What’s Happening in Crypto Today? Daily Crypto News Digest
Get your daily, bite-sized digest of blockchain and crypto news today – investigating the stories flying under the radar of today’s news.
Crypto market is green today
The crypto market turned green compared to yesterday.
The global cryptocurrency market capitalization fell 0.4% over the past 24 hours, currently standing at $2.76 trillion.
At the time of writing, the daily crypto trading volume is $136 billion.
A small majority of the top 100 coins per market cap is green today. Pi Network (PI) appreciated 19.5% to the price of $1.61. It’s followed by Celestia (TIA), with a 17% increase to $3.37.
Story (IP) and Pepe (PEPE) also saw double digit increases of about 15% each.
On the other hand, Aptos (APT) fell the most: 5.1% to $5.08. It’s followed by Maker (MKR)’s 4.8% drop to the price of $1,063.
As for the top 10 coins, all but one are green today. Tron (TRX) decreased by 1.4% to $0.2205.
At the same time, the lowest increase on this list is 0.4% by Ethereum (ETH), while the highest is 7.1% by Dogecoin (DOGE). They trade at $1,862 and $0.1652, respectively.
Meanwhile, Bitcoin (BTC) increased by 2.8%, currently changing hands at $81,654.
Prolonged Consolidation or Corrective Phase May Be Ahead – Glassnode
Bitcoin’s market structure has entered a post-all-time-high distribution phase, seeing weakness in aggregate demand and constant sell pressure by recent top buyers, according to the latest report by on-chain analytics firm Glassnode.
The analysts found that the Cost Basis Distribution (CBD) heatmap, which displays where supply concentration has formed across different price ranges, shows a lack of substantial accumulation since late February.
Per the heatmap, as macro uncertainty increased, accumulation demand weakened. This strengthens the point that “investor confidence is a critical driver of accumulation behavior.”
Additionally, the lack of dip-buying at lower levels implies that “capital rotation is underway, potentially leading to a more prolonged consolidation or corrective phase before the market finds a firm support base,” says the report.
Meanwhile, the Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which measures whether STHs are spending in profit or at a loss, found that most short-term investors are realizing losses since prices dropped below $95,000.
The persistent downside momentum has left new investors on edge, the report says. This led to widespread panic selling at a loss.
“Such conditions often precede local seller exhaustion, a dynamic that long-term investors may monitor for potential re-entry opportunities,” the researchers concluded.
Moca Network and Plume Partner to Bring RWA Yield to 700M Users
Moca Network, Animoca Brands’ flagship digital identity infrastructure platform, has partnered with Plume, a Layer 1 chain purpose-built for real world asset finance (RWAfi).
According to the press release, Moca Network will integrate its AIR Kit digital identity infrastructure into Plume.
At the same time, via its flagship staking protocol Nest, Plume will power access for Moca Network’s users to institutional-quality RWA yield and staking product offerings.
Furthermore, Moca Network’s AIR Kit will be fully compatible with the Plume RWAfi ecosystem. This will allow projects building on Plume to create and embed universal accounts into apps. It will also enable issuing and verifying credentials for rewards and access to their projects.
Notably, over 700 million addressable users from Moca Network’s partner ecosystems will be able to use their universal AIR account and identity to access Plume’s full-stack RWAfi hub. The partners include SK Planet, OneFootball, and MyAnimeList.
Per the press release, this will allow Moca Network users and AIR Kit partners to get “access to institutional-grade real yield and RWA staking from Plume Network’s partner asset issuers, reinforcing the network value with RWA products offered by the Plume ecosystem.”
Additionally, Moca Network boasts “expansive reach” that derives from Animoca Brands’ portfolio of over 540 companies, in addition to the hundreds of millions of addressable users, it says.
Therefore, “with Plume’s RWA expertise, this collaboration seeks to redefine how real-world assets interact with digital identity in a truly open internet,” the announcement concluded.
Ripples RPLS Expands to Solana
Ripples RPLS, a community-driven token on the XRP Ledger XRPL, announced that it’s expanding its ecosystem with an upcoming launch on the Solana blockchain.
According to the press release, the goal is to introduce RPLS to a broader audience. Therefore, by launching on Solana, Ripples aims to increase accessibility for users across different blockchain networks; expand the reach of its gaming and entertainment initiatives; and offer additional trading opportunities for users interested in RPLS.
Moreover, the RPLS tokens on Solana and XRPL will function independently, with their own liquidity pools and market dynamics.
The team will allocate a portion of revenue from RPLS on Solana toward initiatives that support the broader Ripples ecosystem.
As for the future, the team will explore cross-chain interoperability options to enhance usability. They are also developing mobile games such as Ripples Jump and Ripples Racing. The goal is to integrate blockchain-powered mechanics.
“The project will continue to focus on technology development, strategic collaborations, and community engagement efforts,” the press release says.