Bitcoin (CRYPTO: BTC) remains the best-known cryptocurrency in the world. It also claims the largest market cap. That currently sits at US$689 billion (AU$895 billion), according to data from CoinDesk.

But just because it’s held the number 1 spot since, well, forever, doesn’t mean it might not get dethroned. Indeed, a valid contender is nipping at its heels.

Namely, Ethereum (CRYPTO: ETH).

Ethereum is gaining ground

Ethereum currently has a market cap of US$308 billion. Yes, that’s less than half of Bitcoin’s market valuation. But Ethereum is closing the gap as it’s suffered less during the recent broader crypto sell-off than the world’s number 1 token.

Whether that trend continues is hotly debated among the world’s crypto experts.

Tegan Kline is the co-founder of blockchain software company Edge & Node. As Bloomberg reports, Kline believes Ethereum “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest”.

Then there are Goldman commodity strategists Mikhail Sprogis and Jeff Currie. The pair don’t believe Bitcoin’s dominant position is written in stone. In fact, they wrote that the token may well “eventually lose its crown as the dominant digital store of value to another cryptocurrency with greater practical use and technological agility”.

Sounding off in support of the world’s current number 1 digital token is Edward Moya, a senior market analyst at Oanda Corp.

According to Moya, “Bitcoin will still remain king of the cryptos.” He added it “had too big of a lead for Ethereum to catch and has one major advantage, a fixed supply of only 21 million coins.”

Bitcoin and Ethereum price snapshot

Bitcoin is enjoying a strong rebound today, up 7.7% in the past 24 hours to US$ 36,887. Year-to-date the price has gained 27%.

Ethereum is also surging today, up 15.1% over 24 hours to US$2,653. Though well down from its mid-May all-time highs of US$4,383, the Ethereum price is up 256% so far in 2021.

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It certainly was an eventful month for the Appen Ltd (ASX: APX) share price in May.

During the month, the artificial intelligence (AI) data annotation products and solutions provider’s shares lost 14% of their value.

This was actually a decent result, as the Appen share price was down as much as 32% month to date at one stage during the month.

Why was the Appen share price under pressure in May?

The Appen share price came under significant pressure early on in the month following the release of a presentation which provided colour on industry conditions.

Although management spoke positively about its position in the industry, it also revealed that its customers were changing the ways in which they develop projects. This has resulted in changing data volumes on a handful of large projects, impacting Appen’s revenue.

This, and management’s failure to comment on its guidance for FY 2021, spooked the market and sent its shares crashing lower.

The rebound

In response to this, later in the month Appen announced that it would be restructuring its business to align to its product-led growth strategy and distinct customer propositions.

This will see the company operate with four customer-facing business units – Global, Enterprise, China, and Government. Management expects the changes will provide greater visibility of the drivers and performance of the business. And judging by the significant rebound in the Appen share price following this update, the market appears to agree.

Also going down well with investors was management finally commenting on its guidance for FY 2021.

As it turns out, there was nothing to fear here. It has reiterated its guidance and is forecasting underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of US$83 million to US$90 million in FY 2021. This represents constant currency growth of 18% to 28% year on year.

Where next for its shares?

According to a note out of Ord Minnett from late last month, it believes there is significant upside for the Appen share price over the next 12 months.

The broker currently has a buy rating and $24.75 price target on its shares, which implies potential upside of 90%.

All in all, shareholders will be hoping this broker is on the money and the Appen share price has a much better month in June.

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The S&P/ASX 200 Index (ASX: XJO) isn’t having a crash hot kind of day today. At the time of writing, the ASX 200 has slipped 0.2% and is sitting at 7,147 points.

One ASX share that is contributing to this dip today is the Lynas Rare Earths Ltd (ASX: LYC) share price. Lynas shares are close to topping the ASX 200 losers today and are down a hefty 4.71% to $5.26 a share at the time of writing. This move pulls Lynas down to the lower side of the range it has been trading in since February. It also means that Lynas is now more than 22% below the new 52-week high of $6.82 that the rare earths company hit back in March.

Even so, the Lynas share price is still well ahead when you zoom out a little. Year to date, the company is still sitting on a pretty solid 25.8% gain. It’s also up a pleasing 154% over the past 12 months.

So why are Lynas shares down in the dumps today?

Lynas share price drops

At first glance, it’s not really clear why Lynas shares seem to be on investors’ bad side today. There are no official news or announcements out of the company today, or since 18 May for that matter.

As such, it might be that some investors are simply taking some profits off of the table today. Despite the lacklustre month or two that Lynas shares have had, many long-term investors would still have some pretty solid green figures in their ledger for this company. Perhaps after the ASX 200 hit a new all-time high last week, investors woke up this morning with a mind to take some capital off the table.

What else is going on with Lynas?

Back in mid-May, Lynas did tell the markets that it had run into some issues with its rare earths processing plant in Malaysia. These are largely related to the coronavirus pandemic, and involve nationwide lockdown restrictions. Although the company assured investors that it would continue to operate under “standard procedures”, it nevertheless spooked investors at the time and resulted in a large drop in the Lynas share price. Perhaps this situation is still on investors’ minds today.

Whatever the reason, Lynas shareholders probably won’t be too happy with what the market has dished up to them today. At the company’s current share price, Lynas has a market capitalisation of $4.74 billion and a price-to-earnings (P/E) ratio of 337.5.

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• High-flying Goodman (ASX:GMG) share price not expensive after all: UBS

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The Core Lithium Ltd (ASX: CXO) share price spent most of the day lower, before slightly rebounding during late-afternoon trade. This comes despite the company announced an update at its wholly-owned Finniss Lithium Project located in the Northern Territory.

At the time of writing, the emerging lithium producer’s shares are flat 24 cents.

What did Core Lithium announce?

According to its release, Core Lithium advised it has recommenced drilling operations at the Finniss Lithium Project. The diamond core drilling campaign kicked off this week, focusing on resource expansion drilling and exploration activity. A Reverse Circulation (RC) rig and Rotary Air Blast (RAB) rig is expected to commence follow-up drilling later this month.

Diamond drilling is a more efficient way for precise sampling and analysis, whereas RC drilling is used for extracting bulk samples. When it comes to speed, RC drilling is the faster method, however, diamond drilling is employed when seeking accurate results.

Rotary Air Blast drilling, also known as “down-the-hole drilling”, is an open-hole technique that employs a pneumatic hammer with tungsten “teeth” that chew away the rock surface. Debris is then blown up and out through the excess space surrounding the rod.

The company highlighted that this is the biggest lithium resource expansion drilling campaign in its history at the Finniss Project. It is projected that drilling operations will bring lithium rich pegmatites into spodumene resources in coming months.

In addition, Core Lithium noted that gold exploration activities are underway in the Northern Territory, at the Bynoe Gold Project. Early-stage geological mapping and geochemical surveys are currently underway before gold discovery drilling programs begin later this year.

Core Lithium managing director, Stephen Biggins commented:

We are excited to be recommencing fieldwork at the Finniss Lithium Project, this time being the most extensive exploration and drilling campaign we have ever conducted at our flagship asset.

We are confident that, through this program, we will be able to significantly upscale the lithium resources and mine life at Finniss, making Australia’s next lithium mine an even more attractive investment opportunity.

Core Lithium share price summary

It’s been an impressive 12 months for Core Lithium shares, rising by more than 450%. Year-to-date performance has also presented strong gains, up 60% in 2021.

Core Lithium has a market capitalisation of roughly $278 million, with approximately 1.1 billion shares on its registry.

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The Australia dollar fell after the Reserve Bank of Australia (RBA) gave its strongest hint yet that record low interest rates will stay till 2024 or beyond.

The Aussie dropped from US77.62 cents to US77.38 cents on RBA’s rate announcement this afternoon. It recovered some lost ground and is trading at US77.50 cents at the time of writing.

No one would be caught off-guard by the central bank’s decision to leave rates and its bond buying program unchanged. But what caught the market’s attention was its prediction that wages won’t be moving much higher until 2024 at the earliest.

RBA pours cold water on inflation fears

This effectively signals that the RBA could be happy to hold the cash rate at 0.1% until then. This is because our central bankers won’t have to worry about inflation until then.

That will be good news for ASX investors. Global equity markets are on edge due to worries about rising prices.

The surge in commodity prices and ongoing supply chain disruptions have caused prices of many goods, including food, to jump.

Why inflation could be the biggest threat to the ASX bull market

Central bankers around the world, including the US Federal Reserve, have repeated reassurances that rates will stay at an all-time low for the next few years. This is even after the latest quarterly inflation reading shot past the targeted band of 2% to 3%.

It’s only fitting that the RBA addressed the elephant in the room. If interest rates rise sooner than expected, as some believe, the S&P/ASX 200 Index (Index:^AXJO) could crash.

The market has not priced in a quicker than expected rise in rates, which lower share valuations.

Why the RBA won’t lift interest rates till 2024 or later

While the RBA acknowledged that inflation is likely to overshoot in the near-term but it was unperturbed.

“Despite the strong recovery in the economy and jobs, inflation and wage pressures are subdued,” said RBA Governor Philip Lowe.

“While a pick-up in inflation and wages growth is expected, it is likely to be only gradual and modest. In the central scenario, inflation in underlying terms is expected to be 1½ per cent in 2021 and 2 per cent in mid 2023.”

Are inflationary pressures transitory?

The RBA’s confidence that the inflation genie hasn’t escaped from its bottle is due to wages growth. For inflation to be “sticky”, wages need to rise meaningfully.

Not even a faster than expected recovery for jobs and the Australian economy is enough to worry our central bankers. The RBA expects our economy to expand by an impressive 4.75% this year and 3.5% in 2022.

“Job vacancies are at a high level and a further decline in the unemployment rate to around 5 per cent is expected by the end of this year,” added Dr Lowe.

“There are reports of labour shortages in some parts of the economy.”

One area of concern for the RBA in its interest rate call

But this isn’t to say that the RBA is relaxed about everything. The hot housing market is giving our monetary gurus some pause.

It admitted that it was keeping a close eye on trends in housing borrowing and stressed the importance that high lending standards are maintained.

Also important to note, the RBA doesn’t share the same concern about ASX shares even as our market breaks new record highs.

Party on, fellow Fools!

More reading

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• Expected spike in Aussie dollar to >US80 cents spells trouble for these ASX shares

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Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Here’s the data:

Imugene Limited (ASX: IMU)

This immuno-oncology focused biopharmaceutical company’s shares were the most traded on the CommSec platform last week, accounting for 2.4% of trades. Approximately two-thirds of these trades came from buyers, helping to drive its shares 12% higher over the week. Excitement around its HER-Vaxx cancer immunotherapy appears to be behind this. And while there was some insider buying (through the exercising of options) from its CEO and Chairman, this was funded by the sale of shares.

Zip Co Ltd (ASX: Z1P)

This buy now pay later provider’s shares were heavily traded again last week. They were attributable to 2.1% of trades on the platform, with just over half of the volume coming from the buy side. This led to the Zip share price rising 2.2% over the five days. Investors were buying Zip’s shares following news that it is expanding into Europe and the Middle East.

Kogan.com Ltd (ASX: KGN)

This ecommerce company’s shares accounted for 1.4% of trades on CommSec last week. And although there were marginally more sellers than buyers, it couldn’t stop the Kogan share price from jumping 17% over the week. This appears to have been driven by bargain hunters swooping in following a sizeable decline a week earlier.

Commonwealth Bank of Australia (ASX: CBA)

This banking giant’s shares were heavily traded last week. The shares of Australia’s largest bank were attributable to 1.4% of trades on the platform, with buyers accounting for only 26% of the volume. Unfortunately for the sellers, the Commonwealth Bank share price rose 2.5% during the week and even broke through the $100 mark for the first time.

Fortescue Metals Group Limited (ASX: FMG)

Despite a pullback in iron ore prices, CommSec investors were buying this mining giant’s shares last week. Fortescue’s shares accounted for 1.3% of trades on the platform, with 62% coming from the buy side. Unfortunately for them, the weakness in iron ore prices led to the Fortescue share price losing 1% of its value during the five days.

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ASX energy shares got pummelled during the first months of the global pandemic, pressured by nosediving crude oil prices.

As much of the world began locking down in February last year, global oil demand to power everything from shipping to personal vehicles to air travel came to a grinding halt.

This saw Brent crude oil prices fall from more than $68 per barrel in early January 2020 to less than $22 per barrel in the last week of March 2020.

Little wonder then that ASX energy share Senex Energy Ltd (ASX: SXY) saw its share price crash 55% in that same time. Rival ASX energy share Santos Ltd (ASX: STO) wasn’t spared either, falling 64% over that same time.

While investors who sold near the lows are likely still smarting, those who picked shares up on 20 March 2020 have something to crow about. Santos is up 125% since the lows. Senex shares have gained 152%.

Now those kinds of gains are unlikely to be repeated in that short of a time frame any time soon.

But if the boffins running OPEC+ (which includes Russia) have it right, ASX energy shares could be well-positioned to outperform in the second half of the year.

Crude stockpiles are dwindling

OPEC+ thinks that the pandemic driven glut in global oil supplies is nearing its end. And with the world beginning to reopen as the pace of vaccinations picks up, resurgent demand could well outstrip any gradual increases in supply greenlighted by the organisation.

According to Bloomberg:

OPEC’s Joint Technical Committee estimated on Monday that by the end of July stockpiles in developed nations will be below the average levels seen during 2015 to 2019… Between September and December, inventories will be depleted at a brisk clip of more than 2 million barrels a day.

Louise Dickson, an analyst at consultants Rystad Energy, noted, “The market is now facing the exact opposite dilemma of April 2020. Producers now have just as delicate of a task to bring back enough supply to match the swiftly rising oil demand.”

Dickson added, “If markets over-tighten, a flare-up in prices could jeopardize the global economic recovery.”

While overly high oil prices could certainly constrain the wider economic rebound, they’d almost certainly be welcomed by ASX energy shares.

Of course, plenty of uncertainties remain for crude oil prices in the months ahead. Chief among those is how well the world handles COVID-19. In recent weeks the virus has rebounded alarmingly in parts of Asia and South America. That could well dampen any forecast growth in oil demand if not brought under control.

Then there’s Iran. The oil-rich nation is looking at regaining access to global oil markets if the United States lifts crippling restrictions imposed under the Trump administration over its nuclear ambitions.

OPEC, however, doesn’t intend to let Iran upset the proverbial apple cart. As Bloomberg notes:

OPEC’s Barkindo signaled at the JTC meeting that Iran’s comeback “will occur in an orderly and transparent fashion,” causing no upset to the stability that other OPEC+ nations have toiled to achieve.

2 ASX energy shares in a snapshot

Senex Energy shares are up 2.2% in late afternoon trading, putting shares up 28% year-to-date.

Santos shares are up 1.9%, with the Santos share price now up 7% year-to-date.

By comparison the All Ordinaries Index (ASX: XAO) is down 0.2% today and up 6% so far in 2021.

Santos has a market cap of $14.1 billion and pays a dividend yield of 1.3%, fully franked.

Senex is on the smaller end of the ASX energy share scale, with a market cap of $580.5 million. Senex pays a dividend yield of 1.3%, 96% franked.

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The Aristocrat Leisure Ltd (ASX: ALL) share price booked a new all-time record high of $42.10 on 28 May.

Its shares have made a quick turnaround from falling 4.5% to $30.36 on 26 February after its annual general meeting presentation to an earnings upgrade on 17 May that propelled its bullish run to record highs.

Its shares have since taken the foot off the gas, closing May at $41.05.

What a month it was for the Aristocrat share price

Aristocrat shares staged a bullish recovery after its February AGM pullback, delivering three consecutive month-on-month gains from March to May.

Its shares retested pre-COVID highs of $38 on 10 May. But as the Aristocrat share price looked set to break out into new all-time record highs, the S&P/ASX 200 Index (ASX: XJO) staged a sharp ~2.65% fall between 11 and 13 May.

The three-day selloff saw Aristocrat shares tank 3.80% lower from $38.00 to $36.56. And just as some investors might have started to think “the top is in”, Aristocrat announced a half-year earnings upgrade on 17 May that pushed its shares right back up to record highs of $39.50 on the day.

The announcement highlighted a 12% increase in normalised net profit after tax and before amortisation of acquired intangibles (NPATA) to $412 million and a 6% increase in normalised earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $750 million.

The upgraded guidance was driven by stronger than expected consumer sentiment and economic conditions in the United States and Australia/New Zealand (ANZ), which drove profit growth in its casino machine business. Its growth was further supported by its digital games business, which delivered revenue and profit growth against the elevated prior corresponding period.

Aristocrat full year results

Aristocrat announced its actual full-year results just a few days later on 24 May, with NPATA and EBITDA of $411.6 million and $750.3 million. The full-year results announcement reiterated the stronger than expected consumer sentiment and economic conditions in the US and ANZ.

Another highlight was Aristocrat’s digital games segment. The company advised that its growth had propelled it into a top 5 mobile games publisher in tier 1 western markets, according to leading global data and analytics provider App Annie. This means Aristocrat is going toe-to-toe with household names such as Activision Blizzard Inc, Zynga Inc and Bandai Namco.

Business outlook

Looking ahead, Aristocrat advised that it “plans for strong growth over the full year to 30 September 2021”.

Despite no dollar figure guidance, the company expects to enhance its market-leading position in casino gaming operations and drive further growth in its digital games business. The outlook flagged an increase in overhead expenses as it scaled and delivered on its growth strategy.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a decline. At the time of writing, the benchmark index is down 0.2% to 7,147.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

BetMakers Technology Group Ltd (ASX: BET)

The BetMakers share price has continued its slide and is down a further 8% to $1.07. Investors have been selling this betting technology company’s shares since it announced a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business last week. In fact, the company’s shares have now lost a third of their value since the announcement. The deal would see Tabcorp shareholders ultimately own a 65% stake in BetMakers.

Blackmores Limited (ASX: BKL)

The Blackmores share price has fallen 5% to $67.20. This is despite there being no news out of the health supplements company on Tuesday. This latest decline means the Blackmores share price is down almost 20% since this time last year.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price has tumbled 5% to $5.25. This decline may have been driven by profit taking from investors following a strong gain since the start of the year. For example, even after accounting for today’s decline, the Lynas share price is up 26% in 2021 and 150% over the last 12 months.

Westgold Resources Ltd (ASX: WGX)

The Westgold share price has dropped 1.5% to $2.24. This is despite the release of a corporate update. That update appears to suggest that management believes its shares are undervalued in comparison to its peers. The release notes that the company’s shares are trading at 8.2x earnings, compared to 14x earnings for many of its peers. While this may be the case, it hasn’t been enough to boost its shares today.  

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The Talga Group Ltd (ASX: TLG) share price started the day off strongly before some profit takers swooped in. This comes after the technology minerals company provided a conclusion on its feasibility studies.

During morning trade, Talga shares reached an intraday high of $1.77, however as the day progressed, its shares cooled off. At the time of writing, the company’s share price is sitting at $1.625, up 2.52%.

What did Talga announce?

Investors have been busy buying Talga shares, with strong volumes recorded today (over $4 million in trades).

In its announcement, Talga advised that studies confirm the feasibility of producing Talga battery anode products in the United Kingdom. In particular, the company looked into the technical and commercial prospects from its Anode Refinery in the country.

Talga stated that it’s reviewing opportunities for strategic growth in response to increased consumer demand and favourable global government policies. Geographical and product expansions are possible pathways as it aims to benefit from the emerging lithium battery sector.

The studies indicated the company’s patented battery anode products Talnode-C and Talnode-Si could service United Kingdom’s electric vehicle market needs. Talga said, “anode production would potentially deliver secure, cost-effective and sustainable active battery material for a more self-sufficient UK electric vehicle industry”.

Pleasingly, the company revealed that the opportunity to produce battery anode products in the United Kingdom is economically viable. However, commercial, engineering, permitting and energy supply would need to be further investigated if this pathway is pursued.

Following its completed feasibility studies, Talga submitted its report to the Advanced Propulsion Centre. The company will now look for potential partners and government entities to support its expansion plans.

Talga share price summary

In the back end of 2020, Talga shares accelerated to reach an all-time high of $2.15 following positive investor sentiment. While its year-to-date performance is relatively flat, the company’s share price over the course of 1 year is up 260%.

Based on today’s price, Talga has a market capitalisation of roughly $494 million, with approximately 303 million shares on issue.

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