As the crypto market looks to recover from a treacherous couple of weeks, altcoins have seen a healthy rebound.
Most notably, layer-1 network Sui has jumped 5.3% on the day to $0.72 while crypto lending protocol Aave climbed 4.5% to $86.60.
This comes after significant selling pressure mounting on the market in recent weeks. The German government started to offload over $3.5 billion worth of Bitcoin seized as the result of criminal cases. During this, defunct exchange Mt. Gox has been preparing to return billions worth of Bitcoin to its creditors.
As a result, there was blood on the streets of the crypto market with Bitcoin’s value falling to $58,700 from last month’s price of $69,400, according to CoinGecko, a drop of more than 15%. And as is usually the case, what's bad for Bitcoin causes the prices for altcoins and the rest of the market to sag.
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But the altcoin market is recovering as the two leading crypto currencies offer middling gains. The Bitcoin price has gained 0.8% while the Ethereum price has picked up 1.7%.
In contrast, Ethereum virtual machine (EVM) blockchain Sei has jumped 2.9% to $0.32 as phase two of its mainnet beta goes live. This project sets out to “accelerate the Ethereum ecosystem,” saying it provides a low latency and censorship resistant space for developers to build.
Phase 2 is now complete ✅
Sei v2 mainnet beta is officially here and It’s the most performant EVM blockchain ever built.
The future starts here, read more about the Sei vision and the journey ahead here: https://t.co/KKsuBclMgr
Meanwhile, decentralized AI project Bittensor (TAO) at one point this morning was the best performing of the top 100 crypto assets by market cap this morning, after having jumped 11.2% in the past 24 hours. But has since settled to a modest 0.4% gain and a price of $262.33. This comes after Masa, a decentralized AI network, announced the launch of its AI data subnet on Bittensor.
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Arbitrum’s ARB is also up 4.9% on the day, Avalanche’s AVAX has climbed 3%, and Optimism’s OP has jumped 8%.
As this altcoin rebound rages on, most blue-chip tokens have failed to post similarly impressive gains. Most of the top 10 cryptocurrencies have climbed less than 1%.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
