- Unhashed Newsletter
- Posts
- Altcoins overtake Bitcoin
Altcoins overtake Bitcoin
Reading time: 5 minutes
Crypto traders shift focus from Bitcoin to altcoins in South Korea
Key points:
South Korean crypto traders are shifting their focus from Bitcoin to altcoins.
The Bitcoin Korea premium index has reached its lowest point in months.
News - As the US Federal Reserve cuts interest rates, South Korean crypto traders are increasingly turning away from Bitcoin and embracing alternative cryptocurrencies (altcoins).
According to analytics firm CryptoQuant, the Bitcoin Korea premium index, which measures the price difference between Korean and offshore exchanges, has reached its lowest point since October 2023. This indicates a loss of interest in Bitcoin among Korean traders.
Altcoins’ success in South Korea - Trading volumes on Korean exchanges further support this trend, with a noticeable shift from Bitcoin to altcoins like UXLINK, CKB, ARK, and PENDLE.
This shift is also evident in other regions, as traders anticipate more rate cuts from the Federal Reserve in the coming months.
Markus Thielen, founder of 10x Research, believes that quick-moving traders are capitalizing on the current market conditions to accumulate undervalued altcoins. He highlighted potential winners such as TAO, ENA, SEI, APT, SUI, NEAR, and GRT.
Former Alameda CEO Caroline Ellison sentenced to two years in prison for FTX fraud
Key points:
Ellison cooperated with the government in the case against Sam Bankman-Fried.
Judge expressed sympathy for Ellison but noted the severity of the FTX fraud.
News - Caroline Ellison, the former CEO of Alameda Research, has been sentenced to 24 months in prison for her role in the FTX fraud. The sentence, handed down by a federal judge on Tuesday, includes a forfeiture of approximately $11 billion.
Judge Lewis A. Kaplan expressed sympathy for Ellison, acknowledging her vulnerability and exploitation at the hands of Sam Bankman-Fried, the former CEO of FTX. He praised her cooperation with the government, calling her a "cornerstone" in the case against Bankman-Fried.
What’s more? Despite her cooperation, Ellison was not spared a prison sentence due to the severity of the FTX fraud. The judge noted that the crime was one of the greatest financial frauds ever perpetrated in the United States and that cooperation alone was insufficient to avoid imprisonment.
Ellison testified against Bankman-Fried during his criminal trial last year, alleging his involvement in bribery and financial misconduct. Her testimony played a crucial role in his conviction, which led to a 25-year prison sentence.
Ethereum co-founder Buterin endorses Celo's transition to Layer 2
Key points:
Celo's L2 shift aims to enhance network capabilities and integrate with Ethereum.
Buterin praises Celo for surpassing Tron in daily active addresses for stablecoins.
News - Ethereum co-founder Vitalik Buterin has expressed his support for the Celo blockchain's transition to a layer 2 (L2) solution. Buterin, who has been closely following Celo's development, praised the platform for surpassing Tron in daily active addresses for stablecoins.
Buterin highlighted the significance of Celo's L2 shift, which aims to enhance network capabilities and integrate functionality with the Ethereum blockchain.
More details - The transition is expected to bring numerous benefits, such as improved interoperability and increased innovation opportunities for the Celo community.
Buterin's endorsement comes as Celo prepares to launch its L2 testnet, Alfajores, on 26 September. This milestone marks a significant step towards Celo's integration with the Ethereum ecosystem.
The Celo blockchain has seen a surge in adoption by major stablecoin operators in 2024. Circle and Tether, the operators of USD Coin (USDC) and Tether (USDT), respectively, have launched their stablecoins on Celo.
Chainlink predicts tokenized asset market could reach $10 Trillion by 2030
Key points:
Chainlink report forecasts a $10 trillion tokenized asset market by 2030.
The report cites research from industry leaders predicting even higher valuations.
News - A new report by Chainlink, a decentralized oracle provider, forecasts a significant rise in the global tokenized asset market, potentially reaching $10 trillion by 2030.
The report cites research from other industry leaders, including 21.co and a joint study by BCG and ADDX, which predict even higher market valuations of $16 trillion by the same year.
Currently, the tokenized asset market sits at a value of roughly $118.57 billion, with Ethereum dominating the space.
Chainlink highlights the potential of tokenization to increase liquidity for traditionally illiquid assets like real estate and private equity by transforming them into digital tokens. These tokens can be more easily accessed and integrated into financial institutions' operations.
The report identifies several factors driving the projected growth, including growing institutional interest, blockchain integration, and a supportive regulatory environment. Ethereum's large user base (over 6 million daily active users) and initiatives like Singapore's Project Guardian, which explores blockchain-based tokenization with regulatory backing, are seen as positive developments.
More stories from the crypto ecosystem
Interesting facts
Whistleblowing service Wikileaks turned to Bitcoin donations to circumvent the banking blockade by US payment giants in 2010. In a tongue-in-cheek remark later, founder Julian Assange thanked the U.S. government for letting them invest in Bitcoin which gave 50000% returns.
Just like anybody can open a bank account, or start a new business, anybody, sitting anywhere (with a stable internet connection), can create a cryptocurrency.
The United States has almost 90% of all the world’s crypto ATMs, totaling around 28.500 as of January 2024.
Top 3 coins of the day
Ethereum (ETH)
Key points:
ETH bulls have been gaining momentum on a lower timeframe.
At press time, the king alt was trading at $2,622.
What you should know - Ethereum is currently trading at $2,601.27, showing a 1.96% decline for the day. After breaking out of the descending triangle pattern, ETH is encountering significant resistance in the $2,800 zone. This resistance area represents a major hurdle for the price to move higher, with the next key target being the $3,000 level. However, a failure to break above this zone could result in a pullback to the $2,400 support level. The RSI stands at 56.61, indicating moderate strength in the price action without reaching overbought levels. This suggests there’s room for further upside momentum if Ethereum can surpass the resistance. A drop below $2,400 could signal a further decline, but for now, bulls appear to be eyeing a potential rally toward the $3,000 mark if the resistance is breached.
Avalanche (AVAX)
Key points:
At press time, AVAX was trading at $28.
It was up by about 21.17% over the last seven days.
What you should know - Avalanche is currently trading at $27.61, showing a 2.99% decline for the day. The price has recently broken out of the descending parallel channel, indicating a potential bullish reversal. However, AVAX is facing resistance at the $30 mark, which coincides with the upper Bollinger Band, acting as a psychological barrier for further upward momentum. The breakout from the channel suggests that bullish sentiment is returning, but the price may consolidate before another upward move. The Bollinger Bands are widening, indicating increased volatility. Should AVAX breach the $30 resistance, it could target the $35 range. However, if it fails to maintain momentum, the support around $25 could be retested.
Near Protocol (NEAR)
Key points:
At press time, NEAR was trading at $5.32.
It was up by about 33.62% over the past week.
What you should know - NEAR Protocol is currently trading at $5.25, reflecting a 1.74% decline on the day. After a recent surge from the $4.50 support level, NEAR has entered a consolidation phase within the $5.20-$5.50 range. The Bollinger Bands are widening, indicating increased volatility, while the Awesome Oscillator (AO) has turned positive, showing growing bullish momentum. NEAR's next key resistance level lies at $5.50, where a break above could signal a push toward $6.00. However, failure to clear this resistance may see NEAR revisiting support near $4.80. The bullish trend could persist as long as NEAR maintains its current momentum, but traders should watch for a potential cooling off after the recent upward movement.
How was today's newsletter? |