In the cryptocurrency market, which seeks to sustain the short-term gains experienced in the last 24 hours, the assets that dominate the trend list appear to be changing. In particular, altcoins such as Terra (LUNA) and Shiba Inu (SHIB), which previously dominated the list, have been removed, and established assets appear to be the central stage.
In this line, the second-ranked cryptocurrency Ethereum (ETH) continues to show interest, with significant increases of 10.50% and 34.74% within 24 hours and 30 days, respectively, according to CoinMarketCap data. ..
The environmentally friendly project Grover (GVR) ranks second with a 574.95% increase over the last 30 days. Green Satoshi Token (GST) is in 3rd place, Terra Classic (LUNC) is in 3rd place, and Bitcoin (BTC) is in 5th place.
Ethereum gathers prior to merge upgrade
In fact, Ethereum’s rank correlates with the recent profits of assets as a result of merge upgrades that move blockchain from proof of work (PoW) mechanisms to proof of stake (PoS). In particular, following the latest updates, Ethereum has recovered despite being squeezed by the collapse of the general cryptocurrency market.
As a result, recent on-chain data analysis shows that investors may bet on future Ethereum rallies. Data show that Ethereum whales have accumulated more assets despite prolonged market collapse.
It is worth mentioning that the emergence of established cryptocurrencies on the trend list has had a positive impact on the general market. Finbold reported on July 28 that Bitcoin and Ethereum profits played a key role in regaining the $ 1 trillion market capitalization.
Interest in altcoin diminishes
Just a week ago, Altcoin dominated the list, and Finbold reported that Terra (LUNA), also known as Terra 2.0, and Terra Classic (LUNC), an older chain of platforms, were in a dispute over the ecosystem. Nevertheless, it was still of great interest. With Terra 2.0 recording a major fix, Terra’s move to regain customer trust began with a challenge.
At the moment, only LUNC seems to be profitable. Despite the high volatility of the coin, there is a lot of interest in LUNC, and analysts point out that the lack of intrinsic value may be the main revocation of tokens.
In addition, interest in memetic cryptocurrencies such as the Shiba Inu (SHIB), which previously recorded massive price increases, seems to be diminishing. It is worth noting that while the crypto market was put up for sale in 2022, Memecoin struggled to regain the profits recorded in 2021.
In general, the ability of established assets to record interest is essential to help the market move away from the winter phase.
Disclaimer: The content on this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at stake.
