- Bitcoin, Ethereum and XRP dip under key support levels at $60,000, $2,600 and $0.60 respectively.
- Tron ecosystem’s meme launchpad SunPump generates over $1.1 million in revenue within twelve days of its launch.
- Tron network daily revenue reached a record high of $26.83 million on Tuesday, per DeFiLlama data.
Bitcoin, Ethereum and XRP updates
- Bitcoin, Ethereum and XRP are trading under important support levels at $60,000, $2,600 and $0.60 early on Wednesday.
- The three cryptocurrencies erased gains from the start of the week as traders shift their attention to other categories of crypto like Artificial Intelligence (AI) and Tron’s ecosystem meme coins launched on the SunPump.
- Sunpump generated over $1.31 million in revenue within twelve days of its launch, according to data from Dune Analytics.
Sunpump revenue from token launch
- The Tron network hit a key milestone with record high daily revenue of $26.83 million on Tuesday. This can be attributed to the on-chain activity coming from the SunPump launchpad.
Tron protocol revenue
Chart of the day
TRX/USDT daily chart
TRON (TRX) trades at $0.1639 at the time of writing. The token rallied nearly 1.36% on Wednesday, alongside a rise in on-chain activity, extending the gains seen earlier this week. The Relative Strength Index (RSI) reads 84.19 at the time of writing, well in the overbought region, generating a sell signal as there are increasing chances of a pullback.
If a correction occurs, TRX could find support at $0.1436.
Market updates
- K33 Research data shows that, since the beginning of the year, Pump users have launched 1,829,747 meme coins.
- Mt.Gox transferred 12,000 Bitcoin (worth approximately $710 million) to a new wallet address, according to on-chain data.
Mt.Gox BTC transfer
- A SUNDOG (newly launched meme coin on Sunpump) trader turned $1,690 investment of 104.33 million tokens to $20 million within six days, per Arkham Intel data.
This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days
— Arkham (@ArkhamIntel) August 20, 2024
TT4S5 was one of the earliest SUNDOG buyers & purchased 104.33M tokens for $1.69K.
They currently hold $19.52M of SUNDOG across 7 addresses, and also sent $1.08M SUNDOG to exchanges - for a total profit of $20.60M. pic.twitter.com/ny9HW7qP8R
Industry updates
- Tether launched USD Tether on Layer 1 Aptos blockchain to improve crypto access and reduce transaction costs for users.
- Bankrupt crypto firm Terraform Labs’ Chapter 11 bankruptcy hearing has been scheduled for September 19.
- Tether announces plan to develop UAE Dirham-pegged stablecoin.
Tether to Develop UAE Dirham-Pegged Stablecoin
— Tether (@Tether_to) August 21, 2024
Read more:https://t.co/dkiDAI0y15
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Dogecoin and Bitcoin Cash registered 3% and 8% losses on Tuesday following increased selling pressure from the futures market. The decline comes amid large-cap cryptos like Bitcoin, Ether and XRP, holding still with slight gains.
XRP could sustain rally amid growing ETF and SEC vote prospects
Ripple flaunted a bullish outlook, trading at $2.1505 on Tuesday. Investor risk appetite has continued to grow since the middle of last week, propping XRP for a sustainable upward move triggered by the swift decision by US President Donald Trump to suspend reciprocal tariffs for 90 days.
VeChain Price Forecast: VET bulls aim for a double-digit rally
VeChain price hovers around $0.023 on Tuesday after breaking above a falling wedge pattern the previous day; a breakout of this pattern favors the bulls. Bybit announced on Monday that VET would be listed on its exchange. Moreover, the technical outlook suggests rallying ahead, targeting double-digit gains.
Dogecoin, Shiba Inu and Fartcoin price prediction if Bitcoin crosses $100K this week
The meme coin market fell sharply on Monday, shedding 4.8% in market capitalization to settle at $49.25 billion, according to data compiled from CoinGecko. The sell-off coincided with increased volatility across broader crypto markets while investors rotated funds into Bitcoin briefly tested $85,000.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
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