THOR, ZRO, VELO, KISHU see double-digit gains as Bitcoin (BTC) reclaims $60k
invezz.com 29 August 2024 17:30, UTC As Bitcoin (BTC) reclaims the $60,000 mark, a ripple effect is being felt across the cryptocurrency landscape with altcoins like THORSwap (THOR), LayerZero (ZRO), Velo (VELO), and Kishu Inu (KISHU) experiencing double-digit gains.
This article will explore how THORSwap, LayerZero, Velo, and Kishu Inu are making headlines and capturing investor attention amid the Bitcoin resurgence.
Bitcoin (BTC) reclaims $60,000 after hitting a two-week low
Bitcoin’s price recently soared above the $60,000 threshold, reaching $60,369.68, after dipping to a two-week low of $57,967.74.
This rebound came amid a wave of sudden sales, largely attributed to spot sales on Binance, which saw a notable decrease in Bitcoin’s balance on the exchange.
Michael van de Poppe, a renowned trader, had anticipated a potential decline to $56,000 due to losing the $61,000 level.
However, Bitcoin’s recovery was bolstered by large-volume investor purchases, including a significant whale buy of approximately $60 million.
This renewed bullish sentiment, coupled with supportive market conditions, has contributed to Bitcoin’s impressive recovery and continued upward momentum.
THORSwap (THOR) rising after community votes to increase fees
THORSwap (THOR) has seen a remarkable increase in value, with its price climbing to $0.3104, up by 15% over the past 24 hours. This surge follows the community’s approval of TIP-013, a proposal to raise affiliate fees from 0.3% to 0.5%.
On August 26, THORSwap’s community passed the TIP-013 proposal with 99.81% voting in favor and only 0.19% voting against.
The fee adjustment in the approved proposal aims to bolster protocol revenue and enhance the value for vTHOR holders, reducing reliance on $THOR emissions. Despite potential concerns about a volume drop, the proposal’s rationale hinges on improving revenue and development prospects for THORSwap.
The increased fees will apply to all affiliate activities, including THORChain, Chainflip, and Maya Protocol. Discounts for vTHOR tiers and large whale swaps will remain unchanged, ensuring that while fees increase, competitive advantages for large transactions persist.
The increase in fees is aimed at increasing the protocol’s revenue and enhancing the value of $THOR. It is expected to generate more real yield and reduce reliance on $THOR emission, supporting the long-term sustainability of the platform.
LayerZero integration with Polyhedra sparks ZRO price surge
LayerZero (ZRO) has experienced significant growth, with its price rising to $4.28, a 10.9% increase in the past 24 hours. This positive momentum is largely due to the recent integration of LayerZero with Polyhedra’s zkBridge.
This collaboration aims to enhance cross-chain interoperability using LayerZero’s messaging protocol, fortified by the cryptographic guarantees of zkSNARKs. zkBridge, a Decentralized Verifier Network (DVN), supports over 30 layer-1 and layer-2 networks and has verified more than 20 million cross-chain transactions.
The zkBridge integration, which utilizes zkSNARKs for secure state transition proofs, adds an extra layer of security and efficiency to LayerZero’s ecosystem.
The partnership enables seamless cross-chain transactions and supports over 30 layer-1 and layer-2 networks, making LayerZero a key player in the blockchain interoperability space.
Strategic partnerships drive Velo prices higher
Velo (VELO) has also seen impressive gains, with its price reaching $0.01388, up by 10.7% in the last 24 hours. The price surge is attributed to several strategic partnerships and initiatives including Velo’s integration with Solana to enhance network scalability and transaction efficiency, leveraging Solana’s rapid and low-cost blockchain infrastructure.
Additionally, Velo’s collaboration with Laos Gold to create gold-backed digital tokens provides a unique investment opportunity, combining the stability of gold with cryptocurrency flexibility.
Velo’s involvement in Thailand’s digital currency initiative further supports its growth by offering blockchain solutions for government transactions.
These developments position Velo as a strong contender in the financial technology sector, driving its recent price surge.
Kishu Inu (KISHU) soars as community and marketing fuel growth
Kishu Inu (KISHU) has surged to $0.093133, reflecting a 10.8% increase over the past 24 hours. As a meme coin, Kishu Inu benefits from its playful branding and the broader appeal of dog-themed cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB).
The coin’s price increase is fueled by its dedicated community and robust marketing efforts.
Kishu Inu’s accessibility and potential for growth attract new investors, while its community-driven approach helps sustain interest and investment. The active social media presence and marketing campaigns continue to drive Kishu Inu’s popularity, contributing to its recent price gains.
The resurgence of Bitcoin above $60,000 has had a profound impact on the cryptocurrency market, fueling significant gains in various altcoins including THORSwap, LayerZero, Velo, and Kishu Inu, which have experienced notable price increases, driven by strategic initiatives, partnerships, and community support.
As Bitcoin maintains its bullish trend, these cryptocurrencies are positioned to benefit from the positive market sentiment and continue their upward trajectory.
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