BTC and ETH start June 30 with sideways movements, with a few altcoins in the top 20 posting double-digit gains. The upcoming important news and events were behind the rally.
3 altcoins that need close monitoring today
SOL, LTC and BCH stand out with double-digit gains while the overall market is stable. Bitcoin Cash (BCH), in particular, rose over 30% earlier this morning and at one point broke the $300 threshold.
The listing of Bitcoin Cash on the EDX Market was a major catalyst as the price of BCH rose 200% in just 10 days. According to Coinglass data, the open interest of BCH contracts has increased to $562 million. It also reached 4.427 billion, the highest trading volume level since May 12, 2021. In summary, BCH witnessed an impressive price increase of nearly 100% last week.
Meanwhile, the rally in BCH price was largely linked to the Korean pump. cryptocoin.com As we quote, popular crypto analyst Colin Wu writes on this subject:
The main reason for the BCH rally could be South Korea. In the last 24 hours, South Korea’s largest exchange Upbit recorded over $350 million in trading volume for BCH/KRW, contributing 23.58% of the total trading volume for BCH. It also reached 3x the BTC/KRW trading volume on Upbit.
Litecoin (LTC) rallies simultaneously with hashrate peak
Ahead of the halving in June, Litecoin’s network activity has reached a new high. This was followed by a 15% gain in price. LTC is currently trading in the $95 region, where it is up 13% from the last 24 hours. The reason for the bulls to become active again was the halving event that will take place in mid-August 2023.
With supply dwindling due to shortages, there is a possibility for LTC to exceed $100 post-halving. Such a milestone could potentially spur a significant rally in the crypto market, as the positive sentiment and profits from LTC spill over to other cryptocurrencies as well.
As the halving event approaches, Litecoin’s investor activity is also increasing. One week after Litecoin’s payment transactions hit an all-time high, the Litecoin hash rate has also hit the ATH level. According to data from CoinWarz, it reached 958.36 terahash per second (TH/s) on June 28, 2023, the highest rate ever.
Altcoin investors are chasing new SOL token
Solana price surged to $20 after Drift Protocol announced liquid staking, which allows traders to access liquidity for their staked SOL tokens. The altcoin later slumped to $18 with a slight correction. Still, it manages to keep its last 24-hour gains in the green above 15%.
Liquid staking platforms like Lido have taken Ethereum by storm following the switch to PoS. However, investors are also considering other options. For example, they stake SOL, which generates annual returns. On top of that, they can receive mSOL equal to the staked SOL amount, which they can use as collateral to borrow more SOLs. Finally, they can replace the borrowed SOL with the same mSOL.
There, Drift Protocol launched a new feature called “Super Staking” on Tuesday. This service aims to attract a wider audience. It also integrates the entire redevelopment process into a one-click solution.
“A great overnight success”
Meanwhile, Leow Cindy, co-founder of Drift Protocol, said, “It’s definitely a huge overnight success. It shows that people are extremely keen on passive/leveraged returns,” he says. The SOL is currently gathering strength at the support levels for the next resistance level at $27.
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