Coin Supercycle Returns, Ripple’s Lead Fades As Bitcoin Eyes $65,000

• Bitcoin rose above $60,000 on Friday, reflecting a market-wide rally in the crypto.
• Ethereum is making steady progress towards the $3,000 resistance level, while XRP is erasing recent gains.
• Meme coins surged, posting double-digit gains on the day after a week-long correction in the category.

Bitcoin, Ethereum, XRP update

• Bitcoin is trading above key support at $60,000 at the time of writing. The largest asset by market cap saw a 7.5% increase in open interest to more than $28 billion, according to Coinglass data.
• Ethereum is trading above $2,500 on Friday, making progress towards its $3,000 target. Founder Vitalik Buterin moved $8 million in Ether to a new wallet, raising the possibility of a sale or donation.

Ether transfer by Vitalik Buterin

Chart of the day

MATIC/USDT daily chart

MATIC broke out of its multi-month downtrend on July 13, 2024. The Polygon token underwent a steep correction in the market-wide crypto crisis and fell to its August 5 low of $0.3342. MATIC has started its recovery and is likely to extend its gains by over 18% to reach its target of $0.50.

MATIC faces resistance in the fair value gap (FVG) between $0.4249 and $0.4420.

Market updates

• Fox Business reporter Eleanor Terret is reaching out to the Securities and Exchange Commission for comment on the Ripple ruling and says an appeal is likely.

• The data shows that TON is less correlated with Bitcoin and more with altcoins like Uniswap (UNI) and MATIC.

• The Coinbase Premium Bitcoin Index tracks the price differences between Bitcoin on Coinbase and Binance. The index turned positive, signaling that there is institutional demand for Coinbase, pushing the asset’s price higher.

Coinbase Premium Bitcoin Index

Industry updates

• Thailand has launched a regulatory sandbox for firms to experiment with crypto services.
• The Tether Treasury has minted more than $1.3 billion of Tether since Monday’s Bitcoin crash, it remains to be seen whether the influx of stablecoins will help spur demand for the asset.

• Aave continues to grow regardless of cryptographic bugs and corrections of other DeFi tokens.