June was a prolific month for the cryptocurrency market, with Bitcoin (BTC) up more than 10%. In this context, let’s do together a summary of the 5 cryptocurrencies that achieved the best performances in June 2023.
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The 5 Biggest Crypto Rises in June
As May marked a pause in the bullish rally that began in 2023, June allowed the cryptocurrency market to show a completely different face. Bitcoin (BTC) price moved back above $30,000 and altcoins followed suit. Here are the 5 cryptocurrencies that performed the best in June 2023:
The 5 best performing cryptocurrencies in June 2023
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5 – Kaspa (KAS)
In fifth place in the standings with a performance of 76% in 30 days, we find Kaspa’s KAS. In a few words, Kaspa is defined as “the world’s fastest, open source, decentralized and fully scalable layer-1”. A promise that would be based on the GhostDag protocol, which would probably be an adaptation of Bitcoin’s Nakamoto consensus.
The increase in the KAS could be explained by several factors. First, encouraging results on the testnet “which would prove that it is possible to scale a first layer Proof Of Work solution”. Afterwards, the KAS token has been listed on various trading platformsincluding Gate.io, KuCoin or CoinEx and should join Bitpanda.
👉 More information about Kaspa (KAS), a distributed ledger with increased performance
4 – Pendle (PENDLE)
With an increase of 111.2% over the month of June, Pendle (PENDLE) sits fourth in the standings. This decentralized finance protocol offers two main products: the purchase of cryptocurrencies with a discount of up to 14% and yield farming with returns of up to 49%.
The increase can be justified by the recent decision to extend the protocol on the Arbitrum network, enjoying significant traction following the airdrop of its ARB token. Since then, Pendle has multiplied partnerships and integrations on various other protocols in the ecosystem.
3- Bitcoin Cash (BCH)
In third place, thanks to a performance of 160.3%: Bitcoin Cash (BCH). For comparison, Bitcoin has climbed 10% over the same period. As a reminder, Bitcoin Cash comes from a fork of the Bitcoin network, carried out in August 2017.
Curiously, just like with the Pendle, there hasn’t been any particularly notable news that could justify the BCH surge. However, it may be related to the listing of the cryptocurrency on EDX Marketsa new platform launched by Wall Street giants and currently only having 4 cryptos.
👉 To go further: Why is Bitcoin Cash (BCH) climbing so much right now?
2 – Open Exchange Token (OX)
On the second step of the podium, we find a cryptocurrency that we have never talked about before, the OX of Open Exchange. With a performance of 260%, it directly integrates the top 300 of the most capitalized cryptocurrencies.
The presence of this asset in this ranking is relatively surprising. The OX token was issued on June 1, 2023 by Open Exchange, a relatively controversial cryptocurrency exchange. Launched at the start of the year by the Coin Flex and the co-founders of the defunct Three Arrows Capital fund, Kyle Davies and Su Zhuthe exchange has already been pinned several times by the Dubai financial policeman.
1 – FLEX Corner (FLEX)
With 300.6% increase in 30 daysthe first position of this classification returns to the FLEX of the CoinFlex platform. In two words, CoinFlex is currently undergoing legal restructuring proceedings. Indeed, the platform suspended withdrawals for the first time in June 2022 and continues to experience difficulties.
Besides, this one was renamed in Open Exchange and issued the famous OXwhich we were talking about just above, which users can turn into 1:100 against FLEX. This is certainly the reason for the rise in this asset, correlated to the fact that the platform would have partially repaid its debts thanks to the recent rise in BCH.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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