Bitcoin has rebounded sharply from the low-$60,000s to around $80,000, gaining nearly 20% last week in one of its strongest weekly moves in years. The rally appears to reflect several forces working together: improving macro conditions, short covering, renewed regulatory optimism, and stronger demand through U.S.-listed crypto ETFs.
Altcoins
Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL), are facing downside pressure, holding at crucial support levels. The technical outlook for XRP, ADA, and SOL indicates a mild bearish bias as downside pressure mounts.
Leading cryptocurrencies fell, even as stocks rallied on Wednesday as investors weighed the latest consumer inflation numbers that came in line with expectations.
The altcoin season index suggests that the long-awaited altseason is yet to come.
In the latest round of monitoring assets listed on the platform for possible delisting, Binance has placed a Monitoring Tag on Moonbeam (GLMR), ICON (ICX), Moonriver (MOVR), SuperRare (RARE) and Sophon (SOPH), signaling extra scrutiny on the assets.
The network processed 171.9 million non-vote transactions in a single day, smashing its own week-old record and crossing 1 billion weekly transactions for the first time.
Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL), are maintaining a bearish tone as the broader market remains risk-averse. XRP is down to a 20-month low, risking a drop below the $1.00 psychological threshold, while ADA and SOL risk losing their recent gains amid a lack of upside momentum.
Traders delivered a split verdict on Monday’s new Upbit listings. Cysic (CYS) jumped 32% even as Upbit delayed its debut. Anoma (XAN) fell 38%, forcing an emergency cut to its minimum sell price.
Solana (CRYPTO: SOL) burns, or destroys, about 648 SOL per day in transaction fees as of early August. At the same time, it issues around 60,000 SOL each day, meaning that its supply inflates over time, diluting holders.
Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH) and XRP(CRYPTO:XRP) have pulled apart overthe past month. Ethereum is up almost8%, Bitcoin has barely moved, and XRPhas fallen 6.6%, so we wanted to knowwhich ofthe three is the better buy right now.