Cryptocurrency Market Update: Grayscale crypto fund hits $5.1 billion, Bitcoin, Ethereum and Ripple in the green again

The cryptocurrency market is once again experiencing volatility after a period with minimal price movements, especially for Bitcoin and Ethereum. Along with the spiking prices, various parameters are also seeing incredible actions such as the Bakkt Bitcoin futures contracts volume which hit a new record high as reported in Cryptocurrency Market News earlier.

Grayscale, a leading fund manager in the United States has also recorded a massive growth in less than two weeks. The assets under management (AUM) surged by over $1 billion to hit $5.1 billion as reported by Grayscale on July 28.

According to the AUM table, Grayscale Bitcoin Trust leads with $4.3 billion. Grayscale Ethereum Trust comes second with $581 million following a $127 million increase. On the other hand, Grayscale Bitcoin Cash Trust more than doubled in value from $6 million to $12.8 million. The fund manager also added $12.7 million to the Ethereum Classic Fund while the Litecoin Trust saw a $6.7 million increase. On the flip side, the Stellar Lumens Trust experienced a $100,000 drop to stand at $0.5 million.

Bitcoin market update

Bitcoin is back to trading above $11,000 after confirming support at $10,800. All indicators are back to sending bullish signals starting with the RSI’s as it continues to hold in the overbought region. The MACD is also moving higher within the positive region in addition to the positive divergence. In other words, Bitcoin is not only going to contain gains above $11,000 but also trend higher towards $10,400 resistance.

BTC/USD daily chart

Ethereum market update

Ethereum has already started working on the triangle breakout discussed during the Asian hours on Wednesday. After dropping to confirm support at $312, ETH has made a comeback above $320. It is trading at $324 following a triangle breakout that if supported by the right volume could pave the way for gains past $340.

ETH/USD 4-hour chart

Ripple market update

Ripple is among the biggest gainers of the day following a breakout that topped $0.24. The cryptoasset’s rally seems to have delayed but it finally materialized as XRP overcame key hurdles at $0.22, $0.23 and the most recent $0.24.

At the moment, bulls are struggling with containing gains above $0.24 while XRP dances at $0.2403. The RSI and MACD clearly show that upward movement has lost traction. Therefore, holding defending $0.24 is key to averting losses that could even retest $0.23.

XRP/USD 1-hour chart