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Bitcoin, Ether, and Top Cryptos Fall in Wake of Lackluster Litecoin Halving

Bitcoin, Ether, and Top Cryptos Fall in Wake of Lackluster Litecoin Halving

During Thursday afternoon trading in Hong Kong, Bitcoin, Ether, and all other top 10 non-stablecoin cryptocurrencies by market capitalization experienced a decline. Despite the successful completion of its third quadrennial halving event yesterday, Litecoin was the biggest loser among the top 10.

Bitcoin remained relatively stable during afternoon trading in Asia, with a value of US$29,027 at 4:30 p.m. in Hong Kong. Despite the possibility of a minor correction, on-chain metrics on higher timeframes continue to indicate a bull market. When Bitcoin’s value exceeds its Realized Price following a prolonged period of being below it, this is usually an indication that a new bull market is starting.

Litecoin’s Halving Failed to Impress

During afternoon trading in Asia, Ether experienced a 0.76% decline to US$1,828 and has fallen 2.37% over the past week. Litecoin was the biggest loser among the top 10 cryptocurrencies, dropping 4.73% to $86.11 in the past 24 hours, despite successfully completing its third halving event yesterday, which reduced miner rewards from 12.5 to 6.25 Litecoins per block.

Despite the fact that a halving event would typically have a positive effect on the price of Litecoin, the current bearish market conditions and recent unfavorable news in the industry have had a greater influence on trader sentiment.

Litecoin's Halving Failed to Impress

The XRP token was the second biggest loser of the day, falling 4.69% to $0.6603. According to CoinMarketCap data, the total crypto market capitalization fell 1.57% to $1.16 trillion over the past 24 hours, while market volume decreased by 16.22% to $32.85 billion.

Bitcoin’s 24-hour non-fungible token (NFT) sales volume decreased by 35.79% to $462,968, making it the eighth-largest blockchain by 24-hour NFT sales volume, according to CryptoSlam. Ethereum’s 24-hour NFT sales declined by 8.18% to $12 million, but the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, saw a 73.9% increase in sales to $836,148. 

Ethereum-based CryptoPunks surpassed the Bored Apes in 24-hour sales volume, with a 3.08% increase to $1.29 million, following the announcement by digital artist Beeple that he had purchased a CryptoPunk NFT yesterday.

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