Is the crypto market ready to bounce?
Fear struck the crypto community last week when prices plummeted off the back of a sharp rise in the Japanese yen and global stock crash. We covered the events in detail last week, explaining why we believe that the current market cycle is still in its early stages.
The latest market activity aligns with our thesis. Bitcoin and Ethereum both posted quick recoveries off the back of the downturn, while many other tokens outpaced the two market leaders. The abrupt comeback suggests that while tokens trade in correlation with other asset classes, market sentiment is improving.?
In a surprising turn of events, Canto has led the market over the past few days. The Canto blockchain has suffered from a prolonged outage since the weekend but that hasn’t stopped buyers from flocking to the CANTO token. The team says the issue should be resolved today.
Other teams have had more positive developments to share. Optimism dropped a major announcement yesterday, saying it was working on improving connectivity between blockchains with a new “native interoperability” feature. Optimism built the Superchain network to scale Ethereum’s Layer 2 and this feature should improve cross-chain experiences for users.?
All of these events have come as Donald Trump’s sons have teased a “huge” DeFi announcement. Trump has made supporting crypto part of his election campaign this year, while Kamala Harris is increasingly facing pressure to establish rules for tokens from groups like the Crypto Coalition in the lead-up to November. Whatever happens next, it’s clear that this election is set to be a big one for the token economy.
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When tokens bounce after a dip, the biggest outperformers can often be viewed as a signal of the hottest picks in the market. TON posted one of the biggest recoveries last week, suggesting that the Telegram-linked project could be set to extend its rise. Learn more about Toncoin in the app.?
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DeFi showed strength over the last week but many assets still sit down from their highs. As Solana extends its lead on this cycle, its DeFi scene has attracted our attention. Promising projects like Jito emerged during Solana’s fabled recovery year and rank as some of the blockchain’s most used apps. Find out why in the app today.
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Emily Xie is a generative artist whose work explores themes of tradition, heritage, mythology, and memory. One of the scene’s most singular talents, Xie has just dropped a stunning new piece titled “Aphelion Skies.”?
Aphelion Skies by Emily Xie (Source:?Art of This Millennium)
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?Optimism is developing a native interoperability system for Layer 2 chains [The Block]
?Is this crypto’s most creative job? Get paid to make memes [DLNews]
?Grayscale launches new crypto investment trusts for SUI and TAO [The Block]
?Hamster Kombat turns down venture capital offers [Cointelegraph]
?Quantum computers are advancing much faster than scientists expected [Cointelegraph]
?Coinbase calls for SEC to rethink rule on decentralized exchanges, calling it 'irrational' [The Block]