- CROSS and ECHO soar over 50% amid broad market declines.
- Ongoing Binance Alpha trading competition keeps the tokens afloat.
- SharpLink becomes the largest Ethereum holder among corporate entities with over 280K ETH assets.
Digital currencies displayed weakness on Tuesday as the global cryptocurrency market cap plunged 3% in the past day to $3.69 trillion.
While altcoins eye rapid bounce-backs after the corrections, Cross, ECHO, and Ethereum dominated today’s trends for different reasons.
CROSS and ECHO have rallied up to 60%, fueled by the ongoing trading competition of Binance Alpha.
On the other hand, SharpLink has become the top corporate Ethereum holder after the latest accumulation.
Binance Alpha ignites altcoin momentum
The leading exchange officially started its BNB Smart Chain Trading Competition via Binance Alpha.
The tournament allows users to share exclusive rewards by trading various coins.
The competition will run from 10 July to 21 July, featuring MemeCore (M), Infinity Ground (AIN), Echo Protocol (ECHO), MEET48 (IDOL), and CROSS.
The altcoins reflect excitement with bullish price actions, displaying upside momentum despite broad market weakness.
CROSS and ECHO have stolen the show with remarkable rallies in the past 24 hours.
The duo witnessed a surge in trade volume and user engagement amid Binance’s trading campaign.
The CROSS Trading Pool features 10 million tokens for the top 11,000 participants, whereas ECHO offers 10 million ECHO tokens to the top 5,000 traders.
ECHO hovers at $0.02380 after gaining more than 55% in the past 24 hours.
Its daily trading volume has increased by 240%, signaling massive interest in the token.
Also, CROSS gained 58% to trade at $0.2116, with a 110% uptick in 24-hour trading volume.
SharpLink: the new Ethereum corporate whale
While traders explored fast-moving tokens, another key development emerged behind the scenes.
The gaming firm has become the largest corporate Ethereum investor, with 280,706 Ether tokens.
That follows the latest acquisition, which saw SharpLink purchase 74,656 ETH, worth approximately $213 million, between 7 and 13 July.
Moreover, the company’s strategy demonstrates confidence in the second-largest cryptocurrency by value.
Notably, it has staked 99.7% of its Ethereum stash, generating passive incentives.
SharpLink has earned around 415 Ether through staking since early June.
SharpLink pivoted into crypto in May after confirming the adoption of ETH as a treasury reserve asset.
Ethereum crossed $3,000 on Monday as Bitcoin rallied to new all-time highs of $123,000.
It trades at $3,050 at this publication, up 20% in the past week.
Analysts anticipated more uptrends toward the $3,500 resistance.
Some believe ETH will rally to $5,000 this summer.
Furthermore, proponents predict an imminent altcoin season as the current market structure mirrors 2021.
Crypto enthusiast Merlijn the Trader anticipates more than 10x from altcoins in the impending bull run.
