$BTC 24 Hour High $48,260
$BTC 24 Hour Low $46,800
$BTC -0.3% past 24 hours; -2.3% past 7 days
ETH and major Alts continue to outperform
Good morning. There were only minor changes to $BTC yesterday, compared to the rally in the second half of July and into August. $BTC’s trading volume was reasonably steady while retesting the support level at 47K. It’s interesting to see how it pans out as its RSI found some support at previous resistance levels (see the chart).
In contrast, $ETH broke through the resistance level at $3,500 and continues to tick up. The uptake is nothing explosive, though. A retest of 3,350 should be expected, which may provide a good opportunity for investors to top up. $ETH’s RSI looks much stronger as well, heading back up towards the 70 range. It can be a good market indicator as RSI tends to trade between the 50-80 range during a bullish run before we could acknowledge a market is overbought. The current market is driven by the spot market, so there is nothing unhealthy here.
The global trend of NFT investment spree continues as Singapore-based fund manager Three Arrows Capital (3AC) has launched a fund dedicated to high-end NFTs. The 3AC founders worked with famed NFT collector Vincent Van Dough who remarked that owning the finest pieces of the most desired sets is the “best way to gain exposure to the cultural paradigm shift being ushered in by NFTs”. The fund looks to launch a physical gallery in a major city by year-end to keep the collection accessible to the general public.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.16T, +1.7% from yesterday
- $BTC is down 0.4% at time of writing, support / resistance – 46,290 / 48,570
- $BTC liquidations and funding: $128.35M, 0.0310% average
- $ETH is down 0.4% at time of writing, support / resistance – 3,288 / 3,500
- $ETH liquidations and funding: $134.35M, 0.0047% average
Alts and DeFi watch:
- DeFi TVL: $90.61B
- $UNI up 8.2% in the last 24 hours, up ~8.2% in the past week
- $MATIC up 0.7% in the last 24 hours, down ~10.7% in the past week
- $CAKE down 4.1% in the last 24 hours, down ~7.6% in the past week
- $XLM up 1.2% in the last 24 hours, down ~4.8% in the past week
More news that caught our eye:
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