BTC reached $104K before dropping to $90K; altcoins outperformed, weakening BTC dominance.
TL;DR…
- BTC hits $104K, RWA tokens surge: BTC reached $104K before dropping to $90K; altcoins outperformed, weakening BTC dominance.
- RWA leaders shine: VeChain (59.6%), Ondo (56.4%), and IOTA (107.5%) excelled; smaller tokens like Veloce (382.2%) and Creditcoin (175.4%) posted extraordinary gains.
- Major RWA developments: 21Shares launched the $ONDO ETP; Ethena joined Spark's tokenization competition; Landshare partnered with Roofstock; 21X and Chainlink launched a MiCA-compliant trading system.
- Interest grows: Google Trends data shows rising global searches for "RWA," highlighting increasing attention to this booming sector.
Today is a historic day, for multiple reasons.
Firstly, Bitcoin (BTC) smashed through the $100,000 threshold to reach its all-time highest value of over $104,000 before collapsing back to as low as $90,000—the largest intraday range in its 15-year history (in $ terms).
Despite the volatility, the crypto market remains euphoric, with altcoins across the board pulling off impressive numbers.
Let’s see how this curious price action has affected the RWA token scene, shall we?
>> Did you miss last week’s RWA update? Check it out here.
Market Overview
Bitcoin (BTC) currently hovers around the $95,000 price point after touching over $104,000 earlier today.
Meanwhile, altcoin season has unofficially begun, as the vast majority of altcoins have now outperformed BTC over the last 90 days.
This has resulted in Bitcoin’s dominance weakening—down from 57% to 54% this week.
Source: CMC Crypto Fear & Greed Index
The CMC Crypto Fear & Greed Index now sits at 79, indicating a prevailing state of greed in the market, but not quite the extreme greed seen throughout the last month.
This greed has manifested in soaring prices, with the RWA sector particularly seeing meteoric growth in the past week.
RWA Market Recap
As one of this cycle’s most hyped sectors, the RWA space has been on an impressive uptrend over the past week.
As it stands, every asset in the top 30 RWA tokens by market capitalization is in the green over this period, with several assets netting well over 50% growth.
Among the top 10, VeChain (VET), Ondo (ONDO) and IOTA (IOTA) stand out as this week's best performers, gaining 59.6%, 56.4% and 107.5% respectively.
But among the smaller RWA assets, some have achieved even more extraordinary growth, the top three being:
- Veloce (VEXT): gained 382.2%
- Creditcoin (CTC): gained 175.4%
- Reserve Rights (RSR): gained 110%
Just a handful of RWA tokens have been in the red over the past week, the worst performers being currently:
- Moongate (MGT): down 27.2%
- Brickken (BKN): down 5.7%
- Propchain (PROPC): down 1.6%
Notably, Chainlink (LINK) surged to its highest price in over two years following news about a major partnership (more on this later). Meanwhile, one of the oldest RWA projects, Clearpool (CPOOL), rose to its highest price since February 2022 following a partnership with Mansa Finance.
Ondo (ONDO), the institutional-grade on-chain finance platform, soared to its all-time highest price of $1.93 following the launch of the $ONDO ETP by 21Shares.
Source: DeFiLlama
The Real-World Assets (RWA) sector currently ranks No. 2 by mcap-weighted performance on DeFiLlama's narrative tracker, with a mcap-weighted gain of 34.8% in the last week. SocialFi currently secures the top spot, with a 37.9% mcap-weighted gain.
Interest in the RWA sector appears to be picking up, per Google search data.
According to data from Google Trends, the global search volume for the keyword “RWA” has been rising for more than a year. Besides a brief spike in March, it’s now sitting at its highest value in 2024.
>> Click here to keep tabs on your favorite RWA tokens.
RWA News Roundup
The RWA sector is hot right now, with important news, developments and updates being announced regularly.
We’ve sifted through the latest stories to bring you only the most relevant below:
21Shares Launches RWA Token ETP: Crypto investment platform 21Shares has launched the 21Shares Ondo ETP, providing regulated access to Ondo Finance's tokenized fixed-income securities. This ETP is 100% physically backed by ONDO tokens, facilitating investor participation in decentralized finance and on-chain traditional markets.
Ethena Labs Joins Spark's $1 billion Tokenization Competition: Ethena Labs and Securitize have proposed integrating Ethena's forthcoming stablecoin, USDtb, into Spark's $1 billion Tokenization Grand Prix. USDtb, backed by BlackRock's tokenized U.S. Treasury fund, BUIDL, aims to enhance liquidity and stability within the Sky ecosystem.
Landshare Establishes Partnership With ForumPay and Roofstock: Tokenized real estate platform Landshare has partnered with ForumPay and Roofstock to enable stablecoin holders to invest directly in tokenized real estate without converting to fiat currency. This collaboration aims to enhance accessibility and liquidity in the real estate market.
21X and Chainlink Partner To Launch First MiCA-Compliant Regulated Trading and Settlement System: The initiative will leverage Chainlink's Cross-Chain Interoperability Protocol (CCIP) to ensure secure, seamless cross-chain asset transfers and reliable data feeds. This system is designed to enhance transparency, liquidity, and accessibility in the tokenized asset market, aligning with the EU's regulatory framework under MiCA.
>> That’s all for this week’s RWA recap. Join us next week for another dose of RWA news, updates and analysis.
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