- The Fear-and-Greed Index shows the crypto market is cooling off as Bitcoin stabilises post ETF hype and halving.
- 2 Altcoins are bucking the trend: Core (CORE) rises 10% in 24 hours, following updates including the ‘Sparks’ incentive program and robust Bitcoin staking adoption.
- THORChain (RUNE) continues its run after a bullish week and solid TVL numbers.
The Fear-and-Greed Index sits firmly in neutral territory after indicating greed or extreme greed for most of 2024. After months of anticipation surrounding Spot Bitcoin ETFs and the BTC halving, Bitcoin appears to be consolidating its gains.
Ethereum, as the second largest cryptocurrency, doesn’t fare much better as most market observers no longer expect a Spot Ether ETF approval anytime soon.
Related: European Union Eyes Crypto Integration into Its €12 Trillion Investment Market, Seeks Expert Guidance
And while many altcoins share that lukewarm sentiment, some altcoins have rallied against the gloomy backdrop.
Core (CORE) Surges Post Updates
Core’s price has increased almost 10% in the past 24 hours and currently trades for US$1.74 (AU$2.63). The price rally coincides with the latest updates to Core Chain, including the launch of the ‘Sparks’ incentive program, which rewards users for their contributions to the Core ecosystem’s growth.
Additionally, the new native Bitcoin staking feature on Core has seen over US$20M (AU$30.3M) in Bitcoin staked, indicating strong adoption.
Rich Rines, an initial Core contributor, discussed at the Token 2049 conference in Dubai how Core aims to unlock US$1 trillion (AU$1.5 trillion) in trapped Bitcoin value.
Core Chain is a decentralised blockchain network that enhances Bitcoin’s security and utility by allowing Bitcoin miners to secure an EVM-compatible platform using a consensus mechanism called Satoshi Plus, which includes delegated proof-of-work (DPoW) and proof-of-stake (DPoS).
This design not only ensures high scalability and low latency for a global user base but also maintains a permissionless, community-governed structure. Core Chain is interoperable with Ethereum-based protocols and supports complex applications through its use of the Solidity programming language, promoting extensive composability within its ecosystem.
THORChain Continues Strong Gains
RUNE is still one of the hottest altcoins, continuing to make gains. This comes after THORChain’s Chief Energy Officer highlighted the protocol’s focus on increasing decentralised liquidity, securing high Total Value Locked (TVL), enhancing security, and boosting trading volume.
And looking at DefiLlama, the TVL of THORChain has indeed been increasing, with a current US$359 million (AU$544 million) locked.
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RUNE has seen an impressive week with 17% gains, significantly outperforming the competition. Currently the decentralised protocol trades for US$6.15 (AU$9.32) according to CoinMarketCap.
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