Crypto Today: TRON sees massive spike in trade volume on DEXes as Bitcoin, Ethereum, XRP see slight gains
- Bitcoin, Ethereum and XRP prices increased slightly: BTC is steady above $59,500, ETH hovers at $2,500 and XRP is close to $0.57.
- Transaction volume of decentralized exchanges on TRON hit $1.61 billion in the last seven days, a more than 70% weekly increase.
- Cardano ecosystem gears up for Chang Hard Fork, scheduled for September 1.
Bitcoin, Ethereum, XRP updates
- Bitcoin hovers around $59,500 on Friday. The cryptocurrency suffered a 7.41% decline this week, down from Monday’s open of $64,219.
- Ethereum trades at $2,521 at the time of writing, erasing 0.25% of its value on Friday. Vitalik Buterin, co-founder of Ethereum and the Ethereum Foundation, were slammed by ETH holders for their expenditure and Buterin’s transfers to multisig wallets. On-chain intelligence platform Lookonchain tracked the transfers and shared details on X.
- Vitalik Buterin’s Ether transfers raise concerns after Ethereum Foundation slammed for spending $88 million
- XRP held steady close to support at $0.57 on Friday. XRP traders keep their eyes peeled for the Securities & Exchange Commission’s (SEC) next move. Pro-crypto attorneys weigh the likelihood of SEC’s appeal in the Ripple lawsuit.
Chart of the day
CHZ/USDT daily chart
Chiliz (CHZ) dipped to $0.0544 at the time of writing on Friday. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line. However, traders need to watch closely for signal line crossover above MACD line, as this would signal a reversal in the underlying momentum.
CHZ could correct 7.80% and drop to support at $0.0503. If there is a daily candlestick close above the Fair Value Gap (FVG) between $0.0559 and $0.0568, it could invalidate the bearish thesis.
CHZ could then rally toward resistance at $0.0638.
Market updates
- TRON network noted a 73.45% weekly increase in trade volume on decentralized exchanges. In the past seven days, the transaction volume climbed to $1.61 billion.
in the past 7 days, the transaction volume of DEX on the @trondao chain reached 1.61 billion US dollars, a weekly increase of 73.45%. @justinsuntron | #TRON pic.twitter.com/m5RAJJka8Y
— Satoshi Club (@esatoshiclub) August 30, 2024
- OKX exchange announced Hamster Kombat’s HMSTR token is getting listed on September 26.
- Cardano’s Chang Hard Fork’s part 1 kicks off on September 1, per official announcement.
- Cardano whales prepare for Chang Hard Fork, biggest network upgrade since 2021
Industry updates
- Elon Musk and Tesla won the lawsuit alleging their involvement in price manipulation of Dogecoin (DOGE).
- Bitcoin Spot ETFs recorded a net outflow of $71.73 million on August 29.
- Bloomberg data shows that Australia recorded a net increase in crypto ATMs, up from 73 to 1,200 in two years.
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.
