Bitcoin price declined to lows of $45,555 on Aug. 15 as the second day of its resistance rejection played out. Bitcoin’s price declines had a conspicuous knock-on effect among major Altcoins.
However, selected tokens such as Dogecoin (DOGE, +12.53%), VeThor Token (VTHO, + 22.79%), Solana (SOL, +20.97%) Ethereum Classic (ETC, +15.02%), Revain (REV, +35.20%) managed to stand out by posting significant gains. DOGE is receiving much wow as players from English soccer team Watford F.C. will wear Dogecoin shirts sponsored by Stake.com in the new Premier League season.
VeThor Token, one of the two tokens employed by the VeChainThor public blockchain, which also plays an essential role in the overall functionality of the blockchain was seen posting significant returns as of press time. Notably, VeThor Token (VTHO) has marked eight consecutive days in the green since Aug. 9, rising from lows of $0.0067 to reach highs of $0.0171 today.
Solana, a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions was another top gainer on the day. At the time of writing, Solana was seen trading at $53.15, up 21.23% in the last 24 hours.
Crypto analyst and trader, Rekt capital speak on the Solana/BTC standing; ”Fantastic strength behind this rally. Historically, whenever SOL eclipsed the red resistance area, it would dip back there & fail to hold it as support. If SOL weekly closes like this, a dip to red wouldn’t be out of the ordinary”.
Revain, which represents the first blockchain-based review platform was also trading up at $0.0115, gaining nearly 30% on the day.
A recent KPMG report indicated that the total investment in the blockchain and cryptocurrency sector in the first half of 2021 has risen to $8.7 billion, which is more than a 100% increase of the $4.3 billion worth of deals done in 2020.
KPMG global fintech co-leader Anton Ruddenklau said:
“Cryptocurrency and blockchain are exploding globally. I think for the rest of this year at least, crypto will be a very hot ticket for investors.”
That said, it may not be odd to state that market participants continue to expect Altcoin opportunities to increase in the coming months, with a focus on DeFi and NFT tokens in particular.
This is reflected as Kaszek, a leading Latin American venture capital fund made its first decentralized finance (DeFi) investment. The venture led a $3 million round in Exactly, a startup that is building an open-source, non-custodial credit protocol on the Ethereum platform.
Hernán Kazah, Kaszek’s co-founder and managing partner states “We see a gigantic emerging opportunity in DeFi, which will change the financial landscape in unimaginable ways in the years to come,”.
The NFT ecosystem witnessed a boom in the first and second quarters of 2021. However, after a brief sector-wide pullback which coincided with the market-wide declines seen at the beginning of May, the NFT sector roared back to life.
A flurry of digital collectible sales across marketplaces such as OpenSea and Rarible was ignited as investors purchased unique digital collector items such as photos, memes, musical albums, collages, and tweets worth millions of dollars.
The bullishness seen across the NFT space has translated into skyrocketing trading volumes on OpenSea. According to DappRadar data, trading volumes on peer-to-peer nonfungible token (NFT) marketplace OpenSea have surged by over 76,240% on a YTD basis.
While it is predicted that the cryptocurrency space would continue to mature, with the distinction between cryptocurrencies and blockchain technologies getting stronger, it is widely believed that Nonfungible tokens (NFT) will contribute to the evolution of crypto exchanges in the form of NFT-focused trading platforms.
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