Crypto Today: Bitcoin, Ethereum and Ripple rally shows trader optimism, fresh gains in cryptos
- Bitcoin trades close to $58,000 on Friday, extending gains as market participants turn optimistic, anticipating a US rate cut in September.
- German government’s Bitcoin wallets are relatively low on BTC, as compared to the beginning of June, which could ease the selling pressure.
- Ethereum and XRP rallied on July 12 amidst market-wide gains in cryptocurrencies.
Bitcoin, Ethereum, Ripple update
- Bitcoin trades above $57,500 on Friday. The largest asset by market capitalization held on to recent gains as the sentiment among traders is less bearish than last week. Augmento.ai’s Bitcoin sentiment tracker tracks the sentiment from 0 (extreme bearish) to 1 (extreme bullish). The sentiment is 0.281 on Friday, relatively less bearish. Bitcoin Weekly Forecast: Investors wonder if BTC troubles are behind
- Ethereum trades above $3,100 on July 12 amidst renewed optimism in the crypto market. The largest altcoin recovered alongside most other assets on Friday, extending gains to $3,123 at the time of writing. Ethereum on-chain activity reveals mixed signals amid declining inflation
- Ripple trades at $0.4666 at the time of writing. XRP could extend its gains further amidst positive developments in the Ripple ecosystem and statements from CEO Brad Garlinghouse. Ripple extends gains by 5% on Friday as CEO hints at institutional crypto products with CME XRP-Dollar index
- The US CPI release captured the attention of crypto traders as the market anticipates a 70% chance of a rate cut by the US Federal Reserve, per a QCP Capital report. The optimism among traders is evident from cryptocurrencies extending gains on Friday and sentiment among Ripple traders turning positive. Morning briefing: The lower US CPI release led to Dollar weakness
Chart of the day
OM/USDT daily chart
Mantra (OM) is trading at $1.0698 at the time of writing. OM could extend gains by 10% and rally towards the July 11 top of $1.1730. The Moving Average Convergence Divergence (MACD) indicator is flashing green bars above the neutral line.
MACD implies that there is underlying bullish momentum in OM’s price trend.
Market updates
- Lido protocol announced new reward opportunities for wstETH holders on Ethereum, Base and zkSyncm, with Maverick Protocol.
New reward opportunities for wstETH holders on Ethereum, Base and zkSync with @mavprotocol ✨ https://t.co/5Jn2bYlE0c
— Lido (@LidoFinance) July 12, 2024
- Stacks co-founder announced that the Securities & Exchange Commission (SEC) dropped its three-year investigation into the project, per an official tweet.
: SEC drops a three-year investigation into Stacks with no action.
— muneeb.btc (@muneeb) July 12, 2024
Earlier this week, we received word from the SEC that after 3 years, they are terminating their investigation into the @Stacks blockchain (the protocol) and Hiro System (a company) with no action.
Stacks…
- Data from Artemis shows that over the past three months, Tron has consistently maintained the highest number of daily active addresses. The token’s activity has surpassed all other Layer 1 projects, per the data.
Over the past three months, @trondao has consistently maintained the highest number of daily active addresses, surpassing all other L1s." pic.twitter.com/8LjM45Z4sj
— Satoshi Club (@esatoshiclub) July 12, 2024
Industry updates
- Santiment data shows that wallets holding at least 10 Bitcoins climbed by 261 in July. This supports the thesis of Bitcoin adoption among traders.
In July, the number of Bitcoin wallets holding at least 10 $BTC surged by 261! pic.twitter.com/dOxjhfNG03
— TheLordofEntry (@thelordofentry) July 12, 2024
- IOTA dropped the start of its new governance vote by utilizing the unmigrated token pool.
1/ ️ New #IOTA governance vote starts today!
— IOTA News (@iotatokennews) July 12, 2024
The IOTA Ecosystem team has put forward a proposal to supercharge IOTA EVM growth by utilizing the unmigrated token pool. Read up on the proposal here and make sure you cast your vote ⬇️
… pic.twitter.com/CyINBE7AYn
- Ethereum Classic (ETC) Grants DAO is currently in discussions with VanEck regarding the launch of an ETF/ ETN product.
Exciting news! The ETC Grants DAO is currently in discussions with VanEck regarding the potential launch of an Ethereum Classic (ETC) ETF/ETN and its feasibility. This long-term goal may take time, but stay tuned for updates on this promising development! #EthereumClassic… pic.twitter.com/R5KWXsnoYr
— ETCGrantsDao (@ETCGrantsDao) July 12, 2024
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
