Bitcoin Takes a Hit, but These 3 Altcoins Are Defying the Trend
- Bitcoin drops to $61,000 amid imminent US government sale.
- ONDO Finance shows bullish signs despite an 18% price drop.
- Sui partners with Copper for enhanced custody infrastructure.
Crypto market reporter Cody Buffinton provided updates on recent developments, including Bitcoin, ONDO, and Near protocol’s market outlook. On Wednesday, Bitcoin’s price dropped to $61,000 amid news of an imminent sale by the US government.
Arkham Intelligence data revealed a US government-linked address transferred 3,940 BTC, worth $240 million, maintaining a wallet balance of 23,500 BTC ($1.3 billion). Recently, Germany also sold 900 BTC from its total transfer of 6,500 BTC. Market commentators, such as Reflexivity Research’s Will Clemente, suggest that Bitcoin’s recent large-scale outflows could be attributed to anticipated government actions.
Meanwhile, altcoins like ONDO Finance, Blast, and Near Protocol are generating positive attention. Although ONDO experienced an 18% price drop after reaching $148 on June 3, on-chain data indicates a potential bullish trend. ONDO’s realized cap, currently at $1.15 billion, indicates a support level, while its market cap of $1.7 billion suggests that the bulls could continue.
Moreover, Near Protocol (NEAR) has posted impressive performance metrics and growth in 2024. NEAR’s total value locked (TVL) tripled from $90.7 million in January to $324.5 million in June. Additionally, the network’s monthly transaction volume has surged, further evidenced by a substantial increase in bridged inflows. Near Protocol has also witnessed a surge in new wallets from approximately 96,000 in Q1 2023 to nearly 18.4 million in Q2 2024.
Furthermore, the newly launched Blast layer 2 blockchain experienced a 20% price increase, debuting at 2 cents and reaching a fully diluted value (FDV) of $2 billion.
In other market developments, Web3 entertainment company Creta World announced its upcoming debut on Philippine exchange Coins.ph on July 8th. Creta aims to offer NFT-gaining solutions, including intuitive game creation services that allow users to design and monetize their creations. Additionally, layer-1 blockchain Sui has partnered with Copper, a leading digital asset custody company, to improve custody infrastructure in its ecosystem.
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