The crypto market has climbed 3.5%, hitting $2.48 trillion, largely fueled by Bitcoin’s impressive rally to nearly $70,000 on July 29 and a general positive sentiment. While Bitcoin leads the charge, altcoins have seen more modest gains of 2% to 4%. This week’s major movements include significant token unlocks, legal battles, upgrades, and mainnet launches, with 10x Research providing insights into how these events could shift market dynamics.
Crypto Market Update: Major Movers and Shakers
Dogwifhat
Notably, this meme coin has surged by 9% over the past week and has been the best-performing cryptocurrency in the first half of 2024 with a staggering 1300% increase since the year’s start. Its market cap stands at $2.5 billion, outpacing other popular meme coins like Dogecoin and Shiba Inu.
Solana
Moving on, Solana saw a 7% rally this past week, bolstered by comments from SEC Commissioner Hester Peirce suggesting potential approval for Solana ETFs. This has sparked significant institutional interest, with firms like Van Eck and 21Shares already filing applications. Solana’s market cap is now $78.2 billion.
Mantle
Formerly known as BitDAO, Mantle experienced a 4.8% increase, supported by a rise in new and active addresses. This indicates growing network activity and investor interest, pushing its market cap to $2.7 billion.
XRP
XRP has risen by 4.2% in anticipation of developments in the SEC vs. Ripple lawsuit. The market is also optimistic due to the approval of the Spot Ether ETF and positive regulatory hints from prominent figures. XRP’s market cap is $33.6 billion.
Notable Declines
Artificial Superintelligence Alliance
Despite starting the second phase of migrating FET to ASI tokens, the token declined by 16.6% over the week. The platform aims to consolidate multiple projects under the ASI coin, with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.
Uniswap
Uniswap saw a 10% decline despite announcing a major upgrade for UniswapX, aiming to enhance trade execution. The market cap for Uniswap is $4.3 billion.
Shiba Inu
Shiba Inu dropped by 9.6% following a hacking incident at the India-based crypto exchange WazirX, resulting in significant losses including $100 million worth of SHIB tokens. The hacker has sold part of the stolen tokens, hurting the market. Shiba Inu’s market cap is $9.6 billion.
Polygon
Polygon’s value fell by 8.4% despite the ongoing MATIC-POL migration, which is part of its 2.0 roadmap. The new POL token is expected to support various upcoming features, including a staking hub in 2025. The market cap for Polygon is $4.7 billion.
Toncoin
Despite announcing a significant partnership with Mocaverse and the MOCA Foundation to drive user adoption and developer incentives, Toncoin declined by 8% over the week. Its market cap is $16.6 billion.
Cardano
Cardano fell 6.6% last week despite the upcoming ‘Chang Hard Fork’ upgrade, which aims to boost transaction speed, security, and scalability. However, the upgrade, marking the start of the Voltaire era, is set for the end of July. Cardano’s market cap is $14 billion.
This week’s outlook reflects a mix of bullish trends led by Bitcoin and select altcoins, alongside some notable declines due to various external factors. Investors remain optimistic, particularly with ongoing regulatory developments and technological upgrades across the crypto space.
Is this finally the year for altcoins to shine? Keep an eye on these trends to invest wisely.
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