Ether outshines Bitcoin with a 2.6% rise as Token 2049 wraps up, while the overall crypto market shows minimal movement.
Following the Singapore conference of Token 2049, Ether has been performing better than Bitcoin. The conference, one of the biggest forums dedicated to cryptocurrency market participants and investors, ended with Ether exhibiting a 2.6% increase per day and a trading price above $2,600.
Conversely, Bitcoin only registered a marginal rise of 1.2%, and its price remains around $63,700. Nevertheless, the overall crypto market did not significantly fluctuate, advancing a trend of stagnation even during active industry events.
The lack of significant yield across the market can be explained by recent macroeconomic actions, like the 50 bp cut in interest rates last week, which caused mixed sentiments in crypto-oriented assets. Bitcoin has added 9.5% to its value for the past week, while Ether has added more than 16% value.
According to the opinions of the market experts, these trading volumes remained moderate but expectant due to the anticipation of potential future rate cuts. On betting platforms like Polymarket, traders are split when establishing their bets on how soon the next rate cut will occur, whether it will be 25 bps or 50 bps.
Post-Conference Market Dynamics
While Ethereum made its debut at the Token 2049 event, Solana made news at its own Breakpoint conference as well, but it also did not become massively bullish. Solana (SOL) still maintained stability and was trading above $145. There were many proclamations at the conference, such as the one about Jump Crypto’s validator being active, which was met with appreciation by the conference attendees but barely affected Solana’s market capitalization.
On the same note, Pendle, a company that operates in Arthur Hayes’ funded Maelstrom, plunged to lows of over 6.5%. This decline comes after Maelstrom cut its funding to Hayes, who stated that it had to shift capital to a “special opportunity” it is set to unveil soon. Even though it has gone down, it is over 24% up on the week, so that still suggests quite a bit of volatility as the strategic changes announced during the conference rattle through the stock.
The memecoin segment also experienced its spike with MOTHER, endorsed by musician Iggy Azalea, rising 4.5% following news of an additional casino called Motherland. To the surprise of many traders, MOTHER has remained afloat contrary to the fate of most celebrity-endorsed cryptocurrencies and most of the trading volumes occur in DEXs. The addition of a casino element might even make its adoption on centralized exchanges even harder given the regulatory challenges involved.
