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According to a16z’s “State of Crypto” report, crypto interest has surged in three of the top five swing states since 2020.
Digital assets may not be a top issue in the United States presidential elections, but they are increasingly becoming a key topic for many voters, particularly in swing states.
According to a16z’s “State of Crypto 2024” report, data from Google Trends indicates that Pennsylvania and Wisconsin, both expected to host tight races, have recorded the fourth- and fifth-largest increases in cryptocurrency search interest since the 2020 elections.
Other swing states, such as Michigan and Georgia, have also seen a surge in cryptocurrency queries, while Arizona and Nevada have experienced moderate declines in interest since 2020. These states can swing either way — Democratic or Republican — during presidential elections, often playing a crucial role in determining the outcome of US elections.
Memecoins are up today and have strongly outperformed the entire crypto market over the last month.
The recent recovery in cryptocurrency prices has seen the largest market caps memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) record double-digit gains over the past month.
First Neiro on Ethereum (NEIRO), a new memecoin deployed on the Ethereum network in late July, rallied the most, gaining over 3,330% over the last 30 days and 63% over the past week. It has added 13% to its value over the last 24 hours. Popcat (POPCAT) followed with a 137% monthly gain, and Mog Coin (MOG) came in third after climbing 102% in the same period.
Performance of top meme tokens by market capitalization. Source: CoinMarketCap
SUI gained 115% in a month after integrating USDC into its blockchain, which resulted in a parabolic surge in user and network activity.
Sui (SUI) price continues to rally on Oct. 4, gaining 115% over the past 30 days.
Data from Cointelegraph Markets Pro and TradingView shows SUI rose from a low of $0.742 on Sept. 2, climbing as much as 170% to a six-month high of $2, just 8.8% shy of its $2.18 all-time high reached on March 27.
SUI/USD daily chart. Source: TradingView
Analysts believe that a new altcoin season is entering its early stages. Cointelegraph digs into the data.
Altcoins have displayed strength following Bitcoin’s recent recovery over the past month. This has lead analysts to suggest that the market might be on the brink of an altcoin season.
“The past few days have been very bullish for many #Altcoins!” ParabolicPump, co-founder of Crypto Capital, said in a Sept. 23 post on X.
Popular trader 360Trader observed that TOTAL3, the total crypto market capitalization excluding BTC and ETH, had retested the upper boundary of a falling channel.
Ethereum shows strength in its USD and BTC pair as network activity surges. Is a move to $3,000 realistic?
Ether (ETH) rallied 18.7% between Sept. 17 and Sept. 23, pushing past Bitcoin (BTC) in terms of weekly gains as an increase in open interest, funding rates and network growth signal strong demand for ETH.
Ether’s price is up 4% over the last 24 hours to trade at $2,650, according to data from Cointelegraph Markets Pro and TradingView. In comparison, Bitcoin is trading at $63,678, up 1.8% over the last 24 hours. The total crypto market capitalization has risen by 2% over the same period to $2.3 trillion.
Ether has increased 17.5% over the last seven days, outperforming Bitcoin, whose price has risen only 9.8% over the same period.
Bitcoin’s recent rally put its price above a key bull market metric. Are new highs inbound?
Bitcoin (BTC) rallied above $62,000 on Sept. 19, rising above its short-term holder (STH) realized price and showing potential for further gains, according to onchain data.
The STH realized price is a metric that calculates the average price at which short-term investors—those who have held their coins for less than 155 days–have purchased their Bitcoin. It acts as support in uptrends because these holders are more likely to buy if the price rises above their entry point.
CryptoQuant analyst Avocado_onchain explains that STH realized price “has consistently acted as a critical support and resistance level” for Bitcoin.
Trillions of dollars will flow into Web3 once the details of the Internet of Contracts are worked out.
The value of tokenized real-world assets (RWA) will exceed that of cryptocurrencies on Web3 in the next few years, Chainlink co-founder Sergey Nazarov said in his keynote presentation at TOKEN2049 in Singapore on Sept. 18. That surge of value flowing from traditional finance (TradFi) will drastically alter the nature of the blockchain industry.
“This is the role I think we should all be preparing for. […] TradFi will be the largest customer of DeFi [decentralized finance],” Nazarov said. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) may have a crucial role to play in an emerging Internet of Contracts that will link central bank digital currency, asset chains, consortium chains and public blockchains, he added.
The Chainlink oracle network “already powers the majority of DeFi,” having enabled $15.49 trillion in transaction value since 2022, Nazarov said. For TradFi to use blockchain technology, it needs access to a variety of types of data, including live data, “to make TradFi smart contracts function properly.”