Bitcoin has managed to stay above $60,000 for the past 10 days, but there are shakeups in Crypto’s “Top 10”

Brian Lathe
4 min readMay 13, 2024
Bitcoin remains above $60K for the past 10 days. However BNB has taken fourth place back from Solana while Toncoin has claimed ninth position position Dogecoin to tenth.

Bitcoin Stays Above $60,000

In my opinion, it’s GREAT NEWS that BITCOIN has stayed above $60K for the past 10 days. We’re heading away from the “BITCOIN HALVING” and that is usually an event that causes massive upward price action for BITCOIN. A week ago, I wrote an article on how BITCOIN did spend 4.5 days below $60,000. On a wider view though, aside from these 4.5 days, BITCOIN has been above $60,000 since February 28th. BITCOIN has out paced GOLD as an investment since 2022.

Shakeups in Crypto’s “Top 10”

BNB and Solana (with a side of Ethereum)

For the last several months, positions four and five have been a competition between BNB and Solana. Both are Layer 1 Blockchains with less expensive decentralized finance transaction “gas fees” than Ethereum. Ethereum is actually a broken technology in that it’s gas fees are too expensive for average citizens and the transactional speed of the blockchain currently cannot be scaled any larger. BNB is a fork of Ethereum, so potentially BNB faces the same challenges as growth continues. I am unsure at this time if BNB has done anything to continue it’s dominance in low gas fees while maintaining future scaling potential. Solana is fresh code. It isn’t a fork of Ethereum and their developers and team believe they have the answer to keep fast transactions going while maintaing gas fees substantially less than Ethereum. However, with Solana, we lose decentralization. We have also lost decentralization with Ethereum since it went from Proof of Work to Proof of Stake).

Lido Staked Ether

Along with the aforementioned “side note of Ethereum”, another note of problems I foresee in Ethereum’s future… Lido Staked Ether. Lido Staked Ether as well as Tether $USDT and $USDC are the only tokens listed in the Top 10 that are not Layer 1 Blockchains. BTC, ETH, BNB, SOL, XRP, TON and DOGE are all Layer 1 Blockchains. Most of crypto’s Top 20 are Layer 1 Blockchains. And there are only approximately 180 Layer 1 Blockchains, while there are more than 30,000 tokens in the crypto universe.

Lido Staked Ether, being a token, and therefore not being a Layer 1 Blockchain represents a protocol that liquid stakes Ethereum. $STETH has been competing with $XRP and $USDT for the sixth, seventh and eigth positions on the Top 10 of crypto. But take a close look at the market cap between $STETH and those that surround it. Does it look to you that TONCOIN might just bump it downward? I think so.

TONCOIN

Toncoin is related to the popular messaging app Telegram. A few weeks ago you could have grabbed it for $2.00 a coin. It has almost 4X’d to $7.41 at the current price. If you maximized and made big profits off of holding some TONCOIN, I congratulate you!

TONCOIN is a Layer 1 Blockchain that can do smart contracts. It has some integrations with the Telegram app, but it’s also building out a decentralized finance ecosystem.

As mentioned, I believe TONCOIN just might grab 8th spot, knocking $STETH down to ninth.

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