- Santiment reported Liquid Staking Derivatives projects saw a 5.33% decrease in market cap to $57.7 billion.
- The analytics firm reported a 2.02% decline in memecoins’ market cap to $58.5 billion, potentially indicating a shift away.
- The data also showed RWA tokenization projects market cap decreased by 1.46% to $20.5 billion.
Amidst Bitcoin’s surge to $71.7K, crypto analytics firm Santiment highlighted the redistribution of profits into various altcoin sectors. The firm’s data revealed an 11.37% average rise in social crypto assets over the past week to $319.2 million.
Additionally, projects on the Binance Smart Chain (BSC) and Binance Chain witnessed a 6.9% average increase to $276.9 billion, while gaming tokens saw a 6.52% average rise to $25.4 billion during the same period.
The cryptocurrency market witnessed diverse growth trajectories across different sectors. One of the underperformers was the Liquid Staking Derivatives sector, comprising 17 projects. This segment saw a 5.33% decrease in market capitalization to $57.7 billion, indicating a potential cooling of investor appetite for passive income opportunities through staking mechanisms.
The memecoins category, with 50 projects, experienced a 2.02% decline in market cap to $58.5 billion. This downturn could signal a shift away from speculative assets driven primarily by social media hype towards more fundamentally-driven projects.
The Layer 2 solutions space, featuring 22 projects, recorded a 3.81% rise in market capitalization to $24.8 billion. This positive trend highlights the increasing demand for scaling solutions capable of enhancing transaction speeds and reducing costs on the base layer.
Tokenization of real-world assets experienced a 1.46% decrease in market cap to $20.5 billion across 47 projects. This decline suggests a temporary slowdown in the adoption and innovation of bridging physical assets with blockchain technology.
The AI and Big Data sector exhibited a 2.02% upswing across 100 projects to $36.8 billion, indicating the continued integration of these technologies with blockchain solutions. The DeFi’s 477 projects have demonstrated stability with a 0.0189% uptick to $113 billion, solidifying their position in the crypto ecosystem.
NFTs have demonstrated growth, with a market cap of $14.2 billion and a 5.45% rise. This highlights continuing interest and investment in digital ownership and art. ERC20 projects remain strong, with a market cap of $731.9 billion and a 2.26% increase, reflecting ongoing development and investor confidence in Ethereum projects.
Bitcoin and Ethereum layer 1 solutions have grown positively, with a market cap of $787.8 billion and a 4.79% rise. This indicates foundational strength and investor trust in primary blockchain technologies.
