Cryptocurrency Traders Get Extremely Greedy For The First Time Since June, It Was Satoshi Bitcoin On The Move

• According to on-chain data, the Bitcoin wallet that held 37 BTC approximately 12 years ago has been reactivated.
• According to one analyst, the price of Bitcoin is expected to double in the next three to five months.
• The Ripple case could conclude this week with a final ruling from Judge Analisa Torres.
• The launch of the Ethereum ETF attracted $2.2 billion in inflows, while Bitcoin inflows were capped at $519 million last week.

Bitcoin, Ethereum, XRP Updates

Chart of the day

LTC/USDT Daily Chart

Litecoin (LTC) broke its downtrend on July 16. The altcoin is currently rising towards the Fair Value Gaps (FVG) between $76.77 and $78.63 and $80.16 and $84.16. Litecoin could extend gains by more than 11% to $84.83, the 50% Fibonacci retracement level of the decline between the April 1 high of $112.80 and the July 5 low of $56.86.

LTC could find support at $66.42, Litecoin’s July 11 low.

Market Update

• Bitcoin Influencers Slam Senator Cynthia Lummis for Suggesting Using ‘Excess’ Bank Reserves to Buy BTC

• Aptos nears $1 billion in total cryptocurrency value locked (TVL): Top 10 projects ranked by TVL growth over the past 30 days.

• Solana has surpassed Ethereum in decentralized exchange (DEX) volume, active addresses, fees, and revenue generation according to data from the Solana plan on X.

Industry Update

• Hong Kong lawmaker follows Donald Trump in proposing a strategic Bitcoin reserve.
• DePIN emerges as a key element of the narrative of this cycle, with a market cap of over $20 billion.

• A dormant Bitcoin wallet containing 37 Bitcoins worth $476 in 2012 has been activated after nearly 11.8 years and the BTC are now worth over $2.5 million.

• The Crypto Fear & Greed Index has a score of 74 out of 100, approaching “extreme greed” levels, similar to those previously observed in June 2024.

Cryptocurrency Fear and Greed Index

• In a recent tweet, the analyst behind X-manager @100trillionUSD predicted that the price of Bitcoin could double in the next three to five months.

Plan B Tweets on Bitcoin

FAQs about Bitcoin, altcoins and stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to act as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation in financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some also consider Ethereum a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, derived from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is pegged to a commodity or financial instrument, such as the United States dollar (USD), with its supply regulated by an algorithm or demand. The primary goal of stablecoins is to provide an on/off ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. High BTC dominance typically occurs before and during a bull run, where investors resort to investing in relatively stable, high-market-cap cryptocurrencies like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in search of higher returns, which usually triggers an explosive altcoin rally.

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