While Tesla announced the sale of 75% of its bitcoin reserves, Mike Novogratz is still upholding his $500,000 forecast for the token. Altcoins capitalization manages to break through a 101-day resistance. Vitalik Buterin tells us that Ethereum 2.0 is not as far off as earlier in the week, Yuga Labs unveiled a teaser of its immersive universe.
Yuga Labs shows a demo of Otherside
Yuga Labs, the publisher of cryptography’s most famous NFT collection, has unveiled a demo version of its immersive universe. During this exhibition, the owners of the Otherside plots had the opportunity to discover the Biogene Swamp zone, the core of the metaverse. At the same time, the company announced the launch of phase 1 of the project.
The metaverse-pegged cryptocurrency rose more than 20% after the news. In a few days, the price of ApeCoin rose 42.5%. Depending on the technical configuration of its price action, the price of the APE could rise by 40% in the coming days. However, this forecast remains mixed as investors abandon the project as it has suffered numerous attacks in recent months.
Read the following article for more information:
: ApeCoin Explodes After Otherside Demo
Altcoin Market Cap Breaks Above the 101 Day Resistance
For almost two weeks we have been witnessing a very nice move in the crypto market. The total capitalization of the sector manages to return to above 1,000 billion. But the performance of the alts caught the attention of analysts. According to Valdrin Tahiri, the paper’s technical analysis expert, the alts’ capitalization broke through a 101-day resistance level, which could trigger a bullish reversal.
Valdrin observed two interesting technical signals in ALTCAP’s July 21 price action. First, he pointed to crossing that decisive resistance line around $1,900. In a second step, he pointed to the rise in the RSI curve above 50. If the ALTCAP continues to defend this technical performance, the next landing would be around $2,400.
Read the following article for more information:
: Altcoins: Capitalization (ALTCAP) Breaks a 101 Day Resistance Line
Tesla has sold 75% of its bitcoins
According to information disclosed in Tesla’s second quarter financial report paper, the electric car maker was learned to sell Bitcoin for $936 million, or 75% of its holdings. The average selling price would be around $29,000. So there would be only about $236 million worth of Bitcoin left in Musk’s corporate coffers.
Unlike Michael Saylor and his company, MicroStrategy, who reiterated his decision to keep its reserves in BTC, Tesla let go of the crypto market. As early as May 2021, the auto giant had dealt a huge blow to the crypto world by reversing its decision to accept Bitcoin as a means of payment. This time, much to the delight of investors, the announcement of Tesla’s capitulation had no impact on the crypto universe.
: Tesla reportedly sold 75% of its Bitcoin holdings
Mike Novogratz Still Sees Bitcoin Hit $500,000
In an interview with Bloomberg, the founder and CEO of Galaxy Digital Holdings Ltd reiterates his prediction of Bitcoin at $500,000 in 5 years. According to Mike Novogratz, the main factor that will fuel the increase in assets is adoption. He claimed :
” Although this [bear market actuel] is an obstacle on the road to adoption, it is certainly not a turnaround. We still see institutions in Europe, the Middle East and the United States that are not yet involved and see this as an opportunity. »
The billionaire believes macro conditions will help Bitcoin rise in the coming years. He claimed:
“We have a debt 140% higher than our GDP. This almost never ends without debt restructuring or hyperinflation… People get really angry when inflation rises. We are in a very precarious environment”
However, the latter admits that he was mistaken about the importance of leverage in the bear market.
Read the following article for more information:
: Mike Novogratz: Bitcoin Still On Track To Hit $500,000 In Five Years
Ethereum update scheduled for September
At the EthCC conference held in Paris this week, Vitalik Buterin, the co-founder of Ethereum, announced that there will be a series of changes to the network after the merger. The latter promises that the ETH blockchain will be able to execute more than 100,000 transactions per second. He also announced that the cryptocurrency would become deflationary after the merger. According to the project roadmap, the migration is scheduled for September 19.
From what can be observed in recent days, traders appear to be optimistic about the arrival of the Ethereum mainnet. During the week, the crypto was up 25% in the markets. For the month of July, the price of ETH has already risen by 50%.
Read the following article for more information:
: Ethereum: Merging in September and Updated Roadmap
Tops and flops: a homogeneous rise in the crypto market
The crypto market is currently managing to maintain its technical upswing. We also observed a fairly homogeneous rise in the level of the top 100 largest capitalizations because there has been no specific announcement for a project. The best cryptocurrencies continue to follow the evolution of Ethereum. To really track down an exploding project, BarnBridge takes you to the second part of the crypto market cap chart. The DeFi project token gained 220% over the course of the week.
Coming back to the top 100, here are the weekly top performers:
| cryptos | current course | Profit in 7 days |
| Phantom (FTM) | $0.3538 | 36.10% |
| Curve Dao Token (CRV) | $1.39 | 25.02% |
| Near protocol (NEAR) | $4.45 | 23.95% |
flops
| cryptos | current course | Profit in 7 days |
| Elrond (EGLD) | $55.36 | -5.20% |
| Internet computer (ICP) | $6.63 | -9.26% |
| Arweave (AR) | $13.61 | -15.82% |
outlook…
For almost two weeks we have noticed a nice movement in the crypto market. Some would venture to say that cryptocurrencies have bottomed out and that this rebound is a sign of a bullish reversal. We at Be[In]We prefer to be cautious as this recent performance is not enough to claim a return of an uptrend. However, we recognize that the movement is interesting. However, to gauge its resilience, we have to wait and see how the crypto will perform after the Fed exit scheduled for next Wednesday.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes based on information on our website is entirely at their own risk.