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Uniswap, Starknet, BNB Lead Alternative Coin Gains as Bitcoin Reaches $71K

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Bitcoin surged to a two-week high above $71,000 before experiencing a slight pullback, gaining 1.5% overall. The rise in Bitcoin came as a result of positive market sentiment, with May ISM manufacturing data indicating a slowing U.S. economy, leading to expectations of potential rate cuts. Additionally, Bitcoin miners such as CORZ, WULF, and BTDR recorded significant gains during this period.

Altcoins also experienced notable price increases, with decentralized exchange Uniswap’s governance token (UNI) surging over 20% after a mysterious social media post by Uniswap Labs. Ethereum layer-2 network Starknet’s token (STRK) also saw a rally of over 10% following an announcement by StarkWare regarding the scalability of the Bitcoin network. Despite the positive market movements, STRK’s price may face pressure as $85 million worth of tokens will be released from vesting next week.

The BNB Smart Chain’s native token (BNB) saw a 7% increase, nearing its all-time high price and surpassing $100 billion in market capitalization. This uptrend was attributed to increased activities on Binance launchpool and launchpad, where users can participate in airdrops and token launches by locking up BNB. These tokens outperformed the broader crypto market, as evident from the CoinDesk 20 Index, which showed a 1.8% increase over the past 24 hours.

In terms of the largest digital asset, Bitcoin crossed the $71,000 mark for the first time since May 20 before retracing slightly. Meanwhile, Ether (ETH) traded around $3,800, showing a modest 0.3% increase compared to Bitcoin’s 1.5% surge. The positive outlook for ETH was bolstered by forecasts from K33 Research indicating that upcoming U.S.-listed spot ETFs could attract $4 billion in inflows over five months, potentially driving up the price of Ether relative to Bitcoin.

Bitcoin miners in the U.S. also saw significant gains, with companies like Core Scientific (CORZ) soaring 40% due to a deal with CoreWeave to host AI services and a potential acquisition offer. The mining industry has faced challenges following the Bitcoin halving in April, but smaller companies like TeraWulf (WULF) and Bitdeer (BTDR) also saw gains of 22% and 12% respectively, indicating a growing interest in the sector.

Overall, the positive trend in the crypto market was driven by various factors such as economic data, token developments, and mining sector activities. With Bitcoin and altcoins showing resilience and potential for further growth, investors are optimistic about the future of the digital asset market. As the market continues to evolve, it will be essential for stakeholders to stay informed about the latest trends and developments to make informed investment decisions.

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