Recap: Recent Bitcoin and altcoin moves

Bitcoin

Below is a brief text on recent moves in Bitcoin and digital assets from Jonas Luethy, Sales Trader at the UK based digital asset broker GlobalBlock, exclusively shared with Invezz.

Bitcoin (BTC/USD) passed $50,000 again today after briefly trading above that level yesterday morning. It dropped to $48,300 overnight. According to informed analysts and traders, the next resistance the flagman crypto will break through is $51,200. Jonas Luethy finds $48,300 will be the key support level. To see a continuation of the tendency, a clear break above $51,000 is needed.

Altcoin movements

Ethereum (ETH/USD) is almost at $4,000 at the time of writing as the market gently inches upwards. As of today, Solana (SOL/USD) is the seventh-largest crypto by market cap. Its value has increased by 600% since July 20. It has peaked again, currently trading at $140. The fact that futures funding for Solana is quite low indicates it’s not leverage, but spot trading that’s driving most of the price action. Bitcoin market dominance is just under 42% with a total crypto market cap of $2.23 trillion.

More bad news for Ripple

The SEC has requested that Ripple (XRP/USD) hand over correspondence with 22 email custodians as well as a million Slack messages sent between their staff. This request might cost Ripple around a million dollars and postpone the verdict by a few months.

Sotheby’s powers NFT market with two collections worth millions

Next week, Sotheby’s will auction two NFT collections: 101 Bored Ape Yacht Club and 101 Bored Ape Kennel Club NFTs, which are expected to bring in $12-$18 million resp. $1.5-$2 million.

Axie Infinity revenue fees surpass Binance Smart Chain, UniSwap

Axie (AXS/USD) Infinity announced it generates more revenue fees than notable entities like Binance (BNB/USD) Smart Chain, OpenSea, and Uniswap. The platform now has more than a million users, who are active daily. In comparison, typical non-crypto games don’t get more than 700,000 daily users.

Axie is somewhat lacking when it comes to accessibility. You must own 3 Axies to play and one Axie costs around $300. Despite that, Axie Infinity is helping create a future where gaming and crypto will go hand in hand.

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