Litecoin, XRP and Other Altcoins Rise Wednesday as ‘Blue Chip’ Bitcoin Hits a Lull – NBC Los Angeles

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While bit­coin and ether were flat on Wednes­day, alt­coins rose higher.

Lite­coin and XRP were each high­er by about 5%, accord­ing to Coin Met­rics, while the Sand­box token jumped 4%. The price of the Axie Infin­i­ty token added about 8%.

On Wednes­day Rip­ple, the glob­al pay­ments com­pa­ny behind XRP, announced its acqui­si­tion of Meta­co, a Swiss cryp­to cus­tody ser­vices firm. The deal is expect­ed to give Rip­ple access to clients like Citi and BNP Paribas and expand its over­seas presence.

Cryp­to price action has been rel­a­tive­ly sub­dued for the past month, despite volatil­i­ty com­ing back a bit recent­ly due to thin liq­uid­i­ty in the mar­ket. Still, real­ized 30-day volatil­i­ty for both bit­coin and ether are off their record lows of the year, accord­ing to Glassnode.

With that, some investors have shift­ed their atten­tion away from bit­coin and toward small­er and new­er tokens, or “alt­coins.” This is a recur­ring peri­od in the bit­coin cycle known as “alt­coin sea­son.” In recent months, bit­coin and ether have been regard­ed by many as so-called “blue chip” or “flight to safe­ty” assets in crypto.

“Like macro mar­kets, jug­gling resilient stock prices with increas­ing­ly bleak eco­nom­ic data points, the cryp­to mar­ket is also deal­ing with dual­i­ty. There are some signs of froth­i­ness,” said Noelle Ache­son, author of the “Cryp­to is Macro Now” newsletter.

Specif­i­cal­ly, ear­li­er this month ether briefly ral­lied and the Bit­coin blockchain saw a record high in dai­ly trans­ac­tions amid a surge in inter­est around meme­coins and NFT-like tokens on the Bit­coin net­work called ordi­nals.

“In spite of these hints of froth, activ­i­ty is low,” Ache­son added. “Prices are down more than 10% on the month, and vol­umes are trend­ing lower.”

Bit­coin and ether con­tin­ued to hov­er around the flat line Wednes­day at the $27,000 and $1,800 lev­els, respectively.

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