The cryptocurrency market continues to amaze with its dynamics, and July 16, 2024 was no exception. Several events have occurred in recent days that have had a significant impact on the movement of the charts. Let's look at the main ones.
Growth #Bitcoin and investor optimism
Bitcoin (BTC) continues to delight its holders, reaching $67,965, up 3.45% from the previous day. The price recovery occurs against the backdrop of growing optimism among investors and traders, expecting the continuation of the bullish trend and after the breakdown of the bearish trend resistance line, we predicted this condition in the last#Bitcoinreview:
BTC Review
#Ethereum remains stable
Ethereum (ETH), the second-largest crypto asset, also showed stability, trading around $3,297 with a slight gain of 0.61%. Developers continue to implement updates aimed at improving scalability and reducing transaction fees, which maintains interest in the network.
Political news and its impact
One of the main news was the announcement of Donald Trump's choice of J.D. Vance as his candidate for vice president. Vance is known for his support of the crypto community and criticism of current SEC head Gary Gensler. Vance owns between $100,001 and $250,000 worth of Bitcoin, further cementing his position as a supporter of cryptocurrencies.
Crypto stocks are on the rise
After Bitcoin recovered above $63,000, shares of crypto companies began to grow actively. The leader was the miner Cipher Mining, whose securities grew by more than 27% per day. The shares of Coinbase, Marathon Digital, Hut 8, Riot Platforms and Cleanspark also showed positive dynamics, rising in price by 15-19%.
Increase in the number of âdustyâ wallets
More than $88 million in Bitcoin (1,380 BTC) ended up in 100 âdustyâ wallets, a term that refers to wallets with minimal amounts of cryptocurrency (less than 0.0001 BTC). Since the beginning of 2023, such wallets have accumulated more than 530 BTC. Most of these addresses are relatively new, and 82 out of 100 wallets have not made any transactions in 2024. The largest amount of BTC among these wallets is registered on the Huobi cryptocurrency exchange.
Dynamics of other cryptocurrencies
Among large capitalization cryptocurrencies, Dogecoin showed the largest daily gain (+7.60%), and XRP (+29.54%) was the best for the week. In the top 100 most capitalized cryptocurrencies, Pepe (+25.34%) became the best for the day, and Stacks (+41.04%) for the week. TRON, on the other hand, has lost 1.26% in value over the past 24 hours.
The cryptocurrency market as of July 16, 2024 demonstrates a variety of events and trends that shape its dynamics. Bitcoin's rise, Ethereum's stability, political news, new DeFi initiatives and the rise of dusty wallets create an interesting and unpredictable picture that continues to attract the attention of investors around the world.
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