We do the research, you get the alpha!
Get exclusive reports and access key insights on airdrops, NFTs and more! Subscribe now to Alpha Reports and level up your game!
Access Alpha ReportsIllustration by Mitchell Preffer for Decrypt.
The crypto market’s bearish June decline began showing signs of recovery this week, as bullish news reignited investor interest in a variety of altcoins.
The main one of these parts is Solana (SOL) – one of the largest cryptocurrencies after Bitcoin (BTC) and Ethereum (ETH).
The latter assets are down another 5% and 3% respectively over the past week as another old-fashioned Bitcoin whale has decided to take profits while the market is rising. In contrast, SOL jumped an impressive 6% this week to over $142 thanks to VanEck’s launch of very first application for a US-based Solana ETF.
VanEck’s logic was simple: If regulators view Ethereum as a commodity worthy of an ETF, then Solana also ticks all the necessary boxes. This is a widespread bullish thesis for altcoin investors, eager to sample the Wall Street inflows that Bitcoin ETFs enjoyed earlier this year. And 21Shares followed up with its own Solana ETF repository Friday, continuing the buzz.
Riding on the same enthusiasm, alternative smart contract platforms, including Cardan (ADA), avalanche (AVAX) and Peas (DOT) also rose by around 5.5%, 11%, and 7% respectively.
Meanwhile, the link to Telegram Yourcoin (TON) recouped some of its gains from earlier this month after a sharp correction last week, rising more than 5% over the past seven days. He has now managed to eclipse Dogecoin as the 9th largest crypto by market cap.
Kaspa (KAS), one of the top 25 cryptocurrencies by market cap, also posted market-defying gains this week, rising 23% this week after Marathon Digital announced it was mining the cryptocurrency. The miner has now produced $15 million worth of KAS since September 2023, with its dedicated ASICs in some cases generating 95% gross profit on its efforts.
Blast (BLAST) has been the focus of traders this week as the token tied to the Ethereum layer-2 network finally launched alongside a sizable airdrop that put $354 million in wallets of users, although there was some initial disappointment among Twitter chatter regarding Crypto, due to expectations of larger gains for early supporters.
Yet the airdrop has indeed made many users rich, and BLAST started to bounce after heavy selling. It is currently down 29% from this week’s high, at a price of almost $0.021giving it a market capitalization of around $360 million.
Political coins were perhaps the most volatile this week. After what was widely seen as a disappointing debate performance by President Joe Biden, the Solana-based company Token “Jeo Boden” (BODEN) fell 52% in a single day, alongside Biden’s re-election chancesat least by crypto punters.
Donald Trump, who many crypto proponents considered the winner of the debate despite his persistent lies, also saw his “Doland Tremp” (TREMP) token plunge late Thursday and Friday, though it is still up 13% on the week.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
Daily Debriefing Bulletin
Start each day with today’s top stories, plus original features, a podcast, videos and more.
Source
