Tuesday witnessed notable price action in the cryptocurrency market, led by several altcoins and a strong performance by Bitcoin (BTC), which hit a two-week high.
Key Movers in the Market
– Uniswap (UNI): The governance token of the decentralized exchange Uniswap surged over 20%. This spike followed a cryptic social media post from Uniswap Labs hinting at an upcoming announcement, driving speculative buying.
– Starknet (STRK): Starknet’s token rallied over 10% after StarkWare, the development firm behind the layer-2 network, unveiled plans to use Starknet to scale the Bitcoin network. However, the token might face downward pressure soon, as $85 million worth of STRK tokens are set to be released from vesting next week, increasing its supply.
– BNB: The native token of the BNB Smart Chain, originally started by Binance, rose by 7%, nearing its all-time high and surpassing a market capitalization of $100 billion. This rise is attributed to increased activities in Binance’s launch pool and launchpad, where users can lock up BNB to participate in airdrops and new token launches.
Market Trends and Major Cryptocurrencies
The broad-market crypto benchmark, the CoinDesk 20 Index, climbed 1.8% over the past 24 hours, with 17 out of its 20 constituents in the green. This reflects a positive trend in the broader crypto market.
– Bitcoin (BTC): Bitcoin reached a high of $71,000 for the first time since May 20 before settling at low of $ 70,000. Recent U.S. manufacturing data indicating a cooling economy has fueled speculation about potential interest rate cuts by the Federal Reserve later this year. Crypto hedge fund QCP Capital expects further bullish momentum, particularly with the upcoming non-farm payroll (NFP) data on Friday.
– Ethereum (ETH): Ether traded around $3,800, up 0.3%, but underperformed compared to Bitcoin’s 1.5% advance. K33 Research projected that upcoming U.S. spot ETH ETFs could attract $4 billion in inflows within five months, potentially driving ETH prices higher.
The cryptocurrency market is experiencing a bullish trend with significant interest in altcoins and robust institutional demand. The anticipation of spot ETH ETFs and favorable economic indicators could further boost the market in the near term. The increasing activities in the BNB ecosystem and strategic moves by bitcoin miners like Core Scientific also underscore the dynamic nature of the crypto sector.
