BlockchainDaily Market Update - August 4, 2020

Daily Market Update – August 4, 2020

$BTC 24 Hour High $12,034.14
$BTC 24 Hour Low $11,018.13
$BTC -5.2%

Total Market Cap
$340 BN (+0.47%)

24 Hour Volume
$89 BN (-30.25%)

Notable Movers
MCO
(MCO) (+36.49%)

BTC Dominance
60.7% (-0.82%)

Bitcoin broke above the symbolic $10,000 level and decided not to stop until a swift rejection of $12,000 over the weekend. Quite a move from the slumbering King of digital assets. During this past week, we saw record volumes across all spot and derivatives platforms. Of particular note, on the institutional side, the once-promising but struggling upstart, Bakkt, saw 11,509 contracts traded (85% higher than the previous record). Clearly this was not a fluke rally.

Bitcoin started the year as the primary digital asset story, following a March crash to forget, the Bitcoin halving, and validation from investing legend Paul Tudor Jones. But lately, BTC has been forgotten as other forms of digital assets besides “money” have garnered most of this year’s investment gains. As gold, silver, equities, and long-bonds reach record high levels, and the US Dollar slumps, the King of “cryptocurrencies” may be back in the spotlight for the foreseeable future.

$BTC futures traded volumes reached 30B yesterday after seeing volumes drop three consecutive days prior to Sunday’s volatility. Aggregated open interest dropped from 5.3B to 4.8B.

$ETH peaked at 415 for 30 mins before a long hour sell-off saw the price drop 8%; followed by another rally that resulted in an 11% uptick. As we headed into Monday morning it was largely range-bound at 381 and trading at neutral RSI levels and mid-Bollinger bands – still looking ahead for phase 0 of ETH 2.0 Serenity anticipated this year.

$XRP the biggest winner, currently trading at 0.29 after breaking its 0.20 resistance from last month. Yesterday’s volatility broke its 8-day positive trading streak where it went up 41%. Currently trading at overbought RSI levels, upper Bollinger bands. One billion $XRP tokens released yesterday, worth over $290M. It was only a few short months ago that the US Consumer Financial Protection Bureau mentioned using Ripple as a game-changer to bring simplicity to the remittance market.

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

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