Beam and Kaspa Buck the Trend as XRP Gives Back Yesterday's Gains

Red as far as the eye can see. Investor sentiment has shifted toward neutral as all major assets make losses.

Major assets, including cryptocurrencies, experienced losses on Wednesday as investor sentiment shifted toward neutral. Among the top ten cryptos by market cap, SOL and XRP faced the biggest declines.

While most cryptos were making small gains or remaining largely unchanged, a few coins went against the trend with moderate gains.

Beam, the native crypto asset of the Beam network, had the highest gains among the top 100. The gaming network token gained over 6% in the past 24 hours and over 13% in the past week.

The Beam token is used to facilitate transactions and smart contract interactions for a seamless gaming experience on the Beam network, which is supported by the Merit Circle DAO.

It also serves as a development tool through the Beam SDK, enabling developers to incorporate blockchain elements in games. Additionally, BEAM allows holders to participate in the governance of the Merit Circle DAO, shaping the future of the gaming industry.

Beam’s rally comes as no surprise, given that developments around crypto and gaming are one of the strongest narratives in 2024, with games on the Ton blockchain dominating the news recently.

Another altcoin that went against the trend was Kaspa, which rose 3.47% in 24 hours and 15.75% in a week, currently trading at US$0.2026 (AU$0.306). Kaspa, which hasn’t been around for that long, has been making new all-time highs with the breach of 20 cents.

Kaspa is a proof-of-work cryptocurrency (PoW), similar to Bitcoin; Ethereum started as a PoW chain and has since transformed into a proof-of-stake network (PoS).

Kaspa has – due to some technical features we won’t have time to go into detail here – extremely high block rates (up to one block per second, with goals of 10 and even 100 per second) and very short confirmation times primarily limited by internet speed.

Kaspa has seen a great deal of activity which has the community excited. Michael Sutton, a core developer for Kaspa, said, “Technology-wise, Kaspa seems to be approaching a boiling point”.

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