🚀 ETF Ethereum Spot: Is Ether about to surpass Bitcoin?
Welcome to the Daily Tribune on Thursday, July 18, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, July 18, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
Polygon (MATIC) trailing the crypto market 🚶♂️
The crypto market is experiencing a spectacular rebound, but Polygon (MATIC) is struggling to keep up with this trend. Despite its position in the top 20 cryptocurrencies, MATIC faces significant challenges. Last week, the token briefly reached $0.55 before coming back down to $0.52 and stabilizing around $0.5451. This volatility contrasts with the bullish trend of other altcoins. The Global In/Out of the Money (GIOM) indicator shows that until July 9, no MATIC holder was in positive territory, and currently, only 5% of investors are profitable. The price tested a historical support at $0.47 before rising to $0.54, but the Money Flow Index (MFI) indicates a lack of liquidity, making a short-term breakthrough of $0.57 unlikely. Polygon will need to double its efforts to convince investors and regain a positive momentum. 🔗 Read the full article here.
Ether ready to surpass Bitcoin thanks to Spot ETFs 🚀
The forthcoming approval of Ethereum Spot ETFs could enable Ether to surpass Bitcoin in performance. Kaiko's analysis reveals that the current ETH/BTC price ratio of 0.05 shows signs of improvement since the SEC's announcement regarding these ETFs. The low market depth of Ether, at 1%, suggests that an increase in demand could significantly impact prices. Kaiko's Clara Medalie highlights that the reduced liquidity makes ETH more sensitive to price movements, and an influx of capital through spot ETFs could trigger a rapid increase. With historically low Ether reserves on exchanges, increased institutional demand could further intensify this upward pressure. Bloomberg's Eric Balchunas anticipates a possible launch of the ETFs around July 23, with forecasts of massive capital inflows estimated at around $10 billion in the first year. 🔗 Read the full article here.
Vitalik Buterin warns against dangerous investments ⚠️
Vitalik Buterin, co-founder of Ethereum, has recently expressed concerns about investment trends in the crypto industry. He criticizes the current distribution of capital, highlighting an excess of investments in certain infrastructures at the expense of other essential projects. Buterin emphasizes that many investors seek to profit from the speculative nature of the crypto market while trying to maintain a sense of ethical investment by investing in infrastructures. This dynamic creates an imbalance and raises questions about the sustainability and ethics of current practices. He calls for a more equitable allocation of resources, favoring projects that can truly contribute to the evolution of the sector rather than simply promising quick gains. Buterin's comments have sparked varied reactions within the crypto community, with some sharing his concerns while others defend speculative investments due to their high returns. 🔗 Read the full article here.
XRP overheated: Imminent risk of correction ⚡
XRP is experiencing intense activity with renewed interest from institutional investors and a marked increase in bullish sentiment. Major XRP transactions doubled in one day, going from 332 to 637, indicating growing confidence in this crypto. Investors have been accumulating XRP since early July, but the recent increase in tokens on exchanges suggests that many are now looking to realize short-term gains. The Relative Strength Index (RSI) of XRP stands at 67, indicating potential overbought levels and a possible price correction. XRP has increased by 12.34% in 24 hours, trading at $0.6127 with a market capitalization of $34 billion and a daily trading volume of $3.5 billion. However, as we write this newsletter, this positive momentum has experienced a slight setback, and the crypto has seen a small decline. 🔗 Read the full article here.
Cryptocurrency of the day: THORChain (RUNE)
THORChain is a decentralized liquidity protocol that allows users to easily exchange cryptographic assets between different networks, such as Bitcoin and Ethereum, without losing full ownership of their assets. The blockchain uses an Automated Market Maker (AMM) mechanism to maintain market prices through the asset ratio in a pool. This innovation enables permissionless and order book-independent exchanges, bringing increased flexibility and security to users.
The native token of THORChain, RUNE, serves as the base currency in the ecosystem and is used for platform governance and security. THORChain nodes must commit a minimum of 300,000 RUNE to participate in the consensus process. RUNE was distributed through an initial DEX offering (IDO) on Binance DEX in July 2019. RUNE holders have influence over the platform's governance and can participate in network security, in addition to using it for frictionless cross-chain exchanges.
Recent Performances:
Current Price: €4.07
Percentage Increase/Decrease: +4.09% (in 1 day)
Market Cap: €1,370,529,664
Rank on CoinMarketCap: #61
ETH booming: Analysis of July 17, 2024
The announcement of the launch of Ethereum Spot ETFs has caused a significant rebound in the crypto, with an increase of nearly 22% in less than two weeks. After hitting the bottom of its range at around $2,900, Ethereum has regained the $3,500 mark, sparking increased buyer interest. This bullish momentum has been reinforced by the stabilization of the price around its resistance level and repositioning above the 200-day moving average, indicating a renewed interest in the asset. Critical value areas are located around $3,065 below and $3,800 above the current price.
The open interest in perpetual contracts on Ethereum (ETH/USDT) is following the trajectory of the underlying price, demonstrating increasing speculative activity. Massive liquidations and a positive funding rate indicate widespread optimism among investors. Liquidation levels identified at $2,850 have sparked buyer interest, while liquidation areas between $3,500 and $3,750 represent crucial points of interest. If the price maintains its level above $3,065, a bullish continuation towards $3,700 or even $4,100 could be considered. In case of a setback, support levels are at $2,900 and $2,720.