June was a prolific month for the cryptocurrency market, with Bitcoin (BTC) up over 10%. Against this backdrop, let’s take a look together at the 5 best-performing cryptocurrencies in June 2023.
The 5 biggest crypto gains in June
While May marked a pause in the bullish rally begun in 2023, June saw the cryptocurrency market show a completely different face. The price of Bitcoin (BTC) climbed back above $30,000, and altcoins followed suit. Here are the 5 best-performing cryptocurrencies in June 2023 :
The 5 best-performing cryptocurrencies in June 2023
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5 – Kaspa (KAS)
In fifth position with a performance of 76% in 30 days, we find Kaspa’s KAS. In a few words, Kaspa defines himself 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 presumably be an adaptation of Bitcoin’s Nakamoto consensus.
The rise of KAS can be explained by several factors. Firstly, encouraging results on the testnet « which proves that it is possible to scale up a first-layer Proof Of Work solution. Next, the KAS token was listed on various exchange platformsincluding Gate.io, KuCoin and CoinEx, and is set to join Bitpanda.
👉 More information on Kaspa (KAS), a distributed register with tenfold performance gains
4 – Pendle (PENDLE)
With 111.2% increase over June, Pendle (PENDLE) is fourth in the ranking. This decentralized finance protocol offers two main products: cryptocurrency buying with discounts of up to 14%, and yield farming with returns of up to 49%.
The rise can be justified by the recent decision to extend the protocol to the Arbitrum networknetwork, benefiting from significant traction following the airdrop of its ARB token. Since then, Pendle has multiplied its partnerships and integrations on various other ecosystem protocols.
3 – Bitcoin Cash (BCH)
In third place, with a performance of 160.3%: Bitcoin Cash (BCH). By way of comparison, Bitcoin climbed 10% over the same period. As a reminder, Bitcoin Cash is the result of a fork of the Bitcoin network, carried out in August 2017.
Curiously, as with Pendle, there hasn’t been any particularly noteworthy news to justify BCH’s surge. Nevertheless, it could be linked to the cryptocurrency’s listing on EDX Marketsa new platform launched by Wall Street giants and currently featuring just 4 cryptos.
👉 Going further: Why is Bitcoin Cash (BCH) climbing so high right now?
2 – Open Exchange Token (OX)
On the second step of the podium, we find a cryptocurrency we’ve never talked about before, Open Exchange’s OX. With a performance of 260%, this one directly joins the top 300 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 platform. Launched earlier this year by the Coin Flex and co-founders of the now defunct Three Arrows Capital fund, Kyle Davies and Su Zhuexchange has already been nabbed several times by the Dubai financial watchdog.
1 – FLEX Coin (FLEX)
With 300.6% rise in 30 daysthe top position in this ranking goes to CoinFlex’s FLEX. In a nutshell, CoinFlex is currently undergoing a legal restructuring procedure. Indeed, the platform suspended withdrawals for the first time in June 2022 and continues to experience difficulties.
By the way, renamed itself Open Exchange and issued the famous OXmentioned above, which users can transform into 1:100 for FLEX. This is certainly the reason behind 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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As a journalist for Cryptoast, I strive to dissect every detail of the fascinating world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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