A show of resiliency
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 10th September 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Crypto Comes To Life
Just when it seemed as if worst-case scenarios were coming to pass as foretold by industry experts, the total crypto market staged something resembling a relief rally. As of Monday night, total digital assets stood at $2.11 trillion, up 2.7% in 24 hours.
It's been a shaky couple of days. We were only just now catching up on the "BTC sub-$50K" musings of popular pundit Arthur Hayes, a co-founder of BitMEX, when we noticed BTC had surged 4.3% to $57,250. It was only Friday night that the largest crypto tasted $53.3K.
"A stock market recovery, anticipation of upcoming U.S. inflation data and risks to USD dominance, are fueling BTC’s recent price gains," Cointelegraph said.
One of the gaudiest one-day pop (+15%) came courtesy of dApp/GameFi creation hub Fantom (FTM). It's the 61st-largest coin, per CoinGecko.
It seems that at some point soon, FTM intends to meld into an upgraded version of itself, Sonic, a new network (in testnet phase) described as ultra-fast. Back in the spring, the Fantom Foundation announced it was plowing millions into the Sonic chain and that it was committed to nudging developers toward using the Sonic-deployed smart contract coding language and execution engine in the Fantom Virtual Machine.
"It's an upgrade from the Ethereum Virtual Machine (EVM) that Fantom previously borrowed from Ethereum," The Defiant explained.
It's not clear when Sonic will go live; nor do we know when FTM will migrate to a new "$S" token, only that it is set to happen soon. But the FTM price spike suggests something curious afoot.
Meanwhile, Nvidia rallied on Monday, and so naturally a flotilla of AI-related projects, including Artificial Superintelligence (FET) and Bittensor (TAO), were treated to the rising tide effect. That latter coin, TAO (No. 44), gained nearly 10%. FET (No. 32) was up 8%. These moves were as of Monday night at 8:30 p.m. (EST).
Several memecoins jumped amidst the broader cryptosphere green-up. For example, Brett (BRETT) gained 6%. Fittingly, Dogecoin (DOGE) was leading the "jokey" sector with a gain of 6.7%.
Turning to DeFi, Aave (AAVE) was sporting an 11% gain. That is one of the largest single-day upswings we spotted last night.
On a weekly basis, Ethereum-scaling layer-2 network Starknet (STRK) boasts a 13% return. Although STRK stayed flat over the past 24 hours. It hit an all-time low of 32 cents on Aug. 5. STRK has since gained 33%, regaining entry into the Top 100 as its market cap reached $760 million, making it the 95th-largest coin.
What's down
Ethereum Activity Spikes But Spot Price Languishes; Helium Hype Starts To Wane
Ethereum ETFs saw slight inflows on Monday while network activity (e.g. numbers of new wallets) suddenly hiked to levels not seen in months.
ETH needs a boost. It has shed 10% in the past month. The second-largest crypto is basically flat on a year-to-date basis.
Most coins are in the green over the past 24 hours (and this includes ETH) but one glaring sore spot worth a mention is Helium (HNT), down 3.4% in 24 hours.
HNT has been rocking out well above $8 lately on the back of some announced success regarding growing mobile hotspot connection take-up said to have exceeded 100,000. At last check, HNT, 62nd-largest token, was $7.94.
What's next
Cybro Hype Has Only Just Begun
Cybro, a project that describes itself as a cutting-edge earning hub, is heavily touting up its pre-sale event nailing the $2 million mark.
Some 86 million tokens have been pre-purchased at a price of $0.03 per token. That's a 50% discount from the planned listing price of $0.06. And that 86M figure represents a record, according to AMBCrypto.
What's all the fuss? Cybro says it intends to leverage AI to reshape DeFi. We've seen Cybro described as an "AI-enabled yield aggregator" with a personalized portfolio construction kit that can be set to jibe with user risk-tolerance levels. And it runs on Blast (BLAST), an Ethereum layer-2 chain with native yield for its users' ETH and stablecoins. Blast has tumbled from 3 cents to less than one penny since its recent launch which garnered lots of buzz for a mix of reasons.
Blast hype, stretching back to last fall, stemmed in part from it being founded by "Pacman," an MIT dropout who launched NFT marketplace Blur, which went on to overtake OpenSea in NFT market share. But it was the Blast “lockdrop” that really garnered attention and scrutiny. Users who bridged ETH to Blast, and who referred new users, could earn reward points that were tied to tokens that arrived via an airdrop in June that left some users feeling underwhelmed, resulting in a quick sell-off.
