The cryptocurrency market has experienced a significant shift, moving from losses to gains, with the global cryptocurrency market capitalization rising by 3.1% to reach $2.59 trillion. The total trading volume in the last day stands at $63.8 billion, reflecting the market’s renewed vigor.
Key Movers and Shakers
Only three cryptocurrencies have seen slight declines today, all below 1%. JasmyCoin (JASMY) is down 0.9% to $0.03186, MANTRA (OM) fell 0.8% to $1.17, and Pyth Network (PYTH) decreased by 0.6% to $0.3937.
In contrast, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have been standout performers, with BCH up 13.9% to $450.17 and BSV rising 11.8% to $50.56. BRETT also recorded a double-digit increase, climbing 10.9% to $0.1381.
Top Cryptocurrencies on the Rise
All top 10 cryptocurrencies by market cap have increased over the past 24 hours. Solana (SOL) leads this category with a 4.8% rise to $192.6. XRP saw the smallest gain, up 0.3% to $0.60894. Bitcoin (BTC) is up 3.1%, trading at $69,527, and Ethereum (ETH) rose 4.55% to $3,371.
Market Catalysts
The market’s upward movement comes ahead of the Federal Open Market Committee (FOMC) meeting scheduled for July 30-31. Additionally, former VanEck advisor Gabor Gurbacs argued that the US Federal Reserve acquiring BTC would act as a hedge against inflation, diversifying holdings and safeguarding against economic uncertainty.
Elevated Speculation and Improved Profitability
According to a report by analytics firm Glassnode, open interest across perpetual futures has ranged between 220,000 and 240,000 BTC, increasing to the 260,000-280,000 BTC range since early June. This indicates a heightened appetite for speculation. The report also noted improved short-term profitability, with 75% of Bitcoin short-term holders returning to an unrealized profit.
WazirX Cyberattack and Recovery Strategy
Indian crypto exchange WazirX suffered a cyberattack, losing $230 million, equivalent to 45% of user funds on the platform. The exchange announced a “socialized loss strategy,” distributing the impact across users with a 55/45 approach. This strategy allows users immediate access to 55% of their assets, while the remaining 45% will be locked in USDT-equivalent tokens.
Bitget Wallet’s Growth in Japan
Bitget Wallet has emerged as the second-largest Web3 wallet in Japan, following MetaMask. It saw a 34% increase in new user adoption in Q2 of 2024 and significant traction with the launch of its native token BWB. Bitget Wallet plans to further develop its Bitget Onchain Layer to enhance user connectivity to Web3.
This comprehensive overview highlights the latest developments and trends in the cryptocurrency market, underscoring the dynamic and rapidly evolving nature of the industry.
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