LTC and XRP remain below their 2024 market open prices, but BTC, BCH, TRX, ETH and FTN rare all in the green over a two year period.. (Image from Pierre Borthiry at unsplash.com)
For centuries, gold has been the standard of value because of its scarcity. It continues to be a medium of exchange because it holds its value in tough economic conditions.
It is a store of value and, therefore, relatively stable, so it is a good hedge against inflation.
Bitcoin, on the other hand, is finite and has technological flexibility that makes it unique, unlike gold. BTC has more utility because of its technological capabilities and utility and has been coined by some as the new ‘digital gold standard’ in the crypto world.
Initially, BTC was supposed to be a non-correlated asset, but in the last few years, it has corresponded to fluctuations in the traditional markets.
With the introduction of BTC and ETH ETFs, it is evident that Bitcoin reacts to currency fluctuations and global events because it is marginally connected to capital markets now. Investors are now diversifying across the crypto and traditional markets, and the integration is gaining legitimacy with mainstream investment companies.
To support this argument, yesterday, Jerome Powell of the U.S. Federal Reserve Bank stated that the central bank will cut interest rates in September. This caused a surge in the BTC price of more than 5% to over $64k. Last May, the Fed announced that they would maintain interest rates and BTC had a short-lived rally, fully supporting this correlation.
As investors’ appetite grows for higher-yielding assets, the relationship between crypto and traditional markets will only get stronger. Gold will continue to be a stable investment for traditional traders, but the crypto market is making inroads into this outdated centralized system. The rapidly evolving crypto sector is bright, and the interconnections between global events and financial markets will continue to advance decentralized crypto investment.
iGaming Crypto Watch: For the previous month’s Casinoplusbonus crypto report, please visit iGaming Crypto Watch July 2024.
Cryptocurrency Prices
Bitcoin (BTC)
Bitcoin surged 5% today on news that the U.S. Fed is cutting interest rates next month and perhaps because of U.S. election news. Robert F. Kennedy Jr. announced yesterday that he would support Trump in the upcoming election. Some market analysts expect the endorsement from JFK Jr. will change Trump’s stance on cryptocurrency, possible making regulatory changes more favorable to the industry.
This new optimism lifted token prices across the entire crypto ecosystem. BTC is currently trading at 64,190 USD with strong resistance at 65,000 USD.
Current BTC Price
$64,190
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$21,910 / +51.79%)
- 1 Jan 2023: $16,606 (+$47,584 / +286.58%)
Bitcoin Cash (BCH)
Bitcoin Cash has not moved much in the past month, despite a very volatile market. The token is down 1.7% since the last report despite having a rise in price of 7.17% in the past 5 days. BCH is currently trading at 362 USD, with strong resistance at 398 USD and weak support at 297 USD.
Current BCH Price
$362.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$93.97 / +35.06%)
- 1 Jan 2023: $96.77 (+$265.23 / +274.15%)
Litecoin (LTC)
In the past week, Litecoin has enjoyed renewed interest from whale investors as the price surged from 55 USD to the current price of 66.88 USD.
LTC has witnessed a steady rise in transactions with an inflow of 190k tokens, which amounts to 17.3b USD and a reduction in long-term liquidations. Market analysts agree that LTC is in a bullish trend and could reach a key resistance level of 94 USD (which happened last April).
Litecoin will soon be expanding into the banking sector, initially through the BBVA in Turkey, where users will have direct access to LTC. If the current implementation of LTC is a success it will expand throughout the global LTC network.
Current LTC Price
$66.88
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (-$7.87 / -10.53%)
- 1 Jan 2023: $70.89 (-$4.01 / -5.65%)
TRON (TRX)
There has been a strong demand for stablecoins in the past month and the TRON network has capitalized on that trend. It has set a new record of 300k daily transactions and hitting an all-time high market cap of 13.93b USD.
Market analysts expect this trend to continue for several weeks as investors are rallying to buy TRX. TRON is up almost 20% this month and is currently trading at 0.16 USD which is just off the all-time high of 0.17 in 2018 when it launched.
Current TRX Price
$ 0.16
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.05 / +45.45%)
- 1 Jan 2023: $0.055 (+$0.105 / +190.91%)
Ripple (XRP)
The Ripple price has fluctuated due to the SEC court case and their plan to appeal a recent court judgement on XRP’s ongoing activities. The Kraken court case is similar to XRP, and the appeal will create uncertainty and perhaps demand for XRP.
The judge overseeing the XRP case ordered the company to pay a 125m fine for violation of securities laws, stating that XRP’s tokens were investment contracts and XRP failed to register them with the SEC. The SEC was seeking 2b USD fine and stated XRP continues to violate securities laws.
Since the last report, the XRP price has been quite flat but got a boost on this news and was up almost 1%. XRP is currently trading at 0.60 USD.
Current XRP Price
$0.60
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (-$0.03 / -4.76%)
- 1 Jan 2023: $0.34 (+$0.26 / +76.47%)
Ethereum (ETH)
After the launch of the Ethereum ETF on July 23rd, crypto’s second largest coin by market cap, there has been a substantial outflow of funds. The negative net flows are currently at 422m USD, which has seen the coin’s price drop over 13% in the past month.
The two leading financial institutions, Blackrock and Grayscale, the largest ETH ETFs in the crypto market, have had significantly different outcomes regarding their ETFs. Blackrock had over $200m USD inflows of capital in the last month. Grayscale on the other hand, has seen an outflow of 2.4b USD, which may be a negative view of this specific ETF.
Ethereum is currently trading at 2,743 USD with strong resistance at 2.817 USD and weak support at 2.688 USD.
Current ETH Price
$2,743 USD
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$390.24 / +16.58%)
1 Jan 2023: $1,195.51 (+$1,547.49 / +129.41%)
Fast Token (FTN)
Fasttoken has faced some headwinds in the past year. The token has been criticized because of its lack of security provisions and regulatory issues. The development team has assured investors that they are working on improving its Proof of Stake and Activity (PoSA) processes.
This enhancement would improve scalability issues and security of the token. Despite releasing this positive news, investors are still skeptical and the token has experienced wild price swings in the past month.
FTN is up 5% for the month and is currently trading at 2.47 USD.
Current FTN Price
$2.47
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$1.09 / +78.99%)
1 Jan 2023: $0.35 (+$2.12 / +605.71%)
Disclaimer: The content written in this article is not crypto investment advice. I am merely giving you my view on the crypto market and keeping all our enthusiastic Casinoplusbonus writers up-to-date with the latest cryptocurrency price changes on a monthly basis.
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