On Wednesday, altcoins experienced an upward trend while itcoin">Bitcoin and Ether remained stable. Coin Metrics reported that Litecoin increased by 5.67%, XRP by 6%, and The Sandbox token by 4%. Additionally, the price of the Axie Infinity token surged by approximately 8%.
Altcoins that compete with Ethereum experienced gains on Wednesday, with the Solana token rising by 2%, Cardano’s ADA increasing by 3.5%, and the Polkadot token surging by 3%.
Ripple, the company behind XRP, revealed on Wednesday that it acquired Metaco, a Swiss crypto custody services firm. The acquisition is anticipated to provide Ripple with access to clients such as Citi and BNP Paribas, as well as expand its global presence.
The cryptocurrency market has experienced relatively calm price movements in the last month, although there has been some volatility due to low liquidity. However, Glassnode reports that the realized 30-day volatility for both itcoin">Bitcoin and ether has increased from their lowest levels this year.
As a result, certain investors have diverted their focus from itcoin">Bitcoin to newer and smaller tokens, also known as “altcoins,” marking the onset of “altcoin season” in the itcoin">Bitcoin cycle. In recent times, bitcoin and ether have been viewed as “blue chip” or “flight to safety” assets in the cryptocurrency market by many investors.
According to Noelle Acheson, the author of the “Crypto is Macro Now” newsletter, the cryptocurrency market is facing a similar duality to macro markets, where resilient stock prices are contrasted with negative economic data. Acheson suggests that there are indications of excessive speculation in the crypto market.
Recently, there was a surge in interest in meme coins and NFT-like tokens on the itcoin">Bitcoin network called ordinals, leading to a brief rally in ether and a record high in daily transactions on the itcoin">Bitcoin blockchain. However, despite these signs of excessive speculation, the overall activity in the cryptocurrency market is low.
Noelle Acheson notes that prices have declined by over 10% in the past month, and trading volumes are decreasing. On Wednesday, bitcoin and ether remained relatively stable at around $27,000 and $1,800, respectively
