- XRP and Litecoin blockchains observed a spike in on-chain activity on their networks, leading LTC price past $100 bullish target.
- Vodafone’s German arm snubbed Ethereum and picked Cardano to roll out an NFT collection.
- Hong Kong continues to make strides in cryptocurrency regulation, with the US lagging far behind.
Altcoin prices recovered and wiped out losses from the Securities and Exchange Commission’s (SEC) clampdown this week. Based on data from crypto intelligence tracker Santiment, a spike in on-chain activity, daily active addresses and trade volume, was noted in XRP and Litecoin.
Bullish on-chain activity pushed Litecoin price past its $100 target.
Cardano continued to see rising adoption, with telecom giant Vodafone’s German arm snubbing Ethereum for its NFT collection.
While the US continued its clampdown on cryptocurrencies, Hong Kong opened doors to crypto regulation, launching a virtual asset index and urging banking institutions to meet the needs of licensed crypto exchanges.
Also read: XRP on-chain activity fuels hope for price rally as SEC vs. Ripple verdict looms
XRP and Litecoin on-chain activity rises
Rising on-chain activity is an indicator of higher adoption of an asset. It is typically considered a bullish indicator. According to Santiment, XRP and Litecoin witnessed a rise in daily active addresses, transaction volume and social dominance over the past week.
With rising activity, there was a spike in Litecoin price, pushing LTC past its $100 psychological barrier early on Friday.
Find out more here.
Vodafone Germany chooses Cardano over Ethereum for its NFT collection
Vodafone Germany, a major telecom giant, announced plans to launch a series of Cardano-based NFTs earlier this week. On its Discord channel, Vodafone revealed plans to release an NFT collection. The giant’s plans are still in early stages, and Vodafone is yet to make decisions on what utility the NFTs will carry for their holders.
Find out more about Cardano price action here.
Hong Kong welcomes crypto exchanges while US SEC continues clampdown
Hong Kong, China’s Special Administrative Region (SAR), welcomed cryptocurrency exchanges while the SEC continued its crackdown. A non-government body released the Hong Kong Virtual Asset Index, where assets listed as securities by the SEC were recognized as crypto assets and non-securities.
Find out more about Hong Kong’s pro-crypto moves here.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.