Crypto Today: Bitcoin, Ethereum lag, XRP back above $0.56 with major announcements in Korea, Japan


  • Bitcoin trades at $59,000, Ethereum hovers around $2,500, both note a slight decline in price on Tuesday. 
  • XRP tests $0.57 resistance, adds more than 0.5% to its value on the day. 
  • Ripple announces AI and metaverse partnership, a sidechain on the XRP Ledger, and adds Korean university to Blockchain Research Initiative. 

Bitcoin, Ethereum and XRP updates

  • Bitcoin trades at around $59,000 early on Tuesday. At the time of writing, the largest crypto asset by market capitalization noted a slight correction of 0.17% on the day. Bitcoin hash rate has hit a new all-time high, per Bitcoin Magazine data.
  • Bitcoin network hash rate hit 746 exahashes per second (EH/s) on Tuesday, even as BTC trades under $60,000. A spike in hash rate reflects that there is an increase in computational resources spent on processing transactions and mining new BTC. 

Bitcoin

Bitcoin hash rate

  • Ethereum trades just above $2,500 at the time of writing. Data from crypto intelligence tracker Artemis shows Ethereum’s daily revenue dropped on Sunday to its lowest level in 2024, down over 90% year-to-date. 

Ethereum

Ethereum network revenue 

  • XRP hit a high of $0.5724 on Tuesday and trades at $0.5690 at the time of writing. The cross-border payment remittance firm, Ripple, made several key announcements in Japan and Korea. 

Chart of the day

WIF

WIF/USDT daily chart

Dogwifhat (WIF) is a leading dog-based meme coin. WIF trades at $1.591 at the time of writing and noted a nearly 3% increase in price on Tuesday. WIF could extend gains by 26% and hit its $2 target. 

The WIF/USDT daily chart shows an “inverted W” formation, with two distinct peaks and troughs between August 6 and September 1. The pattern helps identify key support at $1.380 and resistance at $2. 

In its rally towards the $2 target, WIF faces resistance at $1.764. A daily candlestick close below $1.380 could invalidate the bullish thesis. In that case, WIF could sweep its August 5 low of $1.070. 

Market updates 

  • DeFi project launches SkyAAVE initiative. The project’s proposal includes integration of Stable USD (USDS) and staked USDS (sUSDS) on the Aave V3 market, with native token rewards, SPK token airdrop for market suppliers, and liquidity injection into staked Ether market. 
  • Arbitrum announces elections for the Security Council, six months have passed since the last round. Drops details on how to participate in the cohort. 
  • DYDX is scheduled to unlock 1.55 million tokens worth $1.32 million on Tuesday. This represents 0.68% of the token’s supply, per TokenUnlocks data.

Industry updates

  • Ethereum Layer 2 project Scroll released a video teasing a token issuance and airdrop for the community. 
  • Prism launched PRISM Explorer today, the first AI-driven data intelligence platform to explore data and insights on the Solana ledger, with the help of AI agents. 
  • TON accelerator announced a $2.5 million incubator program to support five projects in the TON ecosystem. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K

Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K

Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.

More Cryptocurrencies News
Trump administration allegedly seeks to create new crypto position in White House

Trump administration allegedly seeks to create new crypto position in White House

President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.

More Crypto News
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs

Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs

Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target. 

More Solana News
FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF

FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF

Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase's announcement that the token will begin trading on its platform over the next 24 hours.

More Crypto News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP