Neither LUNA nor SHIB, Ethereum is now the most-trending cryptocurrency

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With the cryp­tocur­ren­cy mar­ket attempt­ing to sus­tain a short-term ral­ly expe­ri­enced in the last 24 hours, there appears to be a shift in the assets dom­i­nat­ing the trend­ing list. In par­tic­u­lar, alt­coins like Ter­ra (LUNA) and Shi­ba Inu (SHIB)  that have pre­vi­ous­ly dom­i­nat­ed the list have been dis­lodged, with estab­lished assets appear­ing to take cen­tre stage. 

In this line, sec­ond-ranked cryp­tocur­ren­cy Ethereum (ETH) con­tin­ues to reg­is­ter inter­est, record­ing sig­nif­i­cant gains with­in 24 hours and 30 days at 10.50% and 34.74%, respec­tive­ly, accord­ing to Coin­Mar­ket­Cap data. 

Envi­ron­ment-con­scious project Grover (GVR) ranks sec­ond with gains of 574.95% in the last 30 days. Green Satoshi Token (GST) ranks third, fol­lowed by Ter­ra Clas­sic (LUNC), while Bit­coin (BTC) is in the fifth spot. 

Most trend­ing cryp­tocur­ren­cies July 28. Source: CoinMarketCap

Ethereum rallying ahead of the Merge upgrade 

Indeed, Ethereum’s rank cor­re­lates with the asset’s recent gains in the wake of the Merge upgrade that will tran­si­tion the blockchain from the Proof-of-Work (PoW) mech­a­nism to Proof-of-Stake (PoS). Notably, fol­low­ing the lat­est update, Ethereum has ral­lied despite being weighed down by the gen­er­al cryp­tocur­ren­cy mar­ket meltdown. 

Con­se­quent­ly, recent on-chain data analy­sis shows that investors might be bet­ting on a future Ethereum ral­ly. The data indi­cat­ed that Ethereum whales had accu­mu­lat­ed more of the asset despite the extend­ed mar­ket meltdown.

It is worth men­tion­ing that the appear­ance of estab­lished cryp­tocur­ren­cies on the trend­ing list has had a pos­i­tive impact on the gen­er­al mar­ket. Fin­bold report­ed on July 28 that the Bit­coin and Ethereum gains played a cru­cial role in the mar­ket regain­ing the $1 tril­lion mar­ket capitalization. 

Interest in altcoins fades 

Just a week ear­li­er, alt­coins dom­i­nat­ed the list, with Finbold’s report not­ing that Ter­ra (LUNA), also known as Ter­ra 2.0, and the platform’s old chain, Ter­ra Clas­sic (LUNC), were still attract­ing mas­sive inter­est despite the con­tro­ver­sy around the ecosys­tem. Terra’s move to regain cus­tomer con­fi­dence began with chal­lenges as Ter­ra 2.0 record­ed mas­sive corrections.

At the moment, only LUNC appears to be sus­tain­ing the gains. Inter­est in LUNC comes despite the coin expe­ri­enc­ing high volatil­i­ty, with ana­lysts not­ing that the lack of an intrin­sic val­ue might be the main undo­ing for the token. 

Addi­tion­al­ly, there seems to be fad­ing inter­est in meme cryp­tocur­ren­cies like Shi­ba Inu (SHIB), which have pre­vi­ous­ly record­ed mas­sive price ral­lies. It is worth not­ing that amid the sell-off in cryp­to mar­kets across 2022, meme coins have strug­gled to reclaim gains record­ed in 2021. 

In gen­er­al, the abil­i­ty of estab­lished assets to record inter­est will be inte­gral to help­ing the mar­ket move away from the win­ter phase. 

Dis­claimer: The con­tent on this site should not be con­sid­ered invest­ment advice. Invest­ing is spec­u­la­tive. When invest­ing, your cap­i­tal is at risk.

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