Bitcoin (BTC) experienced a modest gain of 2.95% in July, while Ethereum (ETH) saw a decline of 5.88%. Key factors influencing their August performance include potential Federal Reserve rate cuts and increased market liquidity. Bitcoin’s resistance level is at $69,600, while Ethereum needs to recover from its July losses despite the launch of US-based spot Ether ETFs (The Currency analytics).
Top Cryptos to Buy Now:
Solana (SOL): Known for its high transaction speed and low fees, Solana has seen significant growth due to its robust DeFi ecosystem and potential institutional investments through new spot Solana ETF applications (Finbold).
Dogecoin (DOGE): Despite recent price fluctuations, Dogecoin remains popular, especially with potential use cases like purchasing Tesla merchandise, which could increase its demand (Benzinga).
Avalanche (AVAX): With a focus on high-speed, low-cost DeFi interactions, Avalanche has performed well in 2024 and continues to attract new projects (Benzinga).
Ethereum Staking ETF: ARK Invest is turning to a new Ether Staking ETF managed by 3iQ, following outflows from Coinbase (Cryptonews).
Bitcoin Accumulation: Bitcoin whales accumulated $5.4 billion worth of BTC in July, reaching a decade high, indicating strong investor confidence (Cryptonews).
Market Activity and Regulation:
Bitfarms saw a 34% boost in monthly earnings due to fleet upgrades and expansion (Cryptonews).
Microstrategy now holds 226,500 Bitcoins, despite a 7.4% decline in Q2 revenue (Cryptonews).
ByBit has exited the French market due to regulatory pressures (Cryptonews)
