Crypto Outlook

-BTC: $27,230.09

-ETH: $1,907.89

-XRP: $0.5263

-LTC: $95.99

The global crypto market cap is $1.15T, a 0.19% increase over the last day. The total crypto market volume in the previous 24 hours is $19.79B, which makes a 13.48% decrease.

BTC: BTC price increased by 0.25% and 0.05% over 24 hours and in the past seven days. The asset reached a low and high of $26,958 and $27,317.05, respectively.

The Consumer Financial Protection Bureau (CFPB), a major U.S. government agency focused on protecting consumers in the financial sector, recently warned about the risks of storing funds in popular payment apps like PayPal, Venmo, Zelle, and Payoneer. The advisory highlights the absence of federal deposit insurance for funds held in these apps, which exposes consumers to financial uncertainty in the event of app failures or bankruptcy.

This development has triggered discussions on the security of alternative options, with Bitcoin emerging as a potential secure alternative. Bitcoin’s decentralized nature and the control users have over their funds are seen as advantages that can mitigate the risks associated with traditional payment apps.

ETH: ETH price increased by 0.22% and 3.42% over 24 hours and in the past seven days. The asset reached a low and high of $1,885.49 and $1,908.00, respectively.

Etherscan has introduced an enhanced filtering tool that empowers users to customize and refine their search results more precisely. Currently in beta, the “Advanced Filter” tool enables users to extract valuable data insights and conduct focused analysis by leveraging Ethereum’s public data.

With this new filter, users can effortlessly narrow their search results based on specific criteria, including transaction type, function name, duration, amount, and addresses for asset transfers. This functionality allows users to prioritize transactions, addresses, and activities most pertinent to their research, monitoring, or investigative objectives.

Etherscan highlights the utility of the Advanced Filter tool in monitoring non-fungible token (NFT) lending activities on platforms like Blur. Analysts can easily track the top NFT collections used as loan collateral using filter fields.

Furthermore, the tool provides information on borrowing transactions, popular NFT collections utilized in NFT lending, and the demand for NFT-backed loans. While the filter is still in beta, it’s important to note that it has some limitations. Currently, it does not offer the option to hide tokens with poor reputations, and no ignore list is available.

XRP: XRP price increased by 1.12% and 11.30% over 24 hours and the past seven days. The asset reached a low and high of $0.5166 and $0.5264, respectively.

XRP’s price has seen a notable surge as investors gravitate towards the asset amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

In the past few days, XRP has recorded an impressive gain of almost 11%, reaching a peak of $0.52. Fews factors that resulted in the price surge are:

1. Significant capital inflows: Over the last week, the XRP market has experienced a substantial influx of $2.6 billion in capital, signaling strong investor confidence and support for the digital asset.
2. Growing market capitalization: XRP’s market capitalization has witnessed a significant upswing, rising to $27.19 billion, reflecting a 10% rise compared to the previous week.
3. Increased on-chain activity: On-chain activity for XRP has surged, with a record-breaking 490,000 addresses engaging with the XRP Ledger. This spike in activity indicates potential significant shifts in the network’s market position.

These factors collectively contribute to the recent price surge and highlight the growing interest in XRP amidst the ongoing legal proceedings.

LTC: LTC price decreased by 0.84% and increased by 7.54% over 24 hours and the past seven days. The asset reached a low and high of $94.87 and $97.12, respectively.

Litecoin (LTC), often called ‘digital silver,’ has surged in value. Since May 25, LTC has risen by almost 14%, currently sitting at $95.99. Santiment, an on-chain data analytics firm, has identified three key factors contributing to the rising value of Litecoin.

Firstly, the highly anticipated Litecoin halving event in August.

Secondly, increased whale activity, indicating significant transactions by major LTC holders.

Adding to the positive sentiment, global payment gateway BitPay recently announced a significant milestone for Litecoin among its users. Litecoin has now secured the second position as the most popular cryptocurrency transacted through BitPay. To celebrate this achievement, BitPay has announced a giveaway of $250 worth of Litecoin to a fortunate winner.

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