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Report Shows Major Sell-Offs by Long-Term Bitcoin Holders in 2024

Zabi
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Report Shows Major Sell-Offs by Long-Term Bitcoin Holders in 2024

Long-term Bitcoin holders sold 200,000 BTC in 2024, worth $10 billion in May and $1.2 billion in June, reflecting a declining trend.

Long-term Bitcoin (BTC) holders have been reducing their holdings throughout 2024, with significant sell-offs observed in May and June. According to IntoTheBlock data, May saw a sharp decline in long-term BTC holdings, with approximately 160,000 BTC worth around $10 billion sold.

 

Although the selling slowed in June, another 40,000 BTC left long-term holders’ wallets. This activity has correlated with fluctuations in Bitcoin’s market price.

The chart by IntoTheBlock indicates a steady decrease in the holdings of long-term BTC holders, specifically those who have held Bitcoin for over a year, throughout 2024. This decline is represented by the blue line, indicating a consistent sell-off throughout 2024. In May, there was a notable sharp decline, confirming a reduction in holdings. 

June’s Slower Selling Pace

Following May’s reduction, June saw a less steep yet noticeable decline in long-term holdings. 

Despite the slowdown, the continued selling by long-term holders indicates ongoing market adjustments. The black line representing BTC price fluctuations shows a general downward trend, corresponding with the reduction in holdings by long-term investors. 

Ownership Distribution Insights

Previously, in February, on-chain data revealed that a large number of Bitcoin addresses were holding BTC at a loss after collectively spending around $25 billion to enter the market at an average price of $52,125. 

Market analyst Lookonchain highlighted the potential for selling pressure in the crypto market, noting that 848,390 Bitcoin wallets had joined the market at this average purchase price. The data, sourced from market intelligence provider IntoTheBlock, underscored the challenges faced by many investors.

Bloomberg Analyst Says SEC Won’t Approve Solana ETF Unless This Happens 

Lele Jima
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0
Bloomberg Analyst Says SEC Won’t Approve Solana ETF Unless This Happens 

Famous Bloomberg ETF analyst Eric Balchunas highlights factor that could propel the approval of a Solana (SOL) exchange-traded fund in the next 12 months. 

According to Balchunas, the chance of a Solana ETF being approved by the SEC within the next 12 months is closely tied to the change in the country’s president. 

Despite speculating that recent developments have increased the odds of both events happening, he refrained from issuing specific figures for possible occurrence. He emphasized that estimating the odds of a Solana ETF approval is still early. 

VanEck Files for Solana Spot ETF 

Balchunas’ remark comes after popular asset manager VanEck applied with the SEC to launch a spot Solana ETF. Should the SEC approve the application, the fund, dubbed VanEck Solana Trust, is anticipated to be listed on the Cboe BZX exchange. 

The filing follows the SEC’s approval of multiple Bitcoin and Ethereum spot ETFs. While the Bitcoin ETFs have commenced trading in the U.S., the Ethereum funds are yet to be listed due to the SEC’s delay in approving the S-1 documents for the fund.

Despite the SEC’s delay, VanEck still applied to launch a spot ETF for Solana (SOL). 

Bloomberg ETF Analyst Reacts  

Commenting, Balchunas said his ‘knee-jerk reaction’ assumes that the SEC would never approve the Solana ETF application because the cryptocurrency does not have a futures contract yet. 

However, he suggested that the emergence of a new United States President and SEC leadership could turn things around. 

Furthermore, the Bloomberg analyst imagined a scenario in which someone like Hester Peirce, one of the SEC’s five commissioners known for her pro-crypto stance, leads the securities agency. 

Given Peirce’s support for crypto over the years, her leadership at the SEC could birth more favorable regulations for the industry, leading to the possible launch of more spot ETFs for different crypto assets, including SOL. 

Meanwhile, unlike Bitcoin and Ethereum, the SEC gave the securities tag to SOL via its lawsuits with Coinbase and Binance. This further raises doubt about the regulator’s approval of a spot Solana ETF under the current leadership. 

Here is When Cardano Can Break $10, $50, and $100 if ADA Sees 5% Monthly Growth

Abdulkarim Abdulwahab
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0
Here is When Cardano Can Break $10, $50, and $100 if ADA Sees 5% Monthly Growth

If Cardano (ADA) maintains a consistent 5% monthly growth, it could break through the $10, $50, and $100 price milestones in ten years.

Cardano recently overtook XRP to become the worst-performing asset among the top ten. Last week, the price of ADA bottomed at $0.3666, marking a 54.57% decline from its yearly high of $0.807, which it attained in March.

Notably, the setback that befell ADA is not an isolated outcome. The broader market sentiment has been bearish; ADA was just among the worst hit.

Regardless, Cardano Bulls have not given up on ADA. Despite its underwhelming trajectory, market watchers continue to project double-digit price outlooks for Cardano. This assessment ponders a scenario where ADA attains the unprecedented price thresholds of $10, $50, and $100 through a consistent 5% monthly growth.

Cardano Growing by 5% Monthly

At press time, ADA trades at $0.3856. Calculating its potential value after a 5% growth requires multiplying the floor price by 1.05. Accordingly, a 5% gain by next month would put Cardano back at $0.40488. 

By the sixth month of a consistent 5% uptick, ADA could regain the $0.5 region, trading at $0.5167. Meanwhile, Cardano would take approximately 20 months to reach the $1 threshold at this growth rate.

The exponential growth formula is required to expedite the process of determining how long it will take to reach $10 upon a 5% monthly gain. The Crypto Basic used this formula through OpenAI’s ChatGPT for the calculations.

Timeline for Cardano to Reach $10 with 5% Monthly Surge

According to ChatGPT’s calculations based on exponential growth, it would take approximately 67 months for Cardano’s ADA to reach $10 if it consistently gains 5% per month. This would put the timeline for a $10 ADA at around 2030.

Notably, analysts at prediction platform Telegaon agree that ADA could hit $10 in six years. In contrast, crypto enthusiasts are more optimistic that ADA will reach $10 by next year. Achieving this would require a remarkable growth rate of 2,493.36% between now and 2025. 

However, if ADA can sustain a monthly growth rate of 30%, it’s possible that it could reach the $10 mark as early as next year. 

When ADA Can Hit $50 and $100 with 5% Monthly Gain

ChatGPT’s calculations also revealed that ADA could take around 100 months to reach $50, putting the timeline at around 2032. In contrast, analysts at Telegaon believe that ADA’s maximum potential is capped at $45, and even that wouldn’t be achievable until 2050.

ChatGPT suggestions for Cardano
ChatGPT suggestions for Cardano

As for the ambitious $100 target, ChatGPT’s calculations suggest that it could take ADA around 114 months, or approximately 9.5 years.

This would put the timeline at around 2033. If ADA reached $100, its market capitalization would hypothetically swell to around $4.5 trillion.

Here is Shiba Inu Price if Bitcoin Hits $325K and ETH $22K as Predicted by VanEck

Sam Wisdom Raphael
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0
Here is Shiba Inu Price if Bitcoin Hits $325K and ETH $22K as Predicted by VanEck

Shiba Inu price could exceed $0.0001 if SHIB trails the prices of Bitcoin and Ethereum should they hit $325K and $22K as predicted by VanEck.

Despite the market uncertainty, analysts at leading asset manager VanEck have made bullish price projections. These predictions are rooted on extensive research based on prevailing market conditions. Interestingly, should they materialize, they could have far-reaching effects on assets such as Shiba Inu.

VanEck’s Bitcoin and Ethereum Price Predictions

Abdullah Nassif, host of the Good Morning Crypto podcast, recently spotlighted remarks from Matthew Sigel, Head of Digital Asset and Portfolio Manager at VanEck, on these predictions. Sigel made his comments while speaking with crypto community figure Anthony Pompliano. 

Responding to a question from Pompliano, the VanEck Portfolio Manager confirmed that their research presents $325,000 as the bullish case for BTC. Also, he referenced a recent projection from VanEck, which sets a $22,000 price target for Ethereum.

These predictions project varying rates of growth for the two leading crypto assets. With Bitcoin currently trading for $61,738, a target of $325,000 would demand a 426.4% increase. In addition, Ethereum changes hands at $3,460 as of press time. The altcoin must spike by a massive 535.6% to reach the targeted value.

Shiba Inu Price Correlation with BTC and ETH

Due to the price correlation that exists in the crypto market, if any of both of these assets hit these levels, Shiba Inu’s price could react positively. IntoTheBlock data indicates that SHIB witnesses a 30-day price correlation of 85% with Bitcoin.

Shiba Inu Price Correlation with Bitcoin and Ethereum ITB
Shiba Inu Price Correlation with Bitcoin and Ethereum | ITB

Interestingly, the data shows that Shiba Inu’s price correlation with Ethereum is much higher within this timeframe, sitting at 94%. This 94% correlation confirms that SHIB has followed Ethereum’s footsteps more. However, the price correlation of 85% with BTC is also on the high side.

As a result, if Ethereum and Bitcoin clinch their bull case targets from VanEck, Shiba Inu price could see a similar surge. The Crypto Basic assessed how much SHIB could rise if it grew at the average rate of these projected surges. Notably, the average percentage rise for VanEck’s projections stands at 481%.

Shiba Inu Price Could Breach $0.0001

Meanwhile, Shiba Inu’s price has changed hands at $0.00001747 amid a 1.63% rise over the past 24 hours. If SHIB increases by an average of 481% from this level, its price will breach the much-coveted $0.0001 level to hit a high of $0.0001015.

So SHIB can reach $0.0001015 if Bitcoin rises to $325,000 and ETH $22,000. This would mark a new all-time high for the Shiba Inu price and the elimination of one leading zero.

Interestingly, multiple analysts have set the $0.0001 level as a potential target for Shiba Inu across several analyses. Mags, a Bitcoin analyst, projected earlier this month that SHIB could hit $0.00014 in the foreseeable future. Another analyst, Michael, also saw a target of $0.0001011 after Shiba Inu broke out of a prevailing bull flag.

Further, market watcher Javon Marks asserted in a separate analysis that SHIB has the potential to spike to a range of $0.000081 to $0.00015. Also, TradingView analyst Sam TCR expects an imminent recovery to $0.0001. However, it is important to note that these many predictions do not guarantee Shiba Inu can actually hit $0.0001.

XRP Falls Behind On GSR’s ETF Possibility Score Amid Centralization Issues

Zabi
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0
XRP Falls Behind On GSR’s ETF Possibility Score Amid Centralization Issues

GSR’s ETF possibility score reveals that XRP has a low chance of being approved due to centralization concerns and low demand, which impacts its potential for ETF approval.

GSR’s latest ETF possibility score, posted by Wu Blockchain on X, reveals notable challenges for XRP (Ripple) in gaining ETF approval. The score considers two key factors: decentralization and demand. These criteria are increasingly critical, as regulatory bodies like the SEC emphasize the importance of sufficient decentralization for crypto classifications.

 

Decentralization and Demand Scores

XRP shows a disparity in its decentralization and demand scores, resulting in an overall negative outlook. For decentralization, XRP scores -0.9, reflecting centralization concerns. Ripple Labs holds a significant portion of the XRP supply, contributing to these concerns. Cryptos typically value decentralized control, and this centralization is viewed negatively.

On the demand side, XRP scores -0.2, indicating modest demand that doesn’t outweigh its decentralization issues. Consequently, XRP’s total score of -0.44 places it low in the ranking, suggesting minimal chances of being included in an ETF based on these criteria.

Comparative Analysis of Other Cryptocurrencies

In contrast, other cryptocurrencies exhibit varying potential for ETF inclusion. Ethereum (ETH) leads with a total score of 1.13, indicating strong decentralization and higher demand. Solana (SOL) follows with a score of 0.58, reflecting a good balance between decentralization and demand. NEAR Protocol (NEAR) stands neutral with a score of 0.00, balancing slight decentralization weakness with moderate demand.

Avalanche (AVAX) and Aptos (APT) show negative total scores of -0.18 and -0.27, respectively, highlighting moderate decentralization but low demand. Cardano (ADA) scores -0.35, struggling with similar issues of low demand and decentralization. Cosmos (ATOM) scores the lowest at -0.47, indicating challenges in both aspects.

XRP’s Position and Ripple’s Perspective

This analysis comes a day after Ripple President Monica Long argued for the launch of a spot XRP ETF in the U.S. market. Long highlighted that XRP is among the most prominent crypto assets, trading in the top 10 for most of its existence and currently ranking as the seventh most valuable crypto.

Additionally, Long noted that XRP is one of the most heavily traded assets, available on over 100 crypto exchanges, including major U.S. platforms. The July 2023 court ruling clarified that XRP itself is not a security, providing a clear regulatory status shared only with Bitcoin in the U.S.

Ripple’s CEO also expressed strong confidence that exchange-traded funds (ETFs) for XRP, Solana, and Cardano are inevitable. During a recent interview, the CEO mentioned that the potential for an XRP ETF launch could become a reality as early as next year, in 2025.

Technical Analyst Says Shiba Inu Ready for $0.00002 Recovery as Selling Pressure on Exchanges Reduces

Abdulkarim Abdulwahab
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0
Technical Analyst Says Shiba Inu Ready for $0.00002 Recovery as Selling Pressure on Exchanges Reduces

Kyle Doops, a technical analyst on the Crypto Banter show, suggests that a Shiba Inu recovery to the $0.00002 region is imminent amid reduced selling pressure for SHIB.

In a post on X, Doops highlighted that the net flows of Shiba Inu tokens to centralized exchanges have dropped in recent days, citing data from analytics platform CryptoQuant. Accordingly, he stressed that the break in selling pressure implies whale accumulation, making the asset poised for significant recovery soon.

Shiba Inu Reduced Selling Pressure on Exchanges 

According to the latest record, approximately 78.4 billion SHIB tokens had been sent to exchanges today at press time. Meanwhile, the more substantial 121 billion SHIB tokens sent out of exchange today have countered this influx. 

As a result, the net flow to liquid platforms at press time amounts to negative approximately 42.6 billion Shiba Inu.

Notably, a similar trend was observed yesterday when market participants moved to sell around 485 billion Shiba Inu on exchanges. At the same time, others took out 633 billion SHIB from the platforms, neutralizing the selling pressure for the day. 

Furthermore, Shiba Inu last had a positive net flow on exchanges on June 24, when holders dumped over 2.3 trillion SHIB tokens. Outflow on this day was approximately 1.29 trillion. Given that the influx stood over 1.01 trillion tokens less, the price of SHIB slumped to $0.00001642 on Monday.

Now, CryptoQuant data shows that the net flows of Shiba Inu to exchanges have been negative for four consecutive days, wherein outflows supersede inflows. This trend explains the stability of Shiba Inu’s market values over the past few days.

At the time of reporting, Shiba Inu hovers around $0.00001723, reflecting a 2% uptick in the last 24 hours.

Shiba Inu net flow to exchanges CryptoQuant
Shiba Inu net flow to exchanges CryptoQuant

SHIB Ready for $0.00002

With the current outflow trend, Doops suggested that whales are taking advantage of Shiba Inu’s low price to accumulate, potentially driving the asset back to the $0.00002 price range in the coming days.

Notably, Shiba Inu gave up the $0.00002 support on June 17. To regain the threshold, SHIB only needs a 16% price rally.

Moreover, the analyst noted that Shiba Inu’s potential reversal is also confirmed by Bitcoin’s rebounding to the $60K region. 

Here’s Why Shiba Inu Could Witness Double-Digit Gain in July

Lele Jima
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0
Here’s Why Shiba Inu Could Witness Double-Digit Gain in July

Shiba Inu’s price history in July could serve as a bullish signal for SHIB’s potential surge to a double-digit gain.    

June 2024 has been challenging for several crypto assets as their prices collapsed to lower levels due to a prolonged bloodbath. 

SHIB’s History Repeats Itself in June 

In particular, popular dog-themed token Shiba Inu was not spared in this lengthy downturn. SHIB has dipped 33.2% since the beginning of this month, as it trades at $0.00001725. 

Looking at SHIB’s performance in June, it is evident that the sixth month of the year has never been good for Shiba Inu. Besides SHIB plunging over 33% this month, the token also ended June 2021, 2022, 2023 in red, with losses of 4.75%, 12%, and 11.5%, respectively.  

What to Expect in July 

With June coming to an end in the next two days, investors are considering what July holds for SHIB. Consequently, we have provided an outlook on Shiba Inu’s historical performance in July. 

Shiba Inu has witnessed three Julys since its inception in August 2020. In July 2021, the dog-themed recorded a double-digit loss to the tune of 28.25%. The dip came following the correction in SHIB’s price, which spiked over 400% in the previous three months.  

However, Shiba Inu ended July 2022 and 2023 in green, surging 13.4% and 11.8%, respectively. Given Shiba Inu’s performance in the past three Julys, CryptoRank set the token’s median profitability at 11.8%. Although history repeated itself for SHIB in June, the token’s 11.8% median profitability in July does not guarantee a price spike by next month. 

Due to cryptos’ speculative nature, it is challenging to accurately predict the price actions of any asset, including SHIB. Hence, it is imperative to exercise caution while investing in SHIB. 

Shiba Inu Team Optimistic About SHIB’s Future 

In the meantime, the Shiba Inu ecosystem team has remained confident in SHIB’s potential for a bright future. Lucie, Shiba Inu’s marketing lead, hinted that the developments happening behind the scenes could significantly impact SHIB’s future price action. 

Meanwhile, Shiba Inu has recorded a daily growth of 2.1% to $0.00001725. Conversely, SHIB is down 3.66% in the past seven days, with a monthly decline of 30.8%. 

SHIBUSDT 2024 06 28 08 41 20
SHIBUSDT 2024 06 28 08 41 20

Lekker Capital CEO Explains Why Bitcoin Could Reach $100,000 and Ethereum $7,000 by November Elections

Mark Brennan
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Lekker Capital CEO Explains Why Bitcoin Could Reach $100,000 and Ethereum $7,000 by November Elections

Quinn Thompson, CEO of Lekker Capital, forecasts Bitcoin at $100K and Ethereum at $7K by November, citing upcoming catalysts like ETFs and elections.

In a recent post on the social media platform X, Quinn Thompson, Founder and CEO at Lekker Capital, expressed his bullish outlook on the crypto market, particularly BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) are currently presenting one of the most attractive buying opportunities in recent memory. 

 

He predicts that Bitcoin will surge to $100,000 while Ethereum will climb to $7,000, both achieving these milestones by the November election.

Election, Liquidity, and ETFs

Thompson’s optimism stems from several factors that he believes the market has yet to price in fully. These include the upcoming U.S. presidential election, increased liquidity from the Federal Reserve, and the launch of the Ethereum ETF. Additionally, Thompson points to the Circle IPO and improved Bitcoin miner profitability as further catalysts for growth.

The CEO’s confidence in the market’s potential for a significant rally is also supported by various metrics. The CME basis for Bitcoin and Ethereum and the percentage of open interest in altcoins are all at cycle lows. Stablecoin supply has begun to grow again, indicating renewed interest and potential for upward price movement.

According to the statement, any potential impact on Bitcoin and Ethereum prices resulting from the Mt. Gox or US and German government supply overhangs has already been factored into the market. Therefore, Thompson suggested that such previously known information would not significantly influence the cause of major declines in the prices of BTC and ETH.

From Bearish to Bullish

Thompson argues that current sentiment are overly bearish, and a “slowly then suddenly” dynamic is likely to play out as investors regain confidence and reenter the market. The CEO points out that similar negative narratives are currently being expressed about the potential Ethereum ETFs, echoing the sentiments before the Bitcoin ETFs launch. This perspective suggests that the current pessimism may be overstated and that the market could soon see a positive shift.

Thompson’s predictions align with those of other prominent figures in the crypto space. Galaxy Digital CEO Michael Novogratz has previously stated that he believes Bitcoin could reach $100,000 this year. Similarly, “Rich Dad Poor Dad” author Robert Kiyosaki has forecasted a similar price target for Bitcoin by the middle of the year.

Here’s Cardano Price if Bitcoin Hits $1,000,000 as Forecasted by Bernstein

Sam Wisdom Raphael
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0
Here’s Cardano Price if Bitcoin Hits $1,000,000 as Forecasted by Bernstein

Cardano price could easily set a new all-time high if it follows Bitcoin price movements as the premier crypto hits the $1 million price predicted by Bernstein.

The market has not been favorable to Bitcoin (BTC) in recent times, as the leading crypto asset collapses 16.5% from its all-time high above $73,700 attained on March 14. Bitcoin’s underperformance has had a negative impact on the broader market, with altcoins like Cardano (ADA) also taking the heat.

Cardano Price Correlation with Bitcoin

Interestingly, when BTC reached its peak price of over $73,700 on March 14, ADA also surged to a high of $0.8104. This represented Cardano’s yearly top and its highest price since April 2022, before the infamous Terra ecosystem collapse.

As Bitcoin retraced the Q1 2024 gains, Cardano has similarly declined. Currently trading for $0.3881 at the reporting time, ADA has slumped by 52.08% from the March 14 high. This is as a result of Cardano’s higher volatility compared to Bitcoin.

ADA Daily Chart
ADA Daily Chart

Nonetheless, these price movements confirm Cardano’s price correlation with Bitcoin, a pattern that can be both favorable and bearish. IntoTheBlock’s Correlation Matrix confirms this price relationship. Notably, the metric indicates that Cardano boasts a 90% correlation with Bitcoin in the past month.

Cardano Price Correlation with Bitcoin
Cardano Price Correlation with Bitcoin | IntoTheBlock

Cardano Price if Bitcoin Hits $1M

With Bitcoin poised to reach greater heights in this market cycle and beyond, this correlation could be beneficial for Cardano. Notably, among some of the notable price projections for BTC is the ambitious one from wealth management firm Bernstein. The company expects Bitcoin to reach $1 million by 2033, nine years later.

BTC currently changes hands at $61,541 as of press time. A $1 million target would necessitate a massive 1,524% price rally in the next nine years. Notably, Bitcoin is up 19,061% over the last nine years. This historical performance lends some credence to Bernstein’s projection.

Bitcoin Nine Year Growth
Bitcoin Nine Year Growth

Due to Cardano’s close correlation with Bitcoin, The Crypto Basic recently assessed what Cardano price would be if it moved alongside Bitcoin. As Cardano currently trades for $0.3881, a 1,524% increase will take this value to $6.3. This Cardano price could put the token’s market cap at $225.24 billion assuming its circulating supply remains stable.

ADA’s Prospects at $6

Some market analysts have made projections of a Cardano price push to $6. Notably, a pseudonymous TradingView analyst called attention to the repetition of an Elliott Wave pattern on Cardano’s daily chart. He predicted an imminent surge to $6 upon the completion of Wave 5.

ADA’s chances of reaching the $6.3 level are relatively high amid the ongoing development within its ecosystem. Prominent among these developments is the anticipated launch of the Vasil hard fork. This update is expected to push Cardano into a more decentralized system.

Billion Dollar Asset Manager Grayscale Spotlights Shiba Inu Among Most Valuable Crypto Assets

Abdulkarim Abdulwahab
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0
Billion Dollar Asset Manager Grayscale Spotlights Shiba Inu Among Most Valuable Crypto Assets

Grayscale, the largest crypto asset management firm, has spotlighted Shiba Inu among the biggest crypto projects by market capitalization, ranking alongside Bitcoin and Ethereum.

In a post on X on Thursday, Grayscale called attention to a crypto asset snapshot that featured the leading tokens in the market. Given its approximately $10 billion market share, Shiba Inu was featured in Grayscale’s crypto asset spotlight.

Shiba Inu in Grayscale Crypto Snapshot 

The snapshot captured data on the top ten crypto assets’ weekly, monthly, yearly, and year-to-date returns. Six assets, including Bitcoin, Shiba Inu, and XRP, posted negative weekly returns. Meanwhile, Solana, Toncoin, and Tron saw substantial positive gains, making them the best performers in the market between June 19 and 26.

However, on a monthly scale, most featured assets lost a significant percentage of their values, except Toncoin and Tron. Conversely, Shiba Inu investors witnessed the most significant loss as the SHIB price crashed by 34.8% between May 26 and June 26. 

Investors of Dogecoin, Shiba Inu’s closest competitor, also witnessed a 24.9% monthly loss. Binance Coin (BNB) had the lowest monthly depreciation, as its value only reduced by 3.7% during the observed timeframe.

Notably, these leading assets have mostly returned negative over the past month because it has been one of the most challenging periods, during which Bitcoin exhibited much instability. Meanwhile, observing their performance on a yearly scale suggests they prove to be worth investment instruments.

Shiba Inu Among Best Performers on Yearly Scale

In particular, all ten assets featured on Grayscale’s snapshot, including Shiba Inu, posted positive returns since last year. Solana, Toncoin, BNB, and SHIB are the most outstanding on the list. 

SOL has grown 822.8% since last year, while TON witnessed a 460.7% gain. Likewise, BNB and Shiba Inu advanced by 151.11% and 140.4%, respectively. Notably, Bitcoin and Ethereum posted yearly returns of 105% and 88.3%, respectively. 

XRP was the least favorable investment vehicle, as its growth since last June amounted to just 1.6%. Moreover, while all ranked assets have notable YTD returns, XRP and Cardano show negative growth of 23% and 34.6%, respectively.

Grayscale Crypto Spotlights

Notably, Grayscale created this snapshot to give the public an illustrative view of the crypto asset market. This is not the first time the firm has made such an effort.

In December, Grayscale sponsored a crypto watch on CNBC TV that spotlighted the market values of Bitcoin, Ethereum, and XRP. Grayscale orchestrated the move shortly before its application to list a Bitcoin spot ETF was granted.

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