A number of coins and tokens jumped higher on Wednesday.
The total cryptocurrency market is up just under half a percent over the past 24 hours, in line with BTC’s price action. ETH is flat, while altcoins such as SOL take the lead — now up 1.5%.
Cryptocurrencies saw higher prices continue into the week, despite sell-offs in a handful of stocks in the traditional markets. Though the crypto and traditional space have been mostly tied together recently, there seems to be some decorrelation at the moment — as traditional indexes remain stagnant while crypto climbs. Traders will look to see if this is just a deviation from what has been a reliable pattern in past months.
DeFi Digest: Interoperability protocol Connext announces token
Connext, an interoperability protocol known for its cross-chain bridge, disclosed plans to launch a token and convert into a decentralized autonomous organization. Aptly called NEXT, the token will provide a base layer for utility and governance for the platform.
NEXT will be airdropped to both bridge users and validators later this year. The team says there is a two-pronged approach to the release. Firstly, it will enable operational fairness for validators, allowing them to participate in the network through staking to receive a share of fees. Secondly, NEXT will be used to govern the ecosystem’s treasury — giving the community the power to allocate resources to grow the protocol.
A snapshot for the token airdrop has already been taken — but is not publicly available, yet.
Top altcoin gainers and losers: Altcoins mostly green
- ELON/USDT +34.47%
- APE/USDT +20.48%
- SNX/USDT +7.70%
- KNC/USDT -3.00%
- REN/USDT -4.33%
- VELO/USDT -5.76%
Memecoin ELON leads altcoins today — possibly due to Elon Musk’s recent headlines regarding his plans to acquire Twitter.
Meanwhile, SNX continues to surge higher as Ethereum Layer-2 solution Optimism teased an airdrop. Synthetix is one of the few blue-chip protocols on the network.
BTC technical analysis: Dipping below range
BTC moved as high as 42,100 USDT earlier today before settling down around 41,700 USDT. This current level has served as a pivot recently and, if the coin can flip it into support, that would signal continued bullish price action. Some traders are expecting more downside — and a loss of this area will show buyers’ recent effort as futile.
ETH technical analysis: Bouncing higher
ETH found some footing above 3,100 USDT in the past couple of days but was rejected above 3,150 USDT. The last time ETH was able to move above that point was in late March, giving up the level last week. Buyers will want to add to their momentum — otherwise, more flat and choppy price action could be in the cards.
Altcoin technical analysis: APE nears previous highs
APE, a token airdropped to Bored Ape Yacht Club owners earlier this year, has seen a surge from local lows. Today, it reached as high as 17 USDT before falling below 16 USDT. Traders theorize that the recent push could have something to do with plans from Yuga Labs — the founders of the nonfungible-token collection — to launch a land sale using APE as the currency.
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Source: https://www.okx.com/academy/en/major-cryptocurrencies-altcoins-add-to-yesterdays-gains-crypto-market-daily