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Summary: Latest Bitcoin and Altcoin Developments

Below is a short text from Jonas Luethy, Sales Trader at UK digital asset broker, GlobalBlock, on the latest developments in Bitcoin and digital assets, shared exclusively with Invezz.

Bitcoin (BTC / USD) topped $ 50,000 again today after rising just above that level yesterday morning. It fell to $ 48,300 overnight. According to informed analysts and traders, the next resistance that the top crypto will overcome is $ 51,200. Jonas Luethy expects $ 48,300 to be the main level of support. A significant rise above $ 51,000 is required to continue the upward move.

Altcoin developments

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Ethereum (ETH / USD) is close to $ 4,000 at the time of writing while the market is climbing slightly higher. Today Solana (SOL / USD) is the seventh largest cryptocurrency by market capitalization. Its value has increased 600% since July 20th. It has hit a new high and is currently trading at $ 140. The fact that futures funding is quite low for Solana suggests that most of the price movement is driven not by leverage but rather by spot trading. Bitcoin’s market dominance is just under 42% with a total crypto market capitalization of 2.23 trillion. $.

More bad news for Ripple

The SEC has asked Ripple (XRP / USD) to release correspondence with 22 email custodians as well as 1 million Slack messages sent between its employees. This request could cost Ripple around $ 1 million and delay the verdict for a few months.

Sotheby’s strengthens the NFT market with two collections worth millions

Next week, Sotheby’s is auctioning two NFT collections: 101 Bored Ape Yacht Club and 101 Bored Ape Kennel Club NFTs, which are expected to raise $ 12-18 million and $ 1.5-2 million, respectively.

Axie Infinity’s revenue from fees exceeds that of Binance Smart Chain and UniSwap

Axie Infinity (AXS / USD) announced that it is generating more fee income than big names like Binance (BNB / USD) Smart Chain, OpenSea and Uniswap. The platform now has more than a million users who are active every day. In comparison, typical non-crypto games don’t reach more than 700,000 daily users.

Axie is a bit lacking when it comes to accessibility. You must have 3 Axies to play, and an Axie costs around $ 300. Even so, Axie Infinity is helping to create a future where gaming and crypto will go hand in hand.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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