Cryptocurrency
Here Are This Week’s Best Performing Cryptocurrencies: Weekend Watch
As yet another week passes, we will examine some of the best-performing cryptocurrencies over the past seven days.
It’s safe to say that the week has treated the markets well, with the total capitalization growing to $2.55 trillion, adding over $150 billion. This comes on the back of impressive performances on all fronts, so let’s first start with Bitcoin.
Bitcoin Soars 11% in Impressive Recovery
Despite not being the top performer, Bitcoin surely made waves in the past seven days, surging by a whopping 11% in the process.
As you can see in the chart below, it’s been mostly up only since July 14th, when the BTC price took off.
The price tried to claim the $68K level yesterday but was unable to do so as the bears stopped the rally preemptively. BTC is now found in an intraday correction, trading below $67K.
Nevertheless, its impressive performance throughout the week has also had an impact on the broader crypto market sentiment, which is currently in a state of Greed. With a score of 74, it’s up more than 100% compared to last week, when it was in a state of fear with a score of 33.
Best Performing Cryptocurrencies
It’s a meme world. Four of the top 6 best performers in the last seven days are meme coins.
Claiming the first spot with a 60% increase in the past week is the cat-themed meme POPCAT. Right after it, we have dogwifhat. WIF is up 53% over the same period, followed by PEPE with 33.6%, and FLOKI with 33.4%.
In between them are Arweave (AR) and Core (CORE), which are up 40% and 37%, respectively.
Other noteworthy mentions, which increased by around 30% include INJ, BONK, JUP, RUNE, TAO, and Mantra’s OM.
As a matter of fact, almost all cryptocurrencies managed to chart an increase during the week with the exception of UNI, AAVE, TRX, TON, ADA, and EGLD. These are the only altcoins in the red, but they haven’t lost that much. UNI is the worst performer and it’s only down 5%.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
This Is How US-Based Bitcoin, Ethereum Investors Are Preparing for the FOMC Meeting
The United States Federal Reserve will meet on September 18 and 19 to discuss whether it will follow the example set by other central banks, such as the ECB, and start lowering the key interest rates after years of hiking.
This is a particularly intriguing event for all financial markets, but especially crypto, given its relatively short history and its susceptibility to similar news and developments. As such, it’s interesting to see what US investors have done to prepare, at least in terms of ETF investments in Bitcoin and Ethereum.
Bitcoin Buying
Ever since their inception in mid-January this year, the 11 spot Bitcoin ETFs have showcased the general sentiment from US investors toward the largest cryptocurrency. Their activity has also impacted the underlying asset’s price movements, as long buying streaks have led to rallies and vice-versa.
Their actions are heavily influenced by market news and the overall status of the local economy. For example, they went on a short-term buying spree on August 23 and 26 (Friday and Monday) after Jerome Powell said the US central bank will likely cut the interest rates soon.
Although their behavior changed in the next couple of weeks due to economic uncertainty, they started to accumulate once again in the past several days. FarSide data shows that the total net inflows toward all spot BTC ETFs in the US soared to $186.8 million on Tuesday, which was the last full trading day before the FOMC meeting.
Previously, the positive numbers stood at $12.8 million on Monday, a whopping $263.2 million last Friday, and $39 million last Thursday. This means that US-based investors have stacked up their BTC ETF portfolios by just over $500 million in the past four trading days.
What About ETH?
The spot Ethereum ETFs have failed to attract serious demand and interest from investors, as discussed in the past. The trend hasn’t really changed that much this week as the total outflows stood at $9.4 million on Monday and $15.1 million yesterday.
This means that even the promising news for riskier assets, such as the potential rate cut by the Fed, couldn’t help the Ethereum ETFs in terms of changing investors’ perspective.
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Cryptocurrency
Why Did This Bitcoin Bull Buy a lot of Ripple (XRP) Now?
TL;DR
- The CEO of BecauseBitcoin invested heavily in XRP, citing specific technical analysis as the reason.
- XRP’s NVT ratio has fallen to around 125, which is considered undervalued, potentially supporting the case for future price growth.
Change of Heart
The X user Max (CEO and founder of the crypto analysis platform BecauseBitcoin) recently jumped on the Ripple (XRP) bandwagon as an investor. The exec revealed purchasing “a lot of” XRP tokens based on the emergence of a specific chart.
Max promised to release a dedicated video on the matter and explain the technical analysis which led to that move.
“Never in a million years would I have thought this would be the case… but the chart never lies,” they added.
Numerous X users praised Max’s decision to enter the XRP ecosystem. MandoCT (a popular trader with almost 500,000 followers on the social media platform) said this is “an easy trade to $1.50-$1.90.”
Max was even more bullish, replying to one of the comments that he expects a spike to as high as $5 sometime next year.
Other optimistic analysts envisioning a price explosion for XRP in the future include Mikybull Crypto and EGRAG CRYPTO. The former believes the recent chart of the asset reminds the one observed in 2017 which was later followed by a massive bull run.
“Analysts refer to this chart as a technical time bomb waiting for an explosion,” the enthusiast stated.
EGRAG CRYPTO presented five different scenarios for a potential XRP price rally. The targets vary from $3 to a “mega pump” of $27.
“My Color? I’m choosing ALL of them! I’ll sell small portions at each key target. Let’s not make the same mistake as last cycle. While in the last cycle I sold a bit around $1.85, I bought back around $1 thinking we’d hit a new high (past $1.96). Lesson learned – this time, we’re READY,” the analyst said.
Escaping Overvalued Conditions
One important factor worth considering when speculating on XRP’s future market dynamics is the NVT (Network Value to Transactions) ratio.
The metric measures the relationship between market capitalization and the value of transactions conducted on the blockchain. A high ratio suggests the asset could be overvalued, potentially signaling the likelihood of a price correction.
While the NVT soared substantially toward the end of August, it has been on a downfall ever since. Currently, the ratio stands at around 125, which is generally considered an undervalued territory.
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Cryptocurrency
BNB Chain Announces Major Update For Stablecoin Infrastructure
[PRESS RELEASE – Dubai, UAE, September 18th, 2024]
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, has announced new developments as part of a strategic focus to become the core infrastructure for stablecoin payments and digital financial transactions. This move is part of BNB Chain’s broader mission to bridge the gap between Web2 and Web3, making cryptocurrency as practical for everyday transactions as traditional money, and reinforcing its commitment to onboarding the next billion Web3 users.
BNB Chain aims to make stablecoin payments faster, cheaper, and more accessible for users by focusing on gasless transactions across centralized exchanges (CEXs), wallets, and bridges. By partnering with leading payment providers, gas-free transfers for USDT, USDC, and FDUSD will be supported. BNB Chain invites wallet providers, payment gateways, and merchants to contribute to the future of the stablecoin infrastructure here.
Key Developments:
- Gasless Transfers on CEXs: BNB Chain will collaborate with centralized exchanges to ensure users can take full advantage of fee-free transfers, providing opportunities to maximize their savings on every transaction such as Binance, Bitget, Gate.io, HTX, and MEXC. Additionally, MegaFuel, an innovative global gasless solution developed by NodeReal and sponsored by BNB Chain, will cover gas fees for users across CEXs, wallets, and decentralized applications (Dapps).
- Enhanced Wallet Support: BNB Chain is partnering with top wallet providers including Bitget Wallet and SafePal with Binance Web3 Wallet and Trust Wallet coming soon, to facilitate seamless, low-fee stablecoin transactions for users.
- Free and Easy Cross-Chain Transfers: BNB Chain is enhancing liquidity and interoperability through collaborations with leading bridge providers like Celer. This will enable zero-fee transfers and superior liquidity, simplifying the movement of assets across different blockchains.
- Real-Life Payment Integration: In a bid to integrate cryptocurrency into everyday transactions, BNB Chain is working with payment gateways such as Alchemy Pay, Oobit, Lunu, MugglePay, and Now Payment. These collaborations will facilitate real-life payments, allowing users to make everyday purchases, like buying a coffee, with stablecoins, making cryptocurrency transactions more practical and affordable. The payment gateway can be accessed here.
BNB Chain is committed to accelerating the adoption of stablecoin payments, tokenizing real-world assets, and making cryptocurrency as accessible and practical as traditional money in pursuit of its mission of onboarding the next billion Web3 users. As part of the enhancement of its stablecoin infrastructure, BNB Chain is launching the “Gasless Carnival Season” from September 19, 2024. This campaign will offer zero withdrawal fees on stablecoins from participating CEXs to BSC and opBNB, covers gas fees for transfers via participating wallets, and sponsors gas-free cross-chain transfers via participating bridges. More details will be released soon.
For more information, users can visit here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, readers can follow BNB Chain on X or start exploring via the Dapp library.
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