Altcoins
Uniswap, Starknet and BNB lead Altcoin gains as Bitcoin (BTC) price hits $71,000
Several altcoins led price action Tuesday as the broader crypto market climbed along with bitcoin. (BTC) reaching a peak in two weeks.
Decentralized exchange, Uniswap governance token (UNITED) jumped more than 20% during the day following a enigmatic post on social media by protocol development organization Uniswaps Labs teasing an announcement.
Starknet token from the Ethereum layer 2 network (STRK) also increased by more than 10% after StarkWare, the development company behind the channel, presented his vision use Starknet to scale the Bitcoin network. The token price could be under pressure as some $85 million worth of STRK will be released from the acquisition next week, increasing its supply.
The native token of the BNB Smart Chain (BNB)initially launched by crypto exchange Binance, advance 7% approaching its all-time high price and surpassing $100 billion in market capitalization. The token benefits from increased activities in Binance’s launch pool and launchpad, where users can lock up BNB to participate in airdrops and new token launches.
These tokens outperformed the crypto benchmark on a large scale CoinDesk 20 Index, up 1.8% in the last 24 hours. Seventeen of the twenty constituents were in the green during this period, highlighting the positive evolution of crypto prices.
As for the largest digital asset, bitcoin topped $71,000 for the first time since May 20, before paring its gains and returning to the all-time low of $70,000. A new round of U.S. manufacturing data on Monday hinted at a slowing economy, which could challenge the Federal Reserve’s interest rate cuts later this year to ease financial conditions.
“We expect further momentum in this bullish dynamic with the NFP [non-farm payroll] this Friday,” crypto hedge fund QCP said in a Tuesday update. “Markets are pricing in a 0% chance for a rate cut in June and July. A lower NFP figure could change that. »
Ether, the second largest crypto asset (ETH) changed hands at around $3,800, up 0.3% and underperforming BTC’s 1.5% advance. Cryptocurrency analysis company K33 Planned research that the upcoming US spot ETH ETFs could see inflows of $4 billion in five months, leading to price appreciation and a gain for ETH against BTC.
Several US-listed Bitcoin miners posted substantial gains, led by Core Scientific (CORZ) up 40% following a agreement with cloud computing company CoreWeave to host artificial intelligence (AI) services. CoreWeave also reportedly offered to buy the company in an all-cash offering for $5.75 per share.
Bitcoin miner stocks took a hit after the Bitcoin halving in April cut mining rewards in half, reducing miners’ main source of income. The deal indicates that smaller mining companies could be acquisition targets as mergers intensify in the sector or diversify to keep up with the hot AI trend.
Large-caps Marathon Digital (MARA) gained 5%, while smaller caps TeraWulf (WULF), Bitdeer (BTDR), and Hive Digital Technologies (HIVE) gained 22%, 12%, and 8%, respectively.