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As the crypto market looks to recover from a treacherous couple of weeks, altcoins have seen a healthy rebound.
Most notably, layer-1 network Sui has jumped 5.3% on the day to $0.72 while crypto lending protocol Aave climbed 4.5% to $86.60.
This comes after significant selling pressure mounting on the market in recent weeks. The German government started to offload over $3.5 billion worth of Bitcoin seized as the result of criminal cases. During this, defunct exchange Mt. Gox has been preparing to return billions worth of Bitcoin to its creditors.
As a result, there was blood on the streets of the crypto market with Bitcoin’s value falling to $58,700 from last month’s price of $69,400, according to CoinGecko, a drop of more than 15%. And as is usually the case, what's bad for Bitcoin causes the prices for altcoins and the rest of the market to sag.
But the altcoin market is recovering as the two leading crypto currencies offer middling gains. The Bitcoin price has gained 0.8% while the Ethereum price has picked up 1.7%.
In contrast, Ethereum virtual machine (EVM) blockchain Sei has jumped 2.9% to $0.32 as phase two of its mainnet beta goes live. This project sets out to “accelerate the Ethereum ecosystem,” saying it provides a low latency and censorship resistant space for developers to build.
Phase 2 is now complete ✅
Sei v2 mainnet beta is officially here and It’s the most performant EVM blockchain ever built.
The future starts here, read more about the Sei vision and the journey ahead here: https://t.co/KKsuBclMgr
One thing is clear since the recent launch of… pic.twitter.com/Fo344nV8qf
— Sei 🔴💨 (@SeiNetwork) July 9, 2024
Meanwhile, decentralized AI project Bittensor (TAO) at one point this morning was the best performing of the top 100 crypto assets by market cap this morning, after having jumped 11.2% in the past 24 hours. But has since settled to a modest 0.4% gain and a price of $262.33. This comes after Masa, a decentralized AI network, announced the launch of its AI data subnet on Bittensor.
Arbitrum’s ARB is also up 4.9% on the day, Avalanche’s AVAX has climbed 3%, and Optimism’s OP has jumped 8%.
As this altcoin rebound rages on, most blue-chip tokens have failed to post similarly impressive gains. Most of the top 10 cryptocurrencies have climbed less than 1%.
Edited by Stacy Elliott.