In just 24 hours, it even had a spurt of 5.3%, leaving investors feeling as if they’ve just won the lottery after years of eating top ramen. Who knew crypto could actually do something other than sit there and suck the life out of your hopes?
That being said, as Bitcoin consolidates and altcoins catch the trend, the key question remains: will the crypto bullrun continue, or is a weekend pullback brewing? Join me as I take you through the specifics and an overview of what could be in store.
This rally comes on the back of institutional inflows, crypto-friendly U.S. regulations (like the GENIUS Act), and strong ETF momentum. XRP’s market cap jumped from $185 billion to over $215 billion in one day, while its 24-hour trading volume exceeded $23 billion, with heavy buying seen on Coinbase and Kraken. It’s like a giant chocolate fountain spewing out delicious opportunities!
Meanwhile, the creature known as Bitcoin lingers stubbornly, mired in a state of consolidation just above a pivotal marker thrusting the soul of the market into a carnal struggle for supremacy—an amount close to $120,000, so desperately yearned for by the keen-eyed market philosophers pondering the fates of the altcoins.
On July 18, Uniswap (UNI) decided to throw a party, skyrocketing 23% to an intraday high of $10.75 before taking a breather at $10.66. It’s like the token went to the gym and came back with 120% more gains than its year-to-date low, flexing like a contestant on *America’s Got Talent*. 💪
According to a July 17 Financial Times report, this executive order is set to instruct federal agencies to clear the regulatory brush that’s been keeping 401(k) plans from venturing into the digital asset frontier. This move is Trump’s latest attempt to make cryptocurrency as American as apple pie and baseball. 🍎⚾️
The main event is the Digital Asset Market Clarity Act, which passed with a 294-134 vote 🗳️. This bill is all about dividing the oversight of digital assets between the SEC and CFTC, because who doesn’t love a good game of regulatory ping-pong 🏓? It’s now headed to the Senate, where things are expected to get heated 🔥.
The milestone, achieved just one day after ETHA posted $489 million in inflows, is a testament to the growing appetite for the world’s second-largest cryptocurrency among institutional investors. It’s as if the institutional world has finally decided that Ethereum is not just a passing fad, but a solid investment opportunity, much to the delight of crypto enthusiasts and the bewilderment of skeptics.
The stratagem was as swift as it was brilliant. With a 40x leverage on BTC and a 10x on HYPE, Wynn, our modern-day alchemist, transmuted his $467,999 into a staggering $473,900 in profit. A veritable Midas, if ever there was one! 🤴💰
In a recent post on X, analyst Ali Martinez has discussed a crossover that has occurred in the MVRV Ratio of XRP. The “MVRV Ratio” is a popular on-chain indicator that keeps track of the ratio between the asset’s Market Cap and Realized Cap.