The latest crypto market overview
Despite significant volatility and uncertainty in the global markets, the crypto space has been uncharacteristically calm over the last month. Bitcoin price rallied in anticipation of its halving event in May, touching $10,000 on 7 May. It has since traded mostly in a narrow channel between $9,200 and $9,900 over the past 30 days.
Over recent years, developer activity, innovation and number of start-ups created in the industry has grown considerably. In the absence of the breakout above $10,000 in BTC, market attention has shifted to other projects.
There’s excitement around the forthcoming upgrade of Ethereum to the Proof-of-Stake protocol. We have also seen innovation in decentralised finance applications built on the Ethereum blockchain with projects like MakerDAO, Kyber and Aave. In a further boost to alternative coins, or altcoins, Coinbase has recently added Maker to its platform and announced that it is looking to support 18 new crypto assets, including Aave and VeChain.
As excitement and social media attention shifts to altcoins, market participants increasingly talk about a new “altcoin season” or a period of altcoin outperformance.
Most traded crypto in June: proof-of-Stake coins gain momentum
The political unrest in Hong Kong has been driving the adoption and trading volume in Tether (USDT), a USD-pegged stablecoin. The market capitalisation of Tether grew by almost 50 per cent, or $3bn, since the end of March.
There has also been increased trading in Proof-of-Stake coins, as Ethereum approaches