Summary
TLDR: Crypto market is rallying with no real correlation between top performers like TON, XRP, and FLOW. Ethereum is burning supply at a faster rate, with ETH supply shrinking. Bitcoin’s strength hasn’t translated to gains for crypto stocks, except for MicroStrategy and Coinbase. CleanSpark is outperforming other miners, while former MicroStrategy CEO Michael Saylor has sold millions in MSTR shares. Prometheum is facing financial struggles.
Key Points
1. Crypto has hit that point of the bull market where anything and everything is rallying without any real link between star performers.
2. Today, toncoin (TON) is beating the top end of the table, up 25% as of 8 am ET. While TON is its own layer-1 blockchain, the token finds utility with a web of Telegram trading bots rapidly gaining popularity over the past year.
3. XRP is second for the day with 12.5%, followed by flow (FLOW), the native crypto for the NFT-focused chain built by Dapper Labs, which is up 9%.