Markets
Uniswap, Starknet and BNB Lead Altcoin Gains as Bitcoin (BTC) Price Hits $71K
Several altcoins led the price action on Tuesday as the broader crypto market rose alongside bitcoin (BTC) reaching the maximum in two weeks.
Uniswap decentralized exchange governance token (UNI) rose more than 20% during the day after a cryptic social media post by protocol development organization Uniswaps Labs triggering an announcement.
Ethereum Layer 2 Network Starknet Token (STRK) also rose more than 10% after StarkWare, the development company behind the network, expressed his vision use Starknet to scale the Bitcoin network. The token’s price could come under pressure as around $85 million worth of STRK will be released from acquisition next week, increasing its supply.
The native token of the BNB Smart Chain (BNB)originally started by cryptocurrency exchange Binance, advanced 7% approaching its historical record price and exceeding 100 billion dollars in market capitalization. The token is benefiting from increased launch pool and launchpad activity on Binance, where users can lock up BNB to participate in airdrops and new token launches.
These Tokens Outperformed Broad Market Crypto Benchmark CoinDesk 20 Index, which rose 1.8% in the last 24 hours. Seventeen of the twenty constituents were in the green during this period, highlighting the positive trend in cryptocurrency prices.
Looking at the biggest digital asset, bitcoin surpassed $71,000 for the first time since May 20, before paring gains and reverting to the $70,000 low. A new set of U.S. industrial data on Monday suggested a cooling in the economy, potentially putting interest rate cuts back in the Federal Reserve’s view later this year to ease financial conditions.
“We expect a further boost to this bullish momentum with the NFP [non-farm payroll] this Friday,” crypto hedge fund QCP said in a Tuesday update. “Markets are betting on a 0% chance of a rate cut in June and July. A weaker NFP number could change that.”
The second largest crypto asset, ether (ETH) changed hands around $3,800, a 0.3% increase and underperforming BTC’s 1.5% advance. Crypto Analysis Company Predicted K33 Search that the upcoming US spot ETH ETFs could receive inflows of $4 billion in five months, leading to price appreciation and ETH gains against BTC.
Several US-listed bitcoin miners posted substantial gains, led by Core Scientific’s (CORZ) 40% surge following a negotiate with cloud computing company CoreWeave to host artificial intelligence (AI) services. CoreWeave also offered to buy the company in an all-cash offer for $5.75 per share.
Bitcoin miner stocks were hammered after Bitcoin’s quadrennial halving in April slashed mining rewards by half, reducing miners’ main source of income. The deal is an indication that small companies in Minas Gerais could be acquisition targets as mergers heat up in the sector or diversify to take advantage of the hot AI trend.
Large-cap Marathon Digital (MARA) advanced 5%, while smaller-cap TeraWulf (WULF), Bitdeer (BTDR), and Hive Digital Technologies (HIVE) gained 22%, 12%, and 8%, respectively.