The crypto analyst Cody Buffinton presented a view of the inscription of 10 million Bitcoin Ordinals, the public blockchain platform Cardano potentially flipping the decentralized blockchain Ethereum (ETH), the decentralized peer-to-peer cryptocurrency Litecoin’s (LTC) rally, and more crypto-related topics n Altcoin Buzz News’ YouTube video. The analyst began by mentioning the statement made by Galaxy Digital CEO Michael Novogratz about a lack of enthusiasm in the broader crypto market as institutional investors are shying away from investing in cryptocurrencies.

In a June 1st interview with the American business news channel CNBC, Novogratz noted that while the relatively small retail buyers add some stability to the market, the lack of large-scale buyers is a concern. The CEO also pointed out that the Chinese social media app WeChat, with 1.3 billion monthly active users at press time, now offers BTC price quotes on its app.

Novogratz also mentioned that Hong Kong has officially allowed retail customers to trade crypto on regulated exchanges, signaling rising Asian crypto adoption. The analyst added that the United States (US) House of Representatives has passed the debt ceiling bill, authorizing the US to borrow more money.

The analyst asserted that Circle Internet Financial, the peer-to-peer payments technology company, is set to launch the new native version of its USDC stablecoin natively on the Arbitrum blockchain on June 8. The blog post stated that Circle would replace the existing USDC version on the Ethereum network with a native token USDC.e residing on the Arbitrum network.

Circle took to Twitter to share the details with its followers:

Buffinton noted that the web3 infrastructure builder Mysten Labs’ Layer-1 (L1) blockchain Sui Network has partnered with the Formula 1 Red Bull racing team in a multi-year deal as an official sponsor. The analyst asserted that fresh GitHub data suggests the Cardano network could flip the Ethereum network given its growing innovative reputation after the Hydra upgrade. Cardano is placed in the third position, ahead of Ethereum in the tenth place.

The analyst stated that the launch of the new BRC 721e standard by the Bitcoin Network would enable users to migrate their Ethereum-based immutable verifiable ERC 721 Non-Fungible Tokens (NFTs) to the Bitcoin blockchain. Cody Buffinton proclaimed that Litecoin’s LTC token has risen over 7% in the last 24 hours, with the total addresses in the last 30 days reaching a 30-day high of 8.57 million addresses, as its halving in August 2023 nears.