The latest crypto market overview
Despite significant volatility and uncertainty in the global markets, the crypto space has been uncharacteristically calm over the last month. Bitcoin price rallied in anticipation of its halving event in May, touching $10,000 on 7 May. It has since traded mostly in a narrow channel between $9,200 and $9,900 over the past 30 days.
Over recent years, developer activity, innovation and number of start-ups created in the industry has grown considerably. In the absence of the breakout above $10,000 in BTC, market attention has shifted to other projects.
Theres excitement around the forthcoming upgrade of Ethereum to the Proof-of-Stake protocol. We have also seen innovation in decentralised finance applications built on the Ethereum blockchain with projects like MakerDAO, Kyber and Aave. In a further boost to alternative coins, or altcoins, Coinbase has recently added Maker to its platform and announced that it is looking to support 18 new crypto assets, including Aave and VeChain.
As excitement and social media attention shifts to altcoins, market participants increasingly talk about a new altcoin season or a period of altcoin outperformance.
The political unrest in Hong Kong has been driving the adoption and trading volume in Tether (USDT), a USD-pegged stablecoin. The market capitalisation of Tether grew by almost 50 per cent, or $3bn, since the end of March.
There has also been increased trading in Proof-of-Stake coins, as Ethereum approaches its own PoS upgrade. Multiple projects, including EOS, Zilliqa, Harmony and Qtum already operate viable PoS or delegated PoS networks.
Below, we review the most actively traded cryptocurrencies and what might be driving the price action.
Ethereum is up 35 per cent in the last three months and, so far, has been one of the most traded cryptocurrencies in June. Its planned upgrade to the PoS protocol later this year is behind the recent spike in excitement. The transition is scheduled to proceed in three phases. Phase 0 will introduce a new Ethereum chain, called the Beacon chain, which will run in parallel with the main Ethereum blockchain. During this phase, a new token, ETH 2.0, will be created.
ETH 2.0 holders will be able to stake their tokens and run a network validator node on the Beacon chain. Staking will only be available to wallets with 32 ETH, and there has been an increase in the number of wallets accumulating 32 ETH. In Phase 1, developers will introduce sharding, breaking the Beacon chain into 64 shards. Phase 2 will then merge the main Ethereum chain with the Beacon chain, finalising the transition to PoS consensus. Due to the complexity of this process, Phase 2 is not expected for a couple of years.
Activity on the Ethereum blockchain continues to grow as decentralised applications (dApps) achieve scale. dApps use ETH or gas to process transactions. In June, total daily gas usage on the Ethereum network reached an all-time high and remains at elevated levels.
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Cardano is up almost 140 per cent over the last three months as it, like Ethereum, gets ready for an upgrade to PoS.
Cardano is a multilayer network, allowing peer-to-peer transactions and smart contracts on separate layers. Its smart contract functionality, however, is not currently supported. Its recent rally has been driven by a critical upgrade to its network, scheduled to go live in July.
Cardano is presently somewhat centralised, but the Shelley upgrade will make it 50-100 times more decentralised than other large blockchain networks. According to the projects roadmap, the release is scheduled for 7 July, and full staking should be available by 18 August.
Quantum, a Singapore-based open-source platform, has also seen increased interest recently. It combines some elements of the bitcoin protocol and, at the same time, supports Ethereums smart contract functionality. The network has its native token, QTUM, which is used to pay for transactions and fees. Quantum is a PoS network and is currently working on an offline staking concept, allowing users to keep their crypto in a cold wallet while still generating staking rewards. Quantum might also be benefiting from the success of VeChain in supply chain applications as the two networks share some similarities.
Stellar, an early fork of Ripples XRP, has rallied nearly 65 per cent in the last three months. In a recent piece of news, a secure messaging service, Keybase, was acquired by Zoom Video (ZM). Keybase was funded by the Stellar Development Foundation (SDF) and used the Stellar blockchain to verify and publish specific announcements. This acquisition led many to speculate that blockchain technology is likely to underpin future communications.
Maker is the governance token for the MakerDAO and its stablecoin, Dai, pegged to the USD. The peg is maintained through a combination of economic incentives influencing supply and demand for Dai. After being added to Coinbase, MKR rallied nearly 100 per cent before giving back some of the gains.
Recently, the MKR community voted to support using tokenised real-world assets as collateral for Dai loans. In June, the World Economic Forum named MakerDAO as one of the technology pioneers and innovators, lending further credibility to the project.
Over the recent weeks, BTC and ETH have been trading in a narrowing channel. Both are poised for a breakout this summer. There is a downside risk, but the inflationary monetary policy around the world should provide fundamental support for the crypto assets. Furthermore, Grayscale, a publicly quoted trust for BTC and ETH, has been removing supply from circulation. It has been buying more than 100 per cent of the new bitcoin supply post the halving and its Ethereum trust is trading at a substantial premium to the spot price. Market dynamics indicate a bullish backdrop for cryptocurrencies. However, when considering what crypto to trade, investors should consider some rotation from bitcoin to altcoins.
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- Prominent Bitcoin Whale Predicts Mass Altcoin Extinction Ahead of Next BTC Rally - The Daily Hodl - July 5th, 2020
- PrimeXBT Comparison: Will DeFi Defy The ICO-Fueled Ethereum All-Time High? - Ethereum World News - July 4th, 2020
- These Altcoins Set a New ATH While Bitcoin And Ethereum Tank | NewsBTC - newsBTC - July 4th, 2020
- Renowned analyst predicts Bitcoin to outperform altcoins in 2021 - FXStreet - July 4th, 2020
- Ouroboros, as explained by IOHK researchers - Altcoin Buzz - July 4th, 2020
- XRP Price Can Outperform Bitcoin in the Short Term Heres Why - Cointelegraph - July 4th, 2020
- Ethereum, Chainlink and Tezos price analysis: June 28 - AMBCrypto - June 29th, 2020
- This top-30 altcoin is integrating with Chainlink (LINK) for bolstering smart contract ecosystem - CryptoSlate - June 29th, 2020
- Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge | NewsBTC - newsBTC - June 29th, 2020
- Chainlink (LINK) Near New All-Time High Heres 3 Reasons for the Rally - Cointelegraph - June 29th, 2020
- Pantera Capital: Bitcoin Set to Begin Meteoric Bull Run But Ethereum and Certain Altcoins Will Outperform BTC - The Daily Hodl - June 29th, 2020
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoin season just around the corner - FXStreet - June 20th, 2020
- Top Crypto Strategist Predicts Bitcoin (BTC) Will Surpass $20,000 in Just Two Months With Ethereum Leading Next Altcoin Rally - The Daily Hodl - June 17th, 2020
- Liquidations May Loom as Altcoin Bulls Hold Despite Shorts Spiking - Cointelegraph - June 13th, 2020
- Tether.io becomes second largest altcoin behind Ethereum tokens - HedgeWeek - June 13th, 2020
- ETH Miners Will Have Little Choice Once Ethereum 2.0 Launches With PoS - Cointelegraph - June 13th, 2020
- Sparks fly as developer suggests an altcoin will overtake Bitcoin in the next five years - CryptoSlate - June 9th, 2020
- Bitcoin Price To Hit $150,000; Ethereum At $9,000 In Next Bull Run, Blockfyre Founder Predicts - International Business Times - June 9th, 2020
- Despite Its Recent Controversy, This is the Latest Altcoin Ready to Moon - Bitcoin Exchange Guide - June 9th, 2020
- Why An Even Deeper Correction Is Expected For The Crypto Markets Hottest Altcoin | NewsBTC - newsBTC - June 8th, 2020
- Analyst Predicts Next Bull Run Will Send Bitcoin to $150K and Ether to $9K - Cointelegraph - June 8th, 2020
- Venture Capitalist Predicts Bitcoin Boom to $150,000, Says Ethereum and Four Altcoins Will Outperform BTC - The Daily Hodl - June 8th, 2020
- Stocks aren't the only asset climbing - InvestorPlace - June 8th, 2020
- Cryptocurrency in Undeveloped Nations - Altcoin Buzz - June 8th, 2020
- Ethereum, Binance Coin, Algorand Price Analysis: 03 June - AMBCrypto English - June 8th, 2020
- Ethereum looks bullish as its fees surpassed BTC's on June 7 - CoinJournal - June 8th, 2020
- Crypto Index Analysis: Boosted by altcoin breakout - Capital.com - June 2nd, 2020
- Ethereums price rush may run out of steam - AMBCrypto English - June 2nd, 2020
- ETH showing strong signals as EOS and XRP likely to regress - CoinJournal - June 2nd, 2020
- Cardano and Ethereum Price Surge Alongside Bitcoin Will XLM Follow? - Cointelegraph - June 1st, 2020
- Ethereum Chart Makes It Clear: Altcoin Season Is Already Over | NewsBTC - newsBTC - June 1st, 2020
- Max Keiser: There Isn't Anything Crypto Altcoins Do That Bitcoin Won't Do - Bitcoinist - June 1st, 2020
- Altcoins Outpace Bitcoin in Broad Crypto Rally: Cardano and Ethereum Biggest Gainers - The Daily Hodl - June 1st, 2020
- Are Altcoins Silver To Bitcoin As Gold? Unusual Correlation Discovered | NewsBTC - newsBTC - May 20th, 2020
- Polkadot: The Interoperable Blockchain Network - Altcoin Projects - Altcoin Buzz - May 20th, 2020
- Beware: this altcoins price action could be part of a pump and dump scheme - CryptoSlate - May 18th, 2020
- Is Tezos rapid progress a threat to both Bitcoin and Ethereum? - AMBCrypto English - May 18th, 2020
- XTZ Price Analysis: Bears Take a Breather on XTZ/USD As Price Swings Past $2.6, Tezos Becomes 2020 Altcoin With STO Pipeline Projects - Latest Crypto... - May 18th, 2020
- Bitcoin Cash struggles with negative pressure, while VET & LINK trend higher - AMBCrypto - May 15th, 2020
- Stellar Cryptocurrency Prints a TD9: Heres Why It Means More Upside is Likely - newsBTC - May 15th, 2020
- As Halving Nears, Ethereum (ETH) Stands More Chances Amid Altcoins - KryptoMoney - May 12th, 2020
- Heres Why Altcoins Bouncing as Bitcoin Retraced From $10K Is Bullish - Cointelegraph - May 11th, 2020
- Crypto scams are on the rise: 5 ways to avoid them - Livemint - May 11th, 2020
- Ethereum, Stellar Lumens, VET bounce back as alts resist corrections - AMBCrypto English - May 11th, 2020
- Coronavirus & Altcoins: Why are Some Crypto Assets Beating Bitcoin? - Finance Magnates - May 5th, 2020
- Binance Widget Incorporated on Brave Browser - Altcoin Buzz - May 5th, 2020
- Altcoins Face The Most Important Weekly Close in Crypto History - newsBTC - May 2nd, 2020
- Crypto Analyst: Bitcoin (BTC) Selloff Coming Heres Why Ethereum (ETH), XRP and Altcoin Market May Rise in Short Term - The Daily Hodl - May 2nd, 2020
- Bitcoin Yearly Moving Average Price Closes in on All-Time High - BeInCrypto - May 2nd, 2020
- Altcoins Could Get Crushed By BTC Halving Volatility, Heres Why - newsBTC - April 29th, 2020
- XRP, XLM, and ADA Win Big as Bitcoin Speculators Turn to Altcoins - ZyCrypto - April 29th, 2020
- 7 Explosive Cryptocurrencies to Buy for the Bitcoin Halvening - Investorplace.com - April 29th, 2020
- Neo (NEO) Bulls Again Going Against The Resistance Of $9.00 With Strong Pace - The Coin Republic - April 29th, 2020
- Accurate Crypto Sell Signal Issued For Two Top Performing Altcoins - newsBTC - April 26th, 2020
- 3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge - Bitcoinist - April 26th, 2020
- Litecoin News Today - Litecoin LTC Climbs to $42 As Altcoin Market Resumes Recovery - April 23rd, 2020 - Smartereum - April 26th, 2020
- Ethereum [ETH] Makes 95% of the Altcoin Inflows in Q1 to Grayscale Trust Fund - Coingape - April 26th, 2020
- Chainlink, Ethereum lead altcoin recovery effort as BAT stalls - AMBCrypto English - April 26th, 2020
- Dogecoin (DOGE) Price Analysis: Dogecoin Price Shows Sustainability Over $0.0020 To Avoid Break Below The ... - The Coin Republic - April 26th, 2020
- Crypto Billionaire Says One Altcoin Reminds Him of Bitcoin and Ethereums Early Days - The Daily Hodl - April 20th, 2020
- 420 Day in Crypto: Remembering the Class of Altcoins That Went Up in Smoke - Bitcoinist - April 20th, 2020
- Bitcoin Halving: Can Ripple (XRP), Litecoin and other altcoins benefit? - Crypto News Flash - April 20th, 2020
- Ethereum 2.0 Precursor Topaz Testnet Released - Product Release & Updates - Altcoin Buzz - April 20th, 2020
- Why tokens are not the same thing as Bitcoin - CoinGeek - April 20th, 2020
- Basic Attention Token Price Negative Move To Reach $0.15 Support Level - The Coin Republic - April 20th, 2020
- Dogecoin Price Sustaining On $0.0020 Level With Overall Bullish Market - The Coin Republic - April 20th, 2020
- Litecoin LTC price holds steady at $42, but analyst warns of a potential correction - Cryptopolitan - April 20th, 2020
- This Surprising Altcoin Dominates Crypto Trading Volume, Second Only to Bitcoin - Bitcoinist - April 14th, 2020
- Ripples XRP Was The Worst-Performing Altcoin In Q1 2020, Report Finds - ZyCrypto - April 14th, 2020
- HTC Exodus to Offer Monero Mining - Business Partnerships - Altcoin Buzz - April 14th, 2020
- Litecoin LTC price faces headwind, but gains may be on the horizon - Cryptopolitan - April 14th, 2020
- Bitcoin Dominance: 2-Year Uptrend Breaking Could Spark Altcoin Boom - newsBTC - April 10th, 2020
- Ripples XRP Could Be Ready to Pop Off, Claims Analyst - newsBTC - April 10th, 2020
- Ethereum, Tron continue to rally as uncertainty looms over Decred - AMBCrypto - April 10th, 2020
- XRP Price Hits $0.20 as Over 200M Coins Transferred... - Coinspeaker - April 7th, 2020
- 3 Altcoins To Consider In This Time Of World Crises - ZyCrypto - April 6th, 2020
- How is Bitcoin performing after the crash? Altcoins show promise - AMBCrypto - April 6th, 2020
- When Is The Altcoin Season Kicking Into Gear? - KryptoMoney - April 1st, 2020
- Bitcoin Diamond, QTUM, Binance Coin Price: Altcoins inverted flags fly aloft - AMBCrypto - April 1st, 2020
- Microsoft New Crypto Initiative - Blockchain Technology - Altcoin Buzz - April 1st, 2020