Meme coin supercycle returns, Ripple advance fades while Bitcoin eyes rally to $65,000

Bitcoin rallied above $60,000 on Friday, reflecting a market-wide recovery in crypto.
Ethereum makes steady progress towards the $3,000 resistance level, while XRP erases recent gains.
Meme coins surged, posting double-digit gains on the day after a week-long correction in the category.

Bitcoin, Ethereum, XRP update

Bitcoin trades above key support at $60,000 at the time of writing. The largest asset by market capitalization noted a 7.5% increase in open interest, above $28 billion per Coinglass data.
Ethereum trades above $2,500 on Friday, making progress towards its $3,000 target. Founder Vitalik Buterin moved $8 million in Ether to a new wallet sparking the possibility of a sale or donation.

Ether transfer by Vitalik Buterin

XRP erased recent gains and struggles under psychological support at $0.60. Ripple was fined $125 million in the US Securities and Exchange Commission (SEC) lawsuit’s final ruling. XRP’s status as a non-security is intact as the Judge ruled institutional sales of the token violated federal securities laws.
The Boy’s Club, Base meme coins rally after crypto crash as Donald Trump Jr. announces new project.

Chart of the day

MATIC/USDT daily chart

MATIC broke out of its multi-month downtrend on July 13, 2024. Polygon’s token suffered a steep correction in the market-wide crypto crash and dipped to its August 5 low of $0.3342. MATIC started its recovery and is likely to extend its gains by over 18% to hit its $0.50 target.

MATIC faces resistance in the Fair Value Gap (FVG) between $0.4249 and $0.4420.

Market updates

Fox Business reporter Eleanor Terret reaches out to the Securities and Exchange Commission for comments on the Ripple ruling and says an appeal is likely.

NEW: I reached out to the @SECGov for comment on the @Ripple ruling and a spokeswoman gave me this statement:

“The Court granted the SEC's motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant… https://t.co/TC2xk7pBD2
— Eleanor Terrett (@EleanorTerrett) August 8, 2024

Data shows that TON is less correlated with Bitcoin and more with altcoins like Uniswap (UNI) and MATIC.

An interesting finding here is how @ton_blockchain , $TON price action is less correlated with that of $BTC and more with alts such as $UNI and $MATIC. pic.twitter.com/daZG8ztl0J
— Degens CALENDAR (@DegensCalendar) August 9, 2024

The Bitcoin Coinbase Premium Index tracks price gaps between Bitcoin on Coinbase and Binance. The Index has turned positive signaling there is institutional demand on Coinbase, pushing the asset’s price higher.

Bitcoin Coinbase Premium Index

Industry updates

Thailand launched a regulatory sandbox for firms to experiment with crypto services.
The Tether Treasury minted over $1.3 billion Tether since the Bitcoin crash on Monday, it remains to be seen whether the stablecoin inflow will help drive demand for the asset.

1.3B $USDT has been transferred from #TetherTreasury to exchanges since the market crash on Aug 5! pic.twitter.com/BYtMqgVRyZ
— Lookonchain (@lookonchain) August 9, 2024

Aave continues to grow irrespective of crypto crashes and corrections in other DeFi tokens.

pretty wild to see @aave v3 USDC market on mainnet triple in size this year pic.twitter.com/2N4uSiPNk1
— Thomas Mattimore (tmattimore.eth) (@mattimost) August 8, 2024

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