Bitcoin Breaks $63,500, Ethereum Closer to $2,500, XRP Holds Steady Above $0.58

• Bitcoin rises to $63,500 for the first time in nearly a month, likely in response to the Federal Reserve’s 50 bps rate cut on Wednesday.
• Ethereum Eyes Back Above $2,500, Gains Almost 3% Daily.
• XRP is holding steady above $0.5870, climbing slightly.

Bitcoin, Ethereum and XRP Updates

• Bitcoin was trading at $63,118 at the time of writing. The largest cryptocurrency by market capitalization hit a high of $63,500 on Thursday morning. Bitcoin has gained nearly 7% since Monday’s opening of $59,132 this week.
• Ethereum is hovering around $2,500, gaining almost 3% per day. Spot altcoin ETFs have seen negative flows for three consecutive days this week. According to data from Coinglass, ETF Spot Ethereum net flow was between $9.4 million and $15 million.

Ethereum Spot ETF Streams

• XRP held on to recent gains, climbing to $0.5870 on Thursday. The key market drivers for the XRP Ledger native token are Ripple’s preparation for the RUSD stablecoin launch and the altcoin’s legal clarity in exchange transactions.

Chart of the day: SEI

SEI/USDT daily chart

SEI noted a large gain in daily active users compared to a month ago. In August, the number of daily active users exceeded 50,200, according to data shared by the project in an official tweet on X. SEI ranks among the trending coins on Binance on Thursday.

SEI is likely to extend gains as the asset rises nearly 9% on the day. At the time of writing, the price is at $0.3386 and the SEI could touch the August 26 high of $0.3673.

The green histogram bars on the MACD (Moving Average Convergence Divergence) momentum indicator support the bullish thesis. This signals an underlying positive momentum in the SEI price trend.

The SEI could find support in the Fair Value Gap (FVG) between $0.2915 and $0.3103, looking down on the daily chart.

Market updates

• Amberdata’s Bitcoin vs Ethereum ETF Comparison Report shows that in contrast to BTC’s gains from the ETF’s approval, Ether suffered a price drop. Spot Ethereum ETF was launched on July 23, 2024, and since then the price has fallen by 29%. Net flows for Spot Ethereum ETFs have not followed the same trajectory as Bitcoin, and experts are examining whether interest in Ether ETFs will increase in 2024.
• Bitcoin posted gains in response to the US central bank’s 50 basis point interest rate cut on Wednesday. David Morrison, senior market analyst at Trade Nation, sees the development as “encouraging” for the asset.
• Morrison told FXStreet:

“Crypto prices surged following Fed’s 50 basis point rate cut. Bitcoin pushed above $60,000 on Tuesday in a move that helped boost sentiment after a rocky summer. It built on those gains yesterday, as did other risk assets, after the Fed backed off. what should be a series of significant rate cuts and through last friday bitcoin is up about 5% today and unlike gold has held on to its gains especially the fed has signaled more rate cuts this year If Bitcoin can convincingly clear the $65,000 high, then we may see a major market retracement, then the significant support band that formed in February this year around $51-52,000 is worth noting .”

Industry updates

• TokenTerminal data shows that 80% of Tether (USDT) stablecoin senders are on the Tron chain. For cryptocurrency traders, this means that Tron integrates a large volume of new users into the cryptocurrency markets, or Tether drives Tron adoption among traders.

• Threshold Network, a decentralized protocol, has integrated Chainlink Price Feeds on the Arbitrum, Base, Ethereum and Optimism chains to secure tBTC (Bitcoin-backed token linked to BTC price) markets.

• Solana Labs announces that Seeker, the second mobile device in the project, provides rewards to users.