Mooners and Shakers: Bitcoin dives back below $30k; Cardano and Solana bleed
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After almost touching US$32k in the past 24 hours, bouncy Bitcoin has landed on something sharp, puncturing its way back down to about US$29.5k.
Just a casual $2,500 dip in the space of about six hours or so. It’s not unusual, as your grandma’s underwear target Tom Jones would sing. Certainly not in this market and macro climate it isn’t.
That said, it seems to have found support at its current level. Perhaps it’s just a little spotlight shy, needs a rest before its next set.
Let's see if we hold this line! pic.twitter.com/UpDDNTiBGp
— Lark Davis (@TheCryptoLark) June 1, 2022
With the overall crypto market cap at roughly US$1.29 trillion, down 6% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
There’s a fair bit of blood in the top 10 today, but most notably the layer 1 blockchains Cardano (ADA) and Solana (SOL).
After achieving a 40% rise in four days, partly based on positivity around increased Defi activity, Cardano has sold off some of those gains. Still, its fans tend to think/hope June will be a good one for the Charles Hoskinson-led Ethereum rival – and that has something to do with another hard fork happening soon.
“Vasil” will apparently improve the network’s scalability and usability…
It’s June. It’s the month of Vasil. Testnet is live on #Cardano in the upcoming days. Mainnet at the end of June. Vasil Hard Fork is a big deal for Cardano. It will improve the scalability and usability of the network $ADA
— Carolin Taling (@carolintaling) June 1, 2022
As for Solana… well, this ain’t great. It’s had another outage, after some sort of bug stopped blockchain production for more than four hours. We’re sure there’s a better, more technical explanation for it than that on the official Solana channels…
Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord. https://t.co/gRJJRqEMPn
— Solana Status (@SolanaStatus) June 1, 2022
— Ran NeuNer (@cryptomanran) June 1, 2022
Still, Solana’s been here a few times before, which admittedly doesn’t inspire confidence. But it’s tended to recover reasonably well from these events in the past.
Pretty much every other blockchain shiller will have an opinion on it, though, and their own perfect solution to everything that’s wrong with the rest of crypto…
— XRP whale (@realXRPwhale) June 1, 2022
— Chief Inspector Baker (@inspector_baker) June 1, 2022
Solana just stopped. #Bitcoin can’t be stopped.
— Dennis Porter (@Dennis_Porter_) June 1, 2022
And so forth.
Sweeping a market-cap range of about US$10.5 billion to about US$530 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Chain (XCN), (mc: US$3.1 billion) +4%
• Waves (WAVES), (market cap: US$866 million) +2.5%
• TRON (TRX), (mc: US$7.8 billion) 2%
• Evmos (EVMOS), (mc: US$650 million) 2%
• PAX Gold (PAXG), (mc: US$618 million) 1%
• STEPN (GMT), (mc: US$612 million) -15%
• Arweave (AR), (mc: US$655 million) -15%
• Terra Luna Classic (LUNC), (market cap: US$794 million) -13%
• THORChain (RUNE), (market cap: US$841 million) -12%
• Celo (CELO), (market cap: US$589.5 million) -12%
So, how are altcoins faring this bear market, generally speaking? This tweet from Blockworks pretty much sums it up…
From ATH:#BTC: -54%
— Blockworks (@Blockworks_) June 1, 2022
Looks like actor, comedian, artist and art lover Jim Carrey is the latest big name to buy an NFT.
This one stops me. James Joyce said that’s a good thing. Thank you @ryankoopmans for gently capturing nature's exquisite and relentless reinvention. BTW you’re my first NFT. @SuperRare https://t.co/jyFoD7nKSC pic.twitter.com/hXEoQ639Py
— Jim Carrey (@JimCarrey) June 1, 2022
Nice. Still, it’s no goblintown.wtf…
— Alan Carroll (@alancarroII) June 1, 2022
Meanwhile, Washington continues to get in a flap about inflation. Here’s the latest from the US non-fungible treasury secretary Janet Yellen…
— Samson Mow (@Excellion) June 1, 2022
Ah well, let’s end today’s column on some vague hopium, shall we?
If you look closely, it's always the same pattern, except that the cycles happen faster in time (from bottom to top). pic.twitter.com/YLRIF1z9GE
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧔🧲 (@el_crypto_prof) June 1, 2022
Actually, no. Let’s end with…
this rooster 🤣 pic.twitter.com/OkbtSuIvmE
— Shibetoshi Nakamoto (@BillyM2k) June 1, 2022