TON, KAS, RUNE, and AKT among Gainers Despite Bearish Sentiment

In a week marked by bearish sentiment, the crypto markets experienced a notable downturn, with a 3.6% overall price drop and a 27% decline in trading volume. According to on-chain data, investors are treading cautiously amidst growing uncertainty. 

Bitcoin (BTC) has struggled to maintain its recovery momentum, with its price hovering around the $59,600 support level. Analysts warn that if this crucial support fails to hold, it could lead to a retest of the $56,552 level. However, maintaining price levels above the $62,650 mark could pave the way for a bullish rally towards $73,777.

TON, KAS, RUNE, and AKT Showcase Strength

Despite these bearish market conditions, tokens such as TON, KAS, RUNE, and AKT have given investors hope. Toncoin (TON) has maintained a steady performance, recording a 24.10% gain in the last 7 days as it trades at $7.30 at the time of writing.

Meanwhile, Kaspa (KAS), with its innovative use case and strong fundamentals, continues to attract interest, recording a 5.78% weekly gain. THORChain (RUNE), backed by a solid development team and a loyal following, has also demonstrated remarkable growth with a 10.2% price rise in seven days, trading at $5.88. Similarly, Akash Network (AKT) gained 13.8% within the same timeframe, with its price at $5.44.

Institutional Interest Grows

Despite the overall market uncertainty, some traditional finance giants are cautiously embracing BTC. Wells Fargo and JPMorgan Chase have revealed their involvement with Bitcoin exchange-traded funds in recent submissions to the Securities and Exchange Commission (SEC). 

Despite the limited investments, their involvement indicates an increasing interest from institutional investors in cryptocurrencies. Meanwhile, analysts maintain a cautiously optimistic outlook for the crypto market, especially in the post-halving cycle. 

Timothy Peterson, the founder of Cane Island Alternative Advisors, predicts BTC’s price to range between $175,000 and $350,000 within the next nine months. Also, he opined that the ongoing bull market will conclude by January 2025.

Bitcoin Runes Protocol Records Decline in Activity 

The Bitcoin Runes protocol initially captured attention in the decentralized finance (DeFi) space with its innovative approach to creating fungible tokens on the Bitcoin blockchain. However, recent data indicates a significant decline in activity on the platform.

On-chain data from crypto analytics firm Dune reveals a significant drop in activity on the Runes protocol since May 10, the lowest level in weeks. This decline contrasts the notable surge in activity seen shortly after the protocol’s launch, during which it accounted for approximately 57% of all transactions in the ecosystem following the 2024 halving event.

During its first week, Runes generated approximately $107 million in transaction fees daily and $135 million weekly, setting a record for Bitcoin miners’ fees. However, the protocol’s enthusiasm has waned amidst the current market downturn.

The decline in activity on the Runes protocol can be attributed to several key factors, such as a decrease in new mints and a reduction in new wallets engaging with the protocol since its inception. Consequently, fees earned from Runes transactions have plummeted from a peak of $321,263 on April 26 to only $970 recently.

Despite these challenges, Runes stands out in the NFT space, with several collections exceeding $100 million in market caps. Collections such as PUBS.WORLD.Peace and DOG•GO•TO•THE•MOON have market capitalizations of $171.60 million and $2.44 billion, respectively.