Market Overview
On July 29, the crypto markets have shown a curious mix of optimism with nine of the top ten cryptocurrencies by market capitalization trending upward, albeit slightly. Bitcoin (BTC) is treading water with a sub-one percent increase, currently cruising at around $8,206. From a recent high of $8,431, after a resounding rebound that started mid-July, BTC remains a significant player, standing proud with almost a 39 percent surge this month.
Bitcoin Dominance
As Bitcoin swims comfortably in the green, its market dominance has been flexing like a bodybuilder at a beach party. Currently, BTC holds the crown with a dominance of approximately 47.5 percent over all altcoins. This vital statistic is an essential rallying point for crypto investors and could spell future fortunes.
Ethereum: The Roller Coaster Ride
Ethereum (ETH) isn’t having as much fun at this party. Trading at about $466, it’s feeling a bit dizzy as it continues to bounce along the $460 mark. After hitting an intraday high of $470, it looks like ETH has been taking some detours in its price journey, with the pinnacle of $483 reached just earlier this week.
TRON’s Meteoric Rise
Now, let’s talk about TRON (TRX) — the star of the day! The coin has skyrocketed almost 8.5 percent in the past 24 hours, embracing its newfound status among the top ten cryptocurrencies. TRX has not only soared in price but has also eclipsed Tether (USDT) in market cap, with TRX resting at approximately $2.6 billion while Tether slips to $2.5 billion. Talk about a makeover!
SEC Shenanigans and Industry Legitimacy
In the plot twist of the week, the U.S. Securities and Exchange Commission (SEC) hasn’t been quite supportive of the Winklevoss twins’ attempts at launching a Bitcoin exchange-traded fund (ETF). They rejected the twins’ petition, which led to Commissioner Hester M. Peirce sounding the alarms about the SEC overstepping its bounds. Meanwhile, Nasdaq continues to court legitimacy for the crypto world by holding discussions with investors from both traditional finance and the crypto sector. They’re definitely not leaving that leg of the journey to chance!
