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SunToken has surged 190% in the past seven days, leaving behind Bitcoin, Ethereum and XRP

VaselineAugust 23, 2024

0 3 minutes read

SunToken has surged 190% in the past seven days, leaving behind Bitcoin, Ethereum and XRP

Bitcoin and Ethereum extend gains between 1% and 2%, while XRP falls slightly.
SunToken rises over 18% on Friday to rank among trending coins.
Data from Deribit Exchange shows that crypto traders are betting on the results of the US election with 345 million dollars.
Avalanche is poised for 12% gains.

Bitcoin, Ethereum and XRP Updates

Bitcoin is trading above $61,000 early Friday, adding 1% to its value on the day. The largest asset by market capitalization saw a decline in foreign exchange reserves at centralized exchanges. CryptoQuant data shows that Bitcoin exchange reserves have fallen to a multi-year low.
Over the past 30 days, the supply of Bitcoin on exchanges has fallen from 2.75 million to 2.67 million, a decrease of 3%.
Ethereum hovers around $2,600, extending 1.2% gains on Binance. The altcoin’s Ether ETFs saw a total outflow of $874,610, with trading volume exceeding $93 million on Thursday.
Data from CryptoQuant and Deribit suggests traders are positioning for price gains amid Bitcoin’s continued recovery. The asset is up nearly 25% from its Aug. 5 low of $49,000.
XRP erased 0.33% of its value and fell to $0.5956 on Friday. Ripple announced its annual flagship event, Swell 2024, in a recent tweet on X.

Chart of the day

AVAX

AVAX/USDT Daily Chart

Avalanche (AVAX) is trading at $26.23 at the time of writing. AVAX could extend gains by 12% and climb to the upper end of the fair value gap (FVG) between $29.53 and $28.59. The MACD (Moving Average Convergence Divergence) indicator supports an optimistic thesis. The green histogram bars show an underlying positive momentum in the AVAX price trend.

AVAX could find support in FVG between $23.50 and $25.22 if there is an asset correction.

Market updates

Sony announces Soneium, a public Ethereum Layer 2 blockchain from the Japanese tech giant.

Submission #Soneium of #Sony Block Solutions Labs is building a state-of-the-art Ethereum layer 2 public blockchain ecosystem designed to invoke emotion and stimulate creativity.

Soneium aims to connect Web3 with everyday internet services, making blockchain technology more… pic.twitter.com/I7zAIbB5Td

— Soneium (@soneium) August 23, 2024

DeFi DeSyn Protocol Officially Launches on Mode Network and Announces MBTC Staking Fund, dMBTC.

Exciting updates!

We officially launched on @modenetwork with our latest product: dMBTC (MBTC Staking Fund).

Join us to enjoy an impressive 50%-100% APR, zero fees, 2x #Fashionand 1x #DeSyn Points. Plus, no lock-in required – you can invest and withdraw… pic.twitter.com/l9qq8gj7Ms

— DeSyn Protocol (@DesynLab) August 23, 2024

Data from on-chain activity tracker CryptoDep shows that Shiba Inu (SHIB) ranks second in social activity on Thursday, August 22.

Industry updates

TRON (TRX) and SunToken (SUN) take first and second place in the top 30 trending coins this week, according to CoinGecko data.

Such strong rotations do not occur very often.

When they do, you MUST maximize them.

I just uploaded my complete video guide to maximizing TRON season.

It includes:

• My best meme picks
• My #1 altcoin proxy
• My complete strategy

Watch now https://t.co/IPo04xucuP pic.twitter.com/yKwogE2i3t

— Miles Deutscher (@milesdeutscher) August 23, 2024

SUI Blockchain announces Sui Builder House for developers and community on September 17th.

Join us in Singapore for Sui Builder House on September 17th!

Connect with the global Web3 community, get the latest alpha version, and help shape the future of blockchain.

Plus, attend our exclusive evening reception at LAVO✨

Reserve your spot (it’s free!)

— Sui (@SuiNetwork) August 15, 2024

Solid Intel’s on-chain data tracker tracks Grayscale’s Ether transfer to Coinbase Prime. The asset manager holds 2.234 million Ethereum tokens worth nearly $6 billion.

Frequently asked questions about Bitcoin, altcoins, stablecoins

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 person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. 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 they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 23, 2024

0 3 minutes read