Some altcoins jingling
What's being bought and sold*
TOP TRENDING ASSETS
*Customers buying or selling the asset as a percentage of all customers who have traded the asset in the past 24 hours on the Uphold platform, as of 8 a.m. EST 13th July 2023
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Crypto At Large Goes Mostly Flat Although Kaspa Does Not Get Memo
For the second time in the past few days, Bitcoin dipped its toes in a $31,000 wading pool only to get gnawed upon by awaiting piranha. In other words, as Coinalyze data suggests, futures traders are keeping advances in check (CoinDesk).
Unapologetically footloose today is Kaspa's native KAS. The 81st-largest coin is the best-performer within the ranks of the Top 100. KAS gained 10% in 24 hours as of 7 a.m. (EST). It’s now sitting at $0.0274. One week ago, KAS was $0.0203 and on the verge of falling out of the Top 100.
A few other altcoins are gaining ground on an otherwise muted morning. Chainlink gained 3%. Litecoin popped by 4%. Polygon shot up 6%.
Overall, crypto ebbed slightly lower, even after a lower-than-expected monthly inflation statistic sent the stock market into a tizzy.
What's down
Equities Rally; Crypto Indifferent
Yesterday, the S&P 500 enjoyed its highest close since April of 2022. Futures are ticking up again today.
Crypto assets, meanwhile, ticked slightly down.
According to CoinGecko, the total crypto market valuation stands at $1.23 trillion after falling 0.1% in 24 hours.
Bitcoin and Ethereum each declined 0.1%-0.3%. XRP gained 0.1%.
So many large coins displaying this much lethargy could be a reflection of sparse liquidity.
However, there's no shortage of dynamic factors and idiosyncratic catalysts crying out for further contemplation.
What's next
So Many Coin-Specific Narratives, So Little Time
Lots of alleyways to duck down … let’s start with Litecoin. It's green, it's halving, get used to it.
Digital silver had two prior halving events, in 2015 and 2019. One year ago, when LTC was $50, we knew this was coming – that, by early August of 2023, another 840,000 blocks would have been mined, prompting the third halving of per-block rewards, in this case from 12.5 LTCs to 6.25 LTCs. As of 7:30 a.m. (EST), LTC was $100.
Whether the surge correlates to the halving – and whether it continues from here – well, that remains a topic for further deliberation.
"Typically, LTC halving events trigger a bullish cycle not only for LTC but for all major altcoins," U.Today said.
Meanwhile, Polygon's MATIC popped earlier today in the wake of a proposal, part of an ongoing upgrade, to introduce a new and improved (utility-wise) token, POL, with MATIC earmarked for phase-out.
Polygon 2.0 is being described as a "value layer" for the Web3 era, facilitating, via multiple Polygon-based chains and bridges, a free flow and exchange of programmable value connected with activity on Ethereum. That sprawling network of networks continues to require enormous scaling assistance, which is what next-generation Polygon seeks to bring to the table by becoming its own network of networks, so to speak.
As far as Ethereum's future viability goes, staked ETH is on the rise and the entire realm overall is getting high marks.
CCData's first-ever ESG Benchmark report looked at 40 of the largest digital assets, evaluating them based upon three broad criteria: decentralization; security; and climate impact.
Only one of them rated AA, the highest possible grade. That would be Ethereum. ETH's environmental score was bolstered by the network’s recent transition to Proof-of-Stake (PoS) consensus-reaching technology, moving away from Proof-of-Work (PoW) which is said to have slashed energy consumption and made miners obsolete.
