Markets
Bitcoin leads with 50% jump in sales
This week saw a positive turn for the non-fungible token (NFT) market, with sales rising more than 17% after a period of decline.
Total sales reached US$145.3 million, involving around 230,000 active buyers and sellers.
Blockchains by NFT Sales Volume
Bitcoin (Bitcoin) the network led the attack NFT Cross-blockchain sales reached $47.74 million – a notable 50.33% increase from last week.
The network also recorded more than US$39,000 in wash trades – 15.39% above last week’s figures.
Despite the improvement in sales volume, the Bitcoin NFT space has seen a nearly 96% drop in the number of active buyers. Only 2,056 addresses actively participated in the week’s trading.
Following closely in weekly NFT sales volume was Ethereum (ETH) blockchain, which, according to data of CryptoSlam, recorded more than US$35 million in sales between June 2nd and 8th.
In the previous week, as reported per crypto.news, Ethereum had the highest NFT sales volume, with total sales of $37.43 million. This week’s numbers fell slightly by 0.31% and relegated the Ethereum blockchain to second best in terms of number of NFT sales.
The network’s wash trading numbers also fell by around 6.87% to $24.7 million. In terms of buyers, Ethereum has been much more active than Bitcoin over the past seven days, with more than 15,000 buyers participating in NFT transactions. However, the number still represents a drop of 59.67% compared to last week, according to data from CryptoSlam.
Polygon (MATIC) NFT sales also saw a significant jump, increasing more than 22% to $19.63 million. Solana (SUN) came in fourth place, with US$18.225 million in sales, a drop of 4.53%. Immutable X (IMX) came next, with sales increasing 13.15%.
Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam
This recent increase in activity is noteworthy because it shows that interest in NFTs is not just coming from a few big players, but from a broad base of collectors and investors. It’s a community-wide resurgence, suggesting potential for sustained growth.
Top NFT Crowdsales
The biggest NFT sale of the week came from Cardano (ADA) blockchain, with an NFT selling for $219,102 just three days ago. Following closely was an Ethereum-based Cryptopunk #1002, which raised $193,372 two days ago. Polygon was also represented among the top NFT collectibles sales, with a Matr1x Fire Weapon NFT changing hands for $97,685.
The fourth most expensive NFT sold last week was DeezNode #033 from the Solana blockchain, which sold for $76,029. That price was just $2,690 more than the fifth most expensive NFT of the week, a Bitcoin Ordinal priced at $73,339.
In terms of top-performing NFT collections, Bitcoin’s PIZZA NFTs came out on top, generating $17.932 million over the past seven days. Immutable X’s Guardians Guild, which generated $7.014 million, an increase of 23.90%, came in second. Polygon’s Moongirl NFTs secured third place with $5.799 million in sales, which represented a whopping 643.51% increase from the previous week.
Top 5 NFT Collection Rankings by Sales Volume | Source: CryptoSlam
Are NFTs back?
This week’s data shows multiple growth rates among leading platforms like Bitcoin, Solana and Polygon, pointing to a diverse market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, suggests renewed interest from collectors.
What is driving this renewed interest in NFTs? Several factors may be at play. First, the recent market crash likely provided a buying opportunity for savvy investors looking to capitalize on lower prices. Second, the growing utility of NFTs across sectors, from gaming to digital art, may be attracting a diverse group of investors.
Furthermore, the overall growth of the crypto market tends to positively impact NFTs. As major cryptocurrencies such as Bitcoin and Ethereum increase in value, their associated NFT markets often benefit as well.
Markets
Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows
This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.
Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).
The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.
Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.
Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.
Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.
Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.
Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.
U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.
Markets
Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days
Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.
Worldcoin (WLD) Price Analysis
O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.
The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.
Arweave (AR) Price Analysis
Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.
AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.
Price Analysis of Injective (INJ)
Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.
INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.
Markets
Ethereum at $3.5K, Exchange Supply Hits 34-Month High
Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.
ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.
ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment
Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.
According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.
On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.
The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.
Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.
One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.
Markets
Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt
Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?
Posted on July 17, 2024 at 12:00 PM EST.
Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.
They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?
They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).
Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?
Program Highlights:
- Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
- How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
- Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
- How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
- What are the new updates about Ethereum ETFs and their expected launch?
- Why Solana Hasn’t Performed Significantly Better Since Trump News
- What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
- Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
- What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week
Hosts:
Guest:
- Jack PlattsCo-Founder and Managing Partner of Hypersphere Ventures
-
DeFi6 months ago
DeFi Technologies Appoints Andrew Forson to Board of Directors
-
News7 months ago
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
-
Fintech6 months ago
US Agencies Request Information on Bank-Fintech Dealings
-
DeFi6 months ago
Switchboard Revolutionizes DeFi with New Oracle Aggregator
-
News7 months ago
Bitcoin and Technology Correlation Collapses Due to Excess Supply
-
News8 months ago
ValueZone launches new tools to maximize earnings during the ongoing crypto summer
-
DeFi6 months ago
Is Zypto Wallet a Reliable Choice for DeFi Users?
-
Fintech6 months ago
What changes in financial regulation have impacted the development of financial technology?
-
Fintech6 months ago
Scottish financial technology firm Aveni secures £11m to expand AI offering
-
Fintech6 months ago
Scottish financial technology firm Aveni raises £11m to develop custom AI model for financial services
-
Markets8 months ago
Crypto Expert Provides Analysis of Top Altcoins, Market Sees Slight Rise
-
Fintech8 months ago
The most influential women in Fintech 2024