Su Zhu, founder and CEO of Three Arrows Capital and the author of Deribit Insights blockchain analytical reports has mentioned six of the most significant characteristics of the past 30 days of cryptocurrency market behavior.
Bitcoin is (BTC) flat, altcoins are pumping
The first trend mentioned by Mr. Zhu was the very pale performance of the flagship cryptocurrency. Amid unprecedented hopes, Bitcoin (BTC) has managed to gain only 1% since the early days of May 2020.
On the contrary, the most impressive upmoves were demonstrated by the high-tech altcoins Cardano (ADA) and Zilliqa (ZIL). The Cardano network is inching closer to Shelley mainnet. Yesterday, on June 9, 2020, it started to on-board stake pool operators for the Open Testnet.
The Zilliqa (ZIL) sharded network also achieved significant technical and promotional milestones and has been mentioned by top analysts as one of the most prospective altcoins.
Also, Mr. Zhu noticed that both of the top recognized Bitcoin (BTC) forks – Bitcoin Cash (BCH) and Bitcoin SV – (BSV) have been underperforming with 5% losses each.
XLM outperforms XRP
Stellar Lumens (XLM) has printed a 9% upsurge while its rival XRP is 6% down. On the seven-day timeframe, XLM surged 3% and the XRP price fell 3%.
Another prominent reason altcoins have been pumping is vocal listing announcements. As revealed by Su Zhu, getting listed on the Coinbase crypto-to-fiat exchange has led to OMG Network (OMG), OmiseGo and Maker (MKR) rallies.
However, technological advancements could also explain the improved performance of these two altcoins. For instance, OMG Network on-boarded every USDT transaction from Bitfinex while MKR is the most important element of the DeFi ecosystem that is seeing a rebirth in Q2, 2020.
All in all, the last 30 days were ‘green’ for crypto markets. The average upsurge for large-cap coins is about 10%.