, including a staking hub in 2025. Polygon’s market cap is $4.7 billion.
Toncholine
Despite announcing a significant partnership with Mocaverse and the MOCA Foundation to drive user adoption and developer incentives, Toncoin is down 8% on the week. Its market cap is $16.6 billion.
Cardano
Cardano fell 6.6% last week despite the upcoming ‘Chang Hard Fork’ upgrade, which aims to increase transaction speed, security and scalability. However, the upgrade, which marks the beginning of the Voltaire era, is scheduled for the end of July. Cardano’s market cap is $14 billion.
This week’s outlook reflects a mix of bullish trends led by Bitcoin and select altcoins, along with some notable declines due to various external factors. Investors remain optimistic, especially with ongoing regulatory developments and technology upgrades across the cryptocurrency space.
Is this finally the year altcoins shine? Keep an eye on these trends to invest wisely.