Wednesday, September 27, 2023

Week opens with impressive bull run of the crypto market

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The crypto market is booming with all top 100 coins in the green at the time of writing. 

Top cryptos

Bitcoin gained almost 6% in the last 24 hours, trading above $30,000. The second-biggest crypto, Ethereum, added 8% to its value in that time and has almost reached $2,000 per one ether. The biggest top 10 gainer is Cardano, up 12%.   

Cryptos outside the top 10 also fared very well. Avalanche, Polkadot, and Shiba Inu have all gained more than 10% today. 

Top movers

Outside the top 20, the tendency was similar, with many coins adding as much as 15% to their value. Notable standouts include Helium with 20%, STEPN with 28%, Waves with 37%, and Arweave with gains of 18%.  

On May 28, the Helium community launched a HIP 51 vote, which introduces a framework to unlock massive utility on the blockchain by enabling any network to join the ecosystem alongside IoT, such as 5G, Wi-Fi, and VPN.

STEPN drew the ire of Chinese regulators over data privacy issues, but the associated losses were short-lived. 

According to Business Insider, fitness tracking apps are known to be problematic from a privacy perspective, and for China, the crypto angle just makes it worse.  

Waves is the biggest winner of the day without a doubt. Its founder Sasha Ivanov tweeted about a liquidity crunch on Vires Finance, where several accounts were close to defaulting. This sent Waves’ token’s price down a few days ago. 

Ivanov then tweeted he planned to create a proposal on Vires that would move the debt and remaining collateral of these accounts to his own account, reversing the coin’s price trend.  

At the time of writing, no cryptos had lost value, except a few stablecoins losing up to a few hundredths. Efforts to save TerraUSD have failed and this stablecoin’s market cap no longer ranks it in the top 100. 

The LUNA token of the new Terra 2.0 blockchain seemed promising when it launched on Saturday, but it lost over 70% within a day. It has been flat in the last 24 h, changing hands for around $6. The old LUNA, now LUNC, continues to decline.  


The biggest winner today is Mercor Finance, trading for $0.0199, up 473% in the last 24 hours. This platform enables developers to create a trading algorithm coded in Python. 

If they are happy with their creation, they can deploy the algorithm onto the platform.


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