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Bitcoin has given crypto free rein to run wild, even if its own rally has stalled.
Bitcoin is still consolidating after immediately rejecting its new all-time high yesterday.
Not so for the rest of the market. Uniswap (UNI) and Ribbon Finance (RBN) are the best performing at the top end, surging 71% and 19% over the past day.
UNI’s move coincides with its highest day of volume in nearly a year: $5.6 billion yesterday and double Monday’s volume. Ether (ETH) is otherwise up slightly, trading for just under $3,900 but still 21% below its own all-time high.
Ribbon meanwhile seems to have been boosted by Binance Launchpad adding support for AEVO, a token for a derivatives DEX built by the Ribbon Finance team (the RBN token will be redeemable for AEVO later this quarter).
Memecoin dogwifhat (WIF) follows with 15% as of 8 am ET. WIF, now a $2 billion token, set a new price record about five hours ago and has rallied 500% in the past two weeks.
Shiba inu (SHIB), bonk (BONK) and dogecoin (DOGE) are among the worst performers over the past day, each shedding 10%. Dog coins are still this week’s best performers by far, with the former more than tripling in price.
Prices are high, and it’s smoothing over any concerns around token release schedules for major projects and protocols.
Bitcoin leads by far for dollar value. The 59,656 BTC ($3.84 billion) seeped into the bitcoin supply this year represents 0.305% inflation since Jan. 1.
Solana (SOL) is second with a supply increase of 3.06%, representing 13.1 million new coins worth $1.66 billion. Utility of token issuance varies greatly depending on the project, but unlocks are generally utilized to fund development and reward stakeholders.
Only seven of the top 100 are deflationary this year. Binance coin (BNB) has shrunk by 1.42%, worth $852.6 million. Ether is deflationary by about 0.05% after burning $200 million ETH at current prices.
Bitcoin’s new all-time high — and its 10% correction — sent crypto stocks whipsawing.
About half of all crypto stocks have beaten the S&P 500 over the past month — which itself has been on a tear and still sits around all-time high.
But the halving could still have investors spooked. Only five crypto stocks have outperformed the benchmark over the year to date, more than three-quarters have lost value, and over half have slipped by more than 25%.
The S&P and the more tech-focused Nasdaq 100 have gained more than 6% across the same period.
Source: David Canellis – blockworks.co
Bitcoin has given crypto free rein to run wild, even if its own rally has stalled.
Bitcoin is still consolidating after immediately rejecting its new all-time high yesterday.
Not so for the rest of the market. Uniswap (UNI) and Ribbon Finance (RBN) are the best performing at the top end, surging 71% and 19% over the past day.
UNI’s move coincides with its highest day of volume in nearly a year: $5.6 billion yesterday and double Monday’s volume. Ether (ETH) is otherwise up slightly, trading for just under $3,900 but still 21% below its own all-time high.
Ribbon meanwhile seems to have been boosted by Binance Launchpad adding support for AEVO, a token for a derivatives DEX built by the Ribbon Finance team (the RBN token will be redeemable for AEVO later this quarter).
Memecoin dogwifhat (WIF) follows with 15% as of 8 am ET. WIF, now a $2 billion token, set a new price record about five hours ago and has rallied 500% in the past two weeks.
Shiba inu (SHIB), bonk (BONK) and dogecoin (DOGE) are among the worst performers over the past day, each shedding 10%. Dog coins are still this week’s best performers by far, with the former more than tripling in price.
Prices are high, and it’s smoothing over any concerns around token release schedules for major projects and protocols.
Bitcoin leads by far for dollar value. The 59,656 BTC ($3.84 billion) seeped into the bitcoin supply this year represents 0.305% inflation since Jan. 1.
Solana (SOL) is second with a supply increase of 3.06%, representing 13.1 million new coins worth $1.66 billion. Utility of token issuance varies greatly depending on the project, but unlocks are generally utilized to fund development and reward stakeholders.
Only seven of the top 100 are deflationary this year. Binance coin (BNB) has shrunk by 1.42%, worth $852.6 million. Ether is deflationary by about 0.05% after burning $200 million ETH at current prices.
Bitcoin’s new all-time high — and its 10% correction — sent crypto stocks whipsawing.
About half of all crypto stocks have beaten the S&P 500 over the past month — which itself has been on a tear and still sits around all-time high.
But the halving could still have investors spooked. Only five crypto stocks have outperformed the benchmark over the year to date, more than three-quarters have lost value, and over half have slipped by more than 25%.
The S&P and the more tech-focused Nasdaq 100 have gained more than 6% across the same period.
Source: David Canellis – blockworks.co