It has not been the best summer for crypto assets. Digital currencies have suffered falls in these two months that have hit their investors and put some brakes on a recovery that had gained strength throughout the year. In this scenario, only 13 virtual currencies from the Top 100 by capitalization of this segment have managed to make progress.
In the universe of cryptocurrencies, although there is a certain bitcoin dependence that means that when the king of virtual currencies falls it drags down the rest, there are such a number of different assets that they can behave in a completely opposite way. That has been the case, for example, for Rollbit coin, the leading digital currency of this summer, which has experienced a revaluation of 142%, which means that in two months it has more than doubled its value.
Rollbit coin is the token of the digital casino with which it shares its name and can be used to play on its portal. After the rise, it occupies position number 72 in the ranking by cryptocurrency capitalization, with less than 500 million dollars and each title is exchanged for 0.15 dollars.
After this small currency, XDC Network, Kaspa and ThorChain follow at a considerable distance in the summer rise table, with increases in two months ranging from 56% to 70%. Like the first, these are small-cap cryptocurrencies that are barely in the Top 50 in the segment.
Small cryptocurrencies have managed to remove the macroeconomic and regulatory concerns that do have a greater impact on large assets such as bitcoin or ethereum. While the most popular ones win or lose depending on whether the United States Federal Reserve decides to continue raising interest rates, or if the SEC approves a new exchange-traded fund, the small ones depend more on the viability of the project.
Rollbit coin and Kaspa, in addition, have managed to maintain a certain continuity in their profits and, since a year ago, they have recorded revaluations of 9,340% and 1,411%, respectively, placing themselves as the best in that period as well. Despite this, if investing in cryptocurrencies is already considered extremely high risk due to its high volatility, the acquisition of these small digital tokens far exceeds this risk and must be carried out with extreme caution.
For example, Bank of America anticipates the disappearance of 99% of digital tokens without anyone being able to anticipate exactly which ones will finally come to fruition.
Only one of the large virtual currencies has managed to gain a place among the 13 digital currencies that have recorded increases in these two months. Ripple (XRP), which occupies fifth place in capitalization of all cryptocurrencies, has managed to navigate the storm to gain 6%.
On July 13, Ripple Labs won a lawsuit against the US SEC that allowed it to continue facilitating its cryptocurrency by treating it as a token and not as a traditional security in the financial markets, exempting it from facing additional regulatory requirements. On that day, the digital asset recorded a rise of almost 30% which, despite falling continuously since then, has allowed it to close the summer on the rise.
In the same period, the popular bitcoin suffers a drop of almost 16%, to trade above $25,700, despite the fact that throughout the year it has rebounded strongly and gained more than 55%.