Bold-moving altcoins pull back

Cruising on the tailwinds of an altcoin summer surge and on-chain activity connected with a recently concluded staking tournament, IOST (IOST) has morphed into a cannonball soaring across the bow of a 24-hour period.

The token, 95th-largest, is tied to the IOST blockchain network, which is known for its unique “proof-of-believability” consensus protocol. Believe this: IOST has gained nearly 50% since last week, going to to $0.045; its market capitalization is now just over $1 billion.

Another staking-protocol-steeped altcoin plowing a relentless path over seven days' time is Avalanche (AVAX), although today it seems to have entered its runout zone.

Cliff dive toward $40K? Imminent surge back above $50K? The near-term trajectory possibilities for Bitcoin, hovering right around $47,000 early Thursday, run a full, glorious gamut. Add this to the scenario stew: range-bound slog with possibly a bounce prior to another leg down (Cointelegraph).

BTC fell 1% since this time yesterday.

The cooling-off phase had to happen for some come-lately altcoins, with autumn closing in and Bitcoin possibly poised for another slump.

As earlier mentioned (see above, look out below), the Avalanche rally seems exhausted. The 23rd-largest coin declined by 11% to $44.40 over 24 hours as of Thursday at 7:30 a.m. (EST).

Excited talk of Solana (SOL) going to $90, meanwhile, has been supplanted by grousing through gritted teeth about whether the Sam-Bankman-Fried-supported token can shrug off a lending-platform snafu and hang on to $70.

After hitting an all-time high of $34.25 on Tuesday, Terra (LUNA) has shed 20% of its value. Just as Solana is still authoring the future of decentralized financial doings, rocking into the Top 10 ranking of largest digital assets, the Terra ecosystem is humming along – to The Carpenters' AM radio classic "We've Only Just Begun."

On that note is a completed network update abetting close integration with Ethereum such that $2.7 billion has flowed into Terra's Anchor protocol for traditional financial services. And Coinbase Pro recently added Wrapped Luna (WLUNA) and TerraUSD (TUSD) to its trading platform. Developers behind the Terra network seemingly solved a critical problem in the digital asset space, by allowing a crypto to be stable enough for use as payment, but volatile enough so there's room for capital appreciation (Motley Fool).

Anheuser-Busch InBev bought the domain name Beer.eth on OpenSea earlier this month, then followed that up this week by purchasing an image (tokenized, not fungible) of a beer can rocketship (ah, remember those … or are we thinking of beer can bazookas?) that, like Visa's NFT purchase, was part of a marketing ploy on social media.

In 2020, Anheuser-Busch InBev piloted a platform allowing customers to track, via blockchain, the supply network of their beers, including, of course, Budweiser, as well as Stella Artois (Cointelegraph).

In an article last year, Cointelegraph contributor and ex-college hockey player BJ Pirus compared crypto to beer, cleverly casting Bitcoin in the role of recognizable, dependable Budweiser. Completely on the other side of that coin analogy was XRP, likened to Goose Island 312 Urban Wheat Ale.