Ethereum Defends Bullish Trend

Crypto Market Cap Increases 1.75% to $1.19 Trillion as Altcoin Performance Increases

The market capitalization of all cryptocurrencies increased by 1.75% in the last day to $1.19 trillion, outpacing the 1.5% growth of Bitcoin and Ethereum within the same time frame. Solana (+5.7%), BNB (+6%), and Polygon (+9.4%) are outperforming the market among the major altcoins. Dogecoin (+1.2%) and Tron (-0.2%) outperform the market.

CoinShares reports that investments in cryptocurrency funds increased by $136 million last week, marking the third straight week of inflows totaling $470 million. Bitcoin investments increased by $133 million, while Ethereum investments increased by $3 million.

However, trade volumes for the week decreased to $1 billion from an average of $2.5 billion over the preceding two weeks, according to CoinShares.

At the close of the previous week, Ethereum reversed upward, retreating from its 50-day moving average. Given that this is the second such reversal in the last two weeks, it appears that the market wants to reestablish the uptrend as the dominant force. If this turns out to be the case, Ethereum will rise from its present level of $1880 to new local highs of $1960.

Bitcoin News

Standard Chartered Bank predicts that Bitcoin will hit $50,000 this year and $120,000 by the end of 2024. "The increased profitability of miners per BTC mined means they can sell less while maintaining cash inflows, reducing the net supply of the asset and driving up its price," analyst Geoff Kendrick stated.

Attorneys for the SEC charged Coinbase with knowingly breaking securities laws. In the next days, the court will weigh the arguments presented by the parties and decide whether to hear the case. Following the SEC's lawsuit in early June, the price of Coinbase's shares increased by almost 50%.

A research from venture capital firm Electric Capital claims that in just three years, the number of bitcoin developers has nearly doubled.

On the Binance, Bitcoin is traded at a discount of more than $2,000.US currency. Binance.The day prior, US users lost the ability to deposit dollars, which caused individuals wishing to withdraw money in fiat to sell.