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/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.

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

• 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.

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

• 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.