Review of the Crypto Market: July 14, 2023
The crypto market experienced a period of stagnation over the past week, with Bitcoin and Ethereum trading in a narrow range. However, the market saw a significant change on Thursday evening with insights into the result of the Ripple vs. SEC case. Let’s take a look at the highlights of the crypto market this week.
Bitcoin’s price remained stable throughout the week, until the news of the SEC vs. Ripple case broke, causing a surge in price. Currently, Bitcoin is trading at around $31,350, with a 7-day low of just under $30,000. The resistance breakthrough will be closely monitored to determine if it will be long-lasting. Bitcoin’s dominance in the market remains at 48%.
Similarly, Ethereum also experienced a breakout after the Ripple court ruling. The price of Ethereum reached a 7-day low of $1870 and is now approaching $2000. Ethereum’s dominance in the market remains slightly above 18%.
While Bitcoin and Ethereum had relatively modest gains of 3.5% and 6.5% respectively, many altcoins provided impressive returns to investors. Ripple (XRP) and Stellar (XLM) were among the biggest gainers this week, with Ripple seeing a 73% increase and Stellar with a 55% increase. Other cryptocurrencies such as Kaspa (KAS), Polygon (MATIC), and Solana (SOL) also performed well.
In terms of news, it was revealed that U.S. presidential candidate Robert F. Kennedy Jr. owns Bitcoin, with holdings between $100,000 and $250,000. Kennedy had previously denied being an investor but later confirmed his ownership after an article was published by CNBC.
Another significant development is the upcoming halving event in the Bitcoin network, which is expected to occur in less than 240 days. Past halving events have been followed by strong price jumps, and based on historical data, it is speculated that a new all-time high may be reached in 2025.
In terms of social media platforms, Meta has set up a competition for Twitter with the launch of Threads. This new platform shows potential for cryptocurrency marketing and is growing rapidly in terms of active users.
Additionally, the BNB Beacon Chain will undergo a hard fork called “ZhangHeng,” which aims to improve blockchain performance and increase security for users.
In other news, the latest U.S. inflation data shows mixed trends, with overall inflation slowing down but core inflation remaining relatively high. Lastly, Ripple Labs has achieved a partial victory in the Ripple vs. SEC case, with the court ruling that the XRP token is not necessarily a security.
Overall, this week has brought some interesting developments to the crypto market, with potential price increases on the horizon and new platforms emerging for communication within the crypto community. Investors and enthusiasts will continue to monitor these developments closely.