Crypto Today: Bitcoin, Ethereum gain slightly, XRP lags as attention shifts to SunToken
- Bitcoin and Ethereum extend gains between 1% and 2%, while XRP declines slightly.
- SunToken value spikes over 18% on Friday to rank among trending coins.
- Data from Deribit Exchange shows that crypto traders are betting on US election outcomes with $345 million.
- Avalanche gears up for 12% gains.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades above $61,000, early on Friday, adding 1% to its value on the day. The largest asset by market capitalization has seen a decline in exchange reserves on centralized exchanges. CryptoQuant data shows that Bitcoin exchange reserves have dipped to a multi-year low.
- In the last 30 days, Bitcoin supply on exchanges has dipped from 2.75 million to 2.67 million, a 3% decline.
- Ethereum hovers around $2,600, extending gains by 1.2% on Binance. The altcoin’s Ether ETFs noted a total outflow of $874,610 and the trading volume crossed $93 million on Thursday.
- Data from CryptoQuant and Deribit suggest that traders are positioning for price gains amidst Bitcoin’s ongoing recovery. The asset has climbed nearly 25% since its August 5 low of $49,000.
- XRP erased 0.33% of its value and dipped to $0.5956 on Friday. Ripple announced its annual flagship event, Swell 2024, in a recent tweet on X.
Chart of the day
AVAX/USDT daily chart
Avalanche (AVAX) trades at $26.23 at the time of writing. AVAX could extend gains by 12% and climb to the upper boundary of the Fair Value Gap (FVG) between $29.53 and $28.59. The Moving Average Convergence Divergence (MACD) indicator supports a bullish thesis. The green histogram bars show an underlying positive momentum in AVAX price trend.
AVAX could find support in the FVG between $23.50 and $25.22 if there is a correction in the asset.
Market updates
- Sony announces Soneium, a public Ethereum Layer 2 blockchain from the Japanese technology giant.
Introducing #Soneium by #Sony Block Solutions Labs building a public Ethereum layer 2 next-generation blockchain ecosystem designed to invoke emotion and empower creativity.
— Soneium (@soneium) August 23, 2024
Soneium aims to connect Web3 with everyday internet services, making blockchain technology more… pic.twitter.com/I7zAIbB5Td
- DeFi protocol DeSyn officially launches on the Mode Network and announces the MBTC Staking Fund, dMBTC.
Exciting updates!
— DeSyn Protocol (@DesynLab) August 23, 2024
We've officially launched on the @modenetwork with our latest product: dMBTC (MBTC Staking Fund).
Join us to enjoy an impressive 50% -100% APR, zero fees, 2x #Mode, and 1x #DeSyn Points. Plus, no locking is required—you can invest and withdraw… pic.twitter.com/l9qq8gj7Ms
- Data from on-chain activity tracker CryptoDep shows Shiba Inu (SHIB) ranks second in social activity as of Thursday, August 22.
Industry updates
- TRON (TRX) and SunToken (SUN) rank first and second in the top 30 trending coins this week, per CoinGecko data.
Rotations this powerful don't come around very often.
— Miles Deutscher (@milesdeutscher) August 23, 2024
When they do, you HAVE to maximise them.
I just uploaded my full video guide to maximising TRON season.
It includes:
• My top meme picks
• My #1 altcoin proxy
• My full strategy
Watch now https://t.co/IPo04xucuP pic.twitter.com/yKwogE2i3t
- SUI Blockchain announces Sui Builder House for developers and the community on September 17.
Join us in Singapore for Sui Builder House on Sept 17!
— Sui (@SuiNetwork) August 15, 2024
Connect with the global Web3 community, get the latest alpha, and help shape the future of blockchain.
Plus, attend our exclusive evening reception at LAVO✨
Secure your spot (it's free!)
- On-chain data tracker Solid Intel tracks Grayscale’s Ether transfer to Coinbase Prime. The asset manager holds 2.234 million Ethereum tokens worth nearly $6 billion.
INTEL: @Grayscale started transferring $ETH to Coinbase Prime 2 minutes ago
— Solid Intel (@solidintel_x) August 23, 2024
Currently holding 2.234M ETH ($5.96B) pic.twitter.com/bNBipSVdwL
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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.
