June was a prolific month for the cryptocurrency market, with Bitcoin (BTC) up more than 10%. Against this backdrop, let’s take a look together at the 5 cryptocurrencies that performed the best in the month of June 2023
The 5 biggest crypto gains in June
While May marked a pause in the bullish rally that began in 2023, June saw the cryptocurrency market show a completely different face. The price of Bitcoin (BTC) rose 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
5 – Kaspa (KAS)
In fifth place, with a performance of 76% in 30 days, we find Kaspa’s KAS. In a few words, Kaspa defines itself as “the fastest, open source, decentralised and fully scalable layer-1 in the world”. This promise is based on the GhostDag protocol, which is likely to be an adaptation of Bitcoin’s Nakamoto consensus.
The rise of KAS can be explained by several factors. Firstly, encouraging results on the testnet “proving that it is possible to scale a first-layer Proof Of Work solution”. Secondly, the KAS token has been listed on various exchange platforms, including Gate.io, KuCoin and CoinEx, and is set to join Bitpanda.
4 – Pendle (PENDLE)
With an increase of 111.2% in June, Pendle (PENDLE) is in fourth place. This decentralised finance protocol offers two main products: buying cryptocurrencies at 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 onto the Arbitrum network, which is enjoying significant traction following the airdrop of its ARB token. Since then, Pendle has multiplied its partnerships and integrations with various other protocols in the ecosystem.
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 in the Bitcoin network, carried out in August 2017.
Curiously, as with Pendle, there has been no particularly noteworthy news to justify BCH’s surge. It could, however, be linked to the cryptocurrency’s listing on EDX Markets, a new platform launched by Wall Street giants and featuring just 4 cryptos at present.
2 – Open Exchange Token (OX)
Second on the podium is a cryptocurrency we’ve never mentioned before, Open Exchange’s OX. With a performance of 260%, this one directly joins the top 300 most capitalised cryptocurrencies.
The presence of this asset in this ranking is relatively surprising. The OX token was issued on 1 June 2023 by Open Exchange, a relatively controversial cryptocurrency exchange platform. Launched earlier this year by the Coin Flex team and the co-founders of the now defunct Three Arrows Capital fund, Kyle Davies and Su Zhu, the exchange has already been nabbed on several occasions by Dubai’s financial regulator.
1 – FLEX Coin (FLEX)
With a 300.6% rise in 30 days, the top spot in this ranking goes to FLEX from the CoinFlex platform. CoinFlex is currently undergoing a legal restructuring process. The platform suspended withdrawals for the first time in June 2022 and is still experiencing difficulties.
Moreover, it has renamed itself the Open Exchange and issued the famous OX, which we mentioned above, that users can convert into 1:100 for FLEX. This is undoubtedly the reason for the rise in this asset, correlated with the fact that the platform is said to have partially repaid its debts thanks to the recent rise in the BCH.
