CoinShares, a digital assets manager, has released its latest Digital Asset Fund Flows Weekly Report, which suggests that institutional investors are becoming more optimistic towards altcoins, despite outflows in Bitcoin (BTC) and the overall market for the second consecutive week. The report shows that halfway through 2023, digital assets have seen almost half a billion in inflows. However, digital asset investment products saw minor outflows totaling $21m last week, with trading volumes for digital asset investment products being low at $915m for the week compared to the weekly average of $1.5bn this year. CoinShares also found that over 90% of outflows came from Bitcoin, while short-BTC products had their 14th week of flows in a row. This suggests that investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive. Altcoins Ethereum (ETH) and Avalanche (AVAX) saw minor outflows totaling less than $2.5 million combined. However, other altcoins such as Cardano (ADA), Solana (SOL), and XRP products enjoyed inflows of $0.64 million, $0.6 million, and $0.5 million, respectively. CoinShares suggests that despite the recent outflows, investors are optimistic about the potential of altcoins and their ability to grow and attract more capital. Source: THE DAILY HODL

Technical analysis has suggested that XRP may be setting up for a new all-time high based on the “double bottom” pattern and an ascending triangle formation. The double bottom pattern is a bullish reversal pattern that occurs when the price of an asset forms two consecutive lows at roughly the same level, followed by a breakout above the pattern’s high. The analyst also noted that the ascending triangle formation is another bullish indication, which occurs when the price of an asset forms a series of higher lows that converge with a horizontal resistance line. The recent positive ruling in the Ripple v. SEC case has also contributed to the growing confidence in XRP’s future and bolstered the altcoin market. XRP’s current trading value is around $0.72, showing a 2.4% increase in value. However, it’s important to note that the crypto market remains notoriously volatile, and while bullish indicators provide optimism for investors, they do not guarantee results. Traders should always approach these predictions with caution and invest responsibly. Additionally, while altcoins like XRP, Ethereum (ETH), and Solana (SOL) have been experiencing modest gains, it’s worth noting that Bitcoin’s dominance in the cryptocurrency space is still significant. Nonetheless, according to Swissblock, a crypto data platform, Bitcoin’s dominance is showing signs of wavering, pointing to an upward trend for altcoins. Source: UTODAY

Bitcoin‘s long-term holders are demonstrating low selling pressure, which is a positive sign for the cryptocurrency’s bullish outlook. According to Ki Young Ju, the CEO of CryptoQuant, around 71% of the realized capitalization of Bitcoin has remained unmoved for over six months, indicating that long-term holders are not rushing to sell their BTC holdings. This lack of selling pressure contributes to the reduced selling pressure in the market. While low selling pressure doesn’t guarantee an immediate price increase, it does suggest that BTC is less likely to be at its cyclic top, providing a positive sign for investors and enthusiasts alike. Bitcoin Long-Term Holder Supply has achieved a new all-time high of 14.52 million BTC, equivalent to 75% of the circulating supply. This suggests that HODLing (holding onto Bitcoin for the long term) is the preferred market dynamic amongst mature investors. Notably, data by the firm shows that long-term holders, or addresses that hold coins for 155 days or more, currently control roughly three-quarters of the total Bitcoin in circulation (19.43BTC).     Another analyst at Cryptoquant, “IT Tech,” has recently offered valuable input on Bitcoin’s behavior during bull and bear markets. The pundit highlighted the Long Term Holder SOPR (SMA 30) metric, emphasizing the significance of “level 1” as a key indicator in distinguishing between the two market phases. According to him, in a bear market, level 1 (circled in yellow) acts as resistance, while it transforms into solid support in a bull market. Historic data from 2016 and 2020 showed that after crossing and holding level 1, Bitcoin entered the early bull market phase. The one exception was the period between 2019 and 2020, marred by the black swan event. The 30 SMA has since moved above the level, signaling the early phases of a bull market. Despite the positive indicators, Bitcoin’s price remains just below $30,000, and the upcoming US Federal Reserve’s decision on a 25-basis point rate increase is creating market uncertainty. Last month, the price attempted to push higher following numerous ETF applications led by BlackRock, fueling hopes of institutional investments before falling back into the current range. Nevertheless, experts remain confident that the ongoing weakness will be short-lived, with analyst Plan B predicting massive institutional buying, which will further prop up Bitcoin’s price.  Source: ZyCrypto

Recently, a dormant Bitcoin whale, who had not touched their funds for over 11 years, has made a surprising move by resurfacing in the cryptocurrency market and moving 1,037.42 BTC, worth over $37.8 million, to a new address. This transaction is particularly noteworthy, as the whale first received the funds back in April 2021 when the price of Bitcoin was around $4.92 per token. Taking these prices into account, the whale’s funds were worth over $5,107 when they were received, meaning that the transaction may be realizing a gain of over 740,000%.     This sudden move in the cryptocurrency market comes at a time when several financial behemoths, including BlackRock, Fidelity, and Invesco, have filed to list a spot Bitcoin exchange-traded fund (ETF) in the US. This has sparked bullish price predictions from various analysts, as Bitcoin’s price surged after these filings were made. As a result, a popular anonymous analyst has suggested that Bitcoin could surge to $40,000 or even $50,000 ahead of the cryptocurrency’s upcoming halving around April 2024. Moreover, best-selling author Robert Kiyosaki has predicted that Bitcoin could rise to an astounding $120,000 in the near term, which is seemingly in line with the price target of London-based multinational banking and financial services firm Standard Chartered. The bank recently suggested that Bitcoin’s price could surge to $50,000 this year and could breach the $120,000 mark by the end of 2024. Standard Chartered has even revised its earlier prediction of Bitcoin reaching $100,000 by the end of 2024, citing increased miner profitability per BTC as a key factor in pushing the cryptocurrency’s price higher. All in all, the cryptocurrency market is experiencing a surge in activity, as more investors and financial institutions are beginning to recognize the potential of cryptocurrencies like Bitcoin. While there are still concerns and uncertainties surrounding the market, the recent moves by whales and financial giants underscore the growing interest and confidence in the future of cryptocurrencies. Source: Cryptoglobe

In the world of cryptocurrency, large investors known as “whales” have been making moves in the past 24 hours, transferring a significant amount of Bitcoin (BTC) and Dogecoin (DOGE) holdings. The total value of these transfers comes in at an impressive $531.71 million, according to blockchain-tracking bot Whale Alert. One of the largest transfers involved a crypto whale relocating a staggering 14,159 BTC worth $421.71 million from an unknown wallet to another unknown wallet, paying less than $3 for the transaction. This transfer is a clear indication of the immense wealth and power that some investors hold in the crypto market. Another notable transfer saw a different Bitcoin whale move 1,890 BTC worth $56.54 million from a wallet of unknown origin to US-based crypto exchange Coinbase. This move suggests that the whale may have wanted to cash out their BTC holdings on the open market. On the DOGE side of things, the movements were equally significant. One large DOGE holder transferred 450,000,000 DOGE worth $32.93 million from an unknown wallet to the retail-focused trading platform Robinhood. Meanwhile, an unknown crypto wallet collected 117,717,363 DOGE worth $8.58 million from Robinhood. In a separate transaction, a wealthy investor moved 85,000,000 DOGE worth $6.17 million from a wallet of unknown origin to the crypto exchange Binance. Despite these significant transfers, the overall cryptocurrency market appears to be taking a breather, with Bitcoin currently trading at $29,815, a fractional decrease on the daily timeframe. DOGE, on the other hand, is down over 4% in the past day, trading at $0.70. The movements of these crypto whales are always closely watched by market analysts and investors alike, as they can often signal shifts in market sentiment and lead to significant price movements. However, it is important to note that the motivations behind these transfers are not always clear, and may be influenced by a variety of factors that are not immediately apparent.

A recent report suggests that $XRP, despite experiencing a 22% drop from its peak of $0.93, may potentially surge by as much as 2,400% to $18 based on a historical pattern that has been identified by a technical analyst. The pattern is characterized by recurrent dips and rebounds visible on XRP’s daily trading charts.     The analyst predicts that after reaching the $4.3 mark, $XRP will dip to $1.6 before moving up to $7.4. Then, the price will move back down to $6, before continuing to rise to $18. While this prediction is based on a recurring pattern that has been relatively accurate to date, analysts often caution that past performance is not necessarily a good indicator of future price movements.     Recently, XRP has risen to the top of the cryptocurrency space when it comes to trading volume, accounting for a stunning 21% of the market’s volume amid a price explosion of over 60% in a single week. This surge in trading volume is attributed to a federal judge in New York determining that XRP “is not necessarily a security on its face” in the legal battle between Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC). Various analysts have been bullish on the cryptocurrency after the ruling came out, with some predicting a surge in XRP’s price to $6. Moreover, another analyst has suggested that XRP may potentially experience a downward adjustment to approximately $0.65, which is not necessarily a cause for concern, as it could potentially set the stage for a bullish resurgence. According to this analyst’s analysis, the post-dip rally could escalate XRP’s value to a high of $0.90. Source: CRYPTOGLOBE

Bitcoin, Ethereum, and XRP are three of the most prominent cryptocurrencies in the market. These cryptocurrencies are on the brink of simultaneously forming a 3-day golden cross, which is a rare signal that has occurred only a few times in the past for each individual asset. The golden cross is formed when a short-term moving average crosses above a long-term moving average, and it is typically viewed as a bullish signal that could lead to a potential trend reversal.     This signal is viewed as a positive technical indicator that could signal the beginning of an uptrend in the crypto market. This development comes at a time when the crypto market outlook is improving, with institutions seeking to launch Bitcoin ETFs and XRP and Ripple winning a significant legal battle against the US Securities and Exchange Commission. While the crypto market has been volatile in recent months, the technical environment is starting to show signs of a possible uptrend brewing. Several top cryptocurrencies are inching closer to a golden cross on the 3-day timeframe, which has only occurred a handful of times in the past. The fact that Bitcoin, Ethereum, and XRP are all on the verge of forming a golden cross simultaneously for the first time in their history is a significant development that has caught the attention of many investors and analysts. In the past, a stronger rally started only after all three coins had golden crossed, which previously happened at different phases of previous bull markets. Therefore, if all three coins manage to form a golden cross simultaneously, it could potentially trigger a stronger rally in the crypto market. This signal is a positive development for crypto enthusiasts, who are hoping that the market will continue to recover from the recent lows and reach new heights in the coming months. Source: NEWSBTC

A recent survey has revealed that almost half of investors are optimistic about the future of Ethereum, with 47% anticipating that it will surpass Bitcoin in value within the next 12 months. This positive outlook for Ethereum is based on a number of factors, including its higher burn rate versus coin issuance, an increase in the number of network validators, and new address momentum. The Fidelity Digital Assets “Q2 2023 Signals Report” supports this positive outlook for Ethereum by highlighting the net supply decrease of more than 700,000 Ether since the Merge in September 2022. Additionally, upcoming upgrades to the Ethereum network, such as the highly anticipated “Dencun” upgrade and Uniswap v4, are expected to improve smart contract efficiency, reduce costs, and potentially recoup market share lost due to high gas fees. This news is significant in the world of cryptocurrency, as Ethereum has long been considered the primary challenger to Bitcoin’s dominance in the market. If Ethereum were to overtake Bitcoin in value, it would mark a significant milestone for the cryptocurrency industry and could potentially reshape the landscape of the market. Source: Cryptopanic

XRP, the cryptocurrency associated with blockchain payment firm Ripple, has reportedly surpassed Bitcoin in monthly trading volume since the US Securities and Exchange Commission (SEC) ruling on July 13. According to a report by blockchain information service Kaiko, XRP trading has seen a 61% increase since the court’s decision, with XRP accounting for 21% of global trade volume on Monday morning, ahead of Bitcoin with 20%. The report also noted that Ether accounted for 8% of trading at that time. The July 13 ruling on the SEC suit filed against Ripple has led to unprecedented interest in the XRP token. In the few days since the court decision, a jump in XRP trading has seen it surpass all other cryptocurrencies in monthly volume, according to Kaiko. The price of XRP has hit a 15-month high, and trading volume is at a 10-month high. XRP’s market cap has also risen to become the fourth largest cryptocurrency, up from seventh place, with a $21.2 billion increase within hours of the ruling. The return of the token to US crypto exchanges, such as Coinbase, has helped its trading volume, while international support has helped it weather the SEC suit filed in 2020. The report noted that interest remained high, particularly in South Korea, with exchanges Upbit and Bithumb seeing $467 billion in trading after the suit was filed, and Binance processed over $600 billion in trades in that time. Ripple CEO Brad Garlinghouse expressed confidence that an appeal decision would favor Ripple, although the SEC may appeal the ruling, according to Kaiko. Source: Cointelegraph