Sea of green as Conflux, Stacks, Flow, Pepe lead the crypto rebound

Sea of green as Conflux, Stacks, Flow, Pepe lead the crypto rebound
фото показано с : invezz.com

2023-6-22 09:30

Bitcoin price continued its recovery as sentiment in the crypto industry improved. The coin jumped to $29,000, much higher than last week’s low of $24,700. Other cryptocurrencies have also surged, bringing the total market cap of all cryptocurrencies tracked by CoinMarketCap jump to over $1.13 trillion.

Crypto top movers

Top crypto gainers

A quick look at CoinMarketCap shows that it is a sea of green in the crypto industry. Conflux, a leading Chinese cryptocurrency, was the best performer in the past 24 hours after it jumped by more than 22%. Conflux recently made headlines recently when it reached a deal with China Telecom, one of the biggest companies in the country. The telecom company is testing a blockchain-enabled sim card.

Stacks price jumped by more than 20% because of its correlation with Bitcoin. Stacks is a leading blockchain platform that makes it possible for developers to build Bitcoin dApps. It has been one of the top beneficiaries of Bitcoin Ordinals project. 

Flow, another blockchain project that has a strong market share in the non-fungible token (NFT) industry was the third best-performing coin. The token jumped by more than 20%. 

Other top-performers were tokens like Pepe, Optimism, Injective, Bitcoin Cash, and Hedera Hashgraph. Only a handful of crypto tokens were in the red on Wededay.

Bitcoin fear and greed index rises

These cryptocurrencies rallied as greed returned to the crypto industry. Data by AlternativeMe shows that Bitcoin fear and greed index jumped to the greed zone of 59. This level is much higher than its last week’s low of 46. 

This greed is attributed to three main reasons. First, Blackrock has filed for the iShares Bitcoin Trust, an ETF that will track BTC prices. If it is accepted, the fund will be the first one to track spot prices in the market.

Second, Deutsche Bank applied for a crypto custody license in Germany. The company, which is the biggest bank in the country, is aiming to make money by providing these custody services to institutions and individuals.

$10 trillion BlackRock files for Bitcoin spot ETF

$1.4 trillion giant Deutsche Bank applies for license to offer Bitcoin custody services

Fidelity, Charles Schwab, Citadel launch #Bitcoin exchange pic.twitter.com/JnchUjj253

— Bitcoin News (@BitcoinNewsCom) June 20, 2023

Third, as I wrote here, EDX Markets went live recently. This is a new non-custodial exchange that is backed by leading companies like Schwab and Citadel. All these crypto news are positive for Bitcoin. Therefore, these other altcoins like Conflux and Stacks have rallied because of the correlation that exists in the industry.

The post Sea of green as Conflux, Stacks, Flow, Pepe lead the crypto rebound appeared first on Invezz.

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