Cryptocurrency Market News: Ethereum continues outperforming the market hitting $280

Here is what you need to know on Friday, 24 July

BTC/USD had a minor breakout today following ETH and hit $9,664 on Binance but couldn’t sustain the move and has dropped below $9,600 already.

ETH/USD is the clear winner today and it’s showing a lot of dominance over the rest of coins. Ethereum is experiencing a significant increase in trading volume and has peaked at $280 after another 5% leg up.

XRP/USD struggles to climb above $0.21 but is getting more trading volume.

The biggest gainer in the last 24 hours is Flexacoin followed by Kusama with a 30% price surge hitting $12.56 and climbing above rank 150th by market capitalization. Ampleforth is consolidating and down 20% after a massive bull run the past few weeks.

Chart of the day: ETH/USD 1-hour chart

Market

Following the last article, it seems that more people are suing platforms over cryptocurrencies. Steve Wozniak, co-founder of Apple just sued Youtube over various crypto scams that were using his image. The lawsuit was announced by Cotchett Pitre & McCarthy LLP, a law firm. In the report, Wozniak alleges that Bitcoin giveaway scams are using images of him and others and Youtube and Google are ignoring the repeated requests of taking the videos down.

Schodeon, a top Ethereum 2.0  developer has stated that we will see the update before the end of 2020. 

The Ethereum 2.0 beacon chain will launch in November unless we find severe bugs in clients or protocol. I’m in-between Vitalk and Justin with my estimation here, I don’t think that we necessarily need to delay Ethereum 2.0 into 2021 unless we find critical issues. We are well on track for a late 2020 launch

Industry

According to CoinDesk, domain registrars will make use of Gemini’s custody services when purchasing .crypto addresses. Gemini is a cryptocurrency exchange founded by the Winklevoss twins in 2014. 

Gemini is always excited to support new uses for cryptocurrency and to bring more people into the crypto ecosystem. By providing readable ERC-721 domains that allow for both digital asset payments and uncensorable websites, Unstoppable Domains have brought another use case for NFTs beyond crypto collectibles. We think there's a big opportunity for custody providers to support this asset class, and we're proud to be the first licensed exchange and custodian to offer such a service," added Kristen Mirabella, Principal at Gemini.

Quote of the day

Bitcoin is Cash with Wings

– Charlie Shrem