Glassnode, a firm that analyzes on-chain data, has been looking at the RHODL Ratio, which is a fancy way of measuring the ratio between the Realized Cap of two groups of Bitcoin holders. The Realized Cap is like a price tag on each Bitcoin, based on the last time it was bought or sold on the blockchain.
XRP, in a display of bravado, has rallied over 5%, a performance that has left Bitcoin and Ethereum in the wings. The price, with a flourish, climbed above the $2.350 resistance level, much to the delight of the bulls.
Ethereum’s price has started a fresh increase above the $2,650 zone, leaving Bitcoin in the dust, I dare say. ETH price gained pace for a move above the $2,720 resistance zone and entered a ripping positive zone, if you please.
According to the esteemed CoinGlass, XRP’s spot trading volume on Upbit has reached an unprecedented $269.22 million, eclipsing even the mighty Binance, which recorded a mere $226.76 million. But what is most striking, dear reader, is that Binance’s trading volume is composed of outflows, whereas Upbit’s is a veritable tidal wave of inflows. 🌟
This news comes hot on the heels of the Official Trump memecoin team deciding to bridge $TRUMP into the Tron blockchain through the LayerZero chain. According to Sun, this $100 million investment in TRUMP memecoin shows Tron’s dedication to partnering with lively crypto communities.
According to aggregate data from CoinMarketCap, Bitcoin’s market cap rallied above $2.2 trillion and its daily average traded volume rose 23.7 percent to hover around $53.7 billion on Wednesday, during the mid-North American trading session. Consequently, BTC is now the fifth most valuable asset after surpassing Alphabet (Google), which has a market cap of about $2.15 trillion. 📈🏆
Both have seen their fair share of ups and downs over the last 24 hours, but the real drama lies in their on-chain activity. It’s a spectacle that’s worth a closer look, folks. 🕵️♂️
Such numbers! Does the heart not quiver at the very thought—a 44% leap in paper wealth since last year’s secondary share soiree, when the poor saps only had a $45 billion price tag? Somewhere, a mathematician is questioning his life choices.
The excitement began when the Fed’s June FOMC minutes were released, revealing that most policymakers are in favor of at least one rate cut in 2025. Some even suggested it could happen as early as the next meeting on July 30. 📅
On July 9th, the data tracker spotted a major crypto transfer involving a massive 85,000 ETH being moved between a DeFi platform and a major cryptocurrency exchange, Binance. The transfer, which happened around the mid-hours of Wednesday when the market was seeing a major uptick in the prices of cryptocurrencies, was worth over $226.3 million, as ETH was trading at $2,662.83 at the time. Notably, the network fee was charged at a mere 0.000533 ETH despite the large volume of the transaction.
