- Major cryptocurrencies are down, with SOL and XRP experiencing significant losses, yet investor sentiment remains neutral.
- Beam, the crypto of the gaming network Beam, has outperformed, gaining over 13% in a week amid strong gaming crypto narratives.
- Kaspa defies market trends, achieving new all-time highs and drawing excitement for its rapid block rates and swift confirmations.
Red as far as the eye can see. Investor sentiment has shifted toward neutral as all major assets make losses. The biggest losses among the top ten cryptos by market cap are for SOL (-6.77%) and XRP (-5.82%) – and it’s especially bitter for holders of the latter.
XRP missed much of the action in this bull market but surged yesterday with gains of up to 7%, which it has largely given back today.
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The few coins going against the trend are making only moderate gains, nevertheless, this is sending a positive signal to altcoin investors.
Beam with Strongest Gains
The most gains have been made by Beam, the native crypto asset of the Beam network. While still nowhere near its all-time high (ATH) from March 2024, when Beam reached US$0.04434 (AU$0.06123), the gaming network token gained over 6% in the past 24 hours and over 13% in the past week.
The BEAM token is integral to the Beam network, a gaming ecosystem supported by the Merit Circle DAO, facilitating transactions and smart contract interactions for a seamless gaming experience.
It also serves as a development tool through the Beam SDK, enabling developers to incorporate blockchain elements in games. Additionally, BEAM allows holders to participate in the governance of the Merit Circle DAO, shaping the future of the gaming industry.
Beam’s rally comes as no surprise, given that developments around crypto and gaming are one of the strongest narratives in 2024, with games on the Ton blockchain dominating the news recently.
Kaspa Makes New All-Time Highs
Another altcoin going against the trend is Kaspa which has risen 3.47% in 24 hours and 15.75% in a week, currently trading at US$0.2026 (AU$0.306). Kaspa, which hasn’t been around for that long, has been making new all-time highs with the breach of 20 cents.
Kaspa is a proof-of-work cryptocurrency (PoW), similar to Bitcoin; Ethereum started as a PoW chain and has since transformed into a proof-of-stake network (PoS).
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Kaspa has – due to some technical features we won’t have time to go into detail here – extremely high block rates (up to one block per second, with goals of 10 and even 100 per second) and very short confirmation times primarily limited by internet speed.
Kaspa has seen a great deal of activity which has the community excited. Michael Sutton, a core developer for Kaspa, said, “Technology-wise, Kaspa seems to be approaching a boiling point”.
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