Monat: Juli 2023

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Top 3 cryptocurrencies that outperformed the US dollar in 2023

  • Ripple delivered triple-digit returns so far in the trading year
  • Bitcoin consolidates around the $30k level
  • Ethereum is up more than 50% YTD

During the summer months, trading slows as financial markets usually enter consolidation. The cryptocurrency market is no different – look at Bitcoin, and its inability to convincingly hold above $30k tells everything. 

As such, this is the best time to look back and see which cryptocurrencies have outperformed the US dollar in the first seven months of the year?

The chart below shows some dispersed performances. While some cryptocurrencies have rallied, others remained flat. In other words, the crypto market is no different than the stock or the FX market from this perspective, as it is equally important to find the right asset to invest in. 

Bitcoin chart by TradingView

Ripple leads the pack

Ripple is the single major cryptocurrency to have delivered triple-digit returns YTD. Sure enough, the bulk of the gains came from the reaction to a recent ruling saying that Ripple is a security when sold to institutional investors. 

The good news, though, is that the spike higher was not retraced. Instead, the market consolidated at those higher levels, telling us that this is more than just a short squeeze. 

Bitcoin’s YTD performance exceeds 80%

For most of the time in 2023, Bitcoin delivered the biggest return. It rallied right from the start of the year, but the rally stalled recently. 

Bitcoin has a hard time breaking and holding above $30k. Its performance this year is closely related to the US dollar’s performance. 

For instance, despite the Fed hiking the funds rate several times this year, the EUR/USD trades close to its highest levels for the year. Hence, the dollar’s weakness transpired in other markets, including cryptocurrency.

Ethereum delivered more than 50% return to its investors

Ethereum is in third place, with a return of more than 50% since the start of the year. After initially rallying with Bitcoin, it gave up more of its gains during consolidation. 

The post Top 3 cryptocurrencies that outperformed the US dollar in 2023 appeared first on CoinJournal.

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XRP price outlook: a tinge of frustration but bulls have $1 in sight

  • XRP price has been trading around $0.80 for the past week, having retreated before hitting the $1 level.
  • Ripple’s win against the SEC remains a huge catalyst and several indicators suggest a new leg is likely.
  • If price breaks out amid new upside catalysts, it could be a big move for XRP.

XRP’s explosive gain on the day Ripple scored a big one against the US Securities and Exchange Commission (SEC) did not help bulls cross the psychologically important $1 level. And with ranged trading amid a flip in the Fear & Greed Index this week, the struggle beneath $0.80 has hinted at a slight frustration across the XRP market.

What’s the XRP outlook?

A weekly chart showing XRP/USD price performance. Source: TradingView

XRP’s pullback below $0.80 (XRP/USD traded to highs above $0.93 last week) has come even as open interest in futures contracts continued to hover at its highest level since November 2021. According to OI data from Coinglass, that metric soared to $1.19 billion on Thursday July 20.

Rising open interest is indicative of inflows into the XRP futures contracts and typically confirms the recent trend’s strength.

The XRP market has also been on a tear in terms of the global spot trading volumes. On-chain data showed XRP volumes, buoyed by massive interest in South Korea, topped that of Bitcoin.

Positive sentiment has also been infused into the XRP market by recent developments around adoption of Ripple technology. After the partial win against the SEC, reports emerged that the US-based blockchain company was looking to recapture the interest of major financial players in its cross-border payments and remittances technology.

Ripple also made a major splash this week, committing to a $54 million investment in Futureverse, an artificial intelligence and metaverse-focused project. With more upside catalysts across the crypto market, it is possible XRP price could cap a great month with a burst above the key resistance level.

However, while a move higher is a more likely scenario given the highlighted factors, a negative flip in sentiment with prices still near current levels could risk a bearish retest. The primary support level below $0.70 is around $0.50.

The post XRP price outlook: a tinge of frustration but bulls have $1 in sight appeared first on CoinJournal.

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XRP, XLM and LINK record huge gains: is the altcoins season here?

Key takeaways

  • XRP, XLM and LINK added more than 20% to their values over the past seven days, outperforming Bitcoin. 

  • Shiba Memu has now raised more than $1 million in its presale.

XRP, XLM and LINK have been the best performers amongst the top 50 cryptocurrencies by market cap over the past few days. 

Their performance has seen Bitcoin’s dominance drop below the 50% mark. Investors are now speculating whether the altcoins season is here, with altcoins outperforming Bitcoin since the start of the month.

XLM, XRP, and LINK lead the altcoins rally

XRP, the native coin of the Ripple ecosystem, has been the biggest winner so far this month. XRP added more than 70% to its value since the start of the month, thanks to a favourable ruling in the Ripple vs. SEC case. 

Stellar Lumen’s XLM also rallied by more than 50% this month, thanks to XRP’s positive performance. With XRP not considered a security, XLM became bullish as it is XRP’s major competitor in the market. 

LINK, the native coin of the Chainlink blockchain, also rallied by more than 20% this week. The rally was fueled by Chainlink’s release of its CCIP protocol as it expanded its base within the ecosystem. 

With altcoins outperforming Bitcoin in recent weeks, market participants could be wondering whether the altcoins season is finally here.

Shiba Memu’s presale also continues to set new records. The team has now raised more than $1 million, with only 36,406,652 tokens left in this presale round. 

What is Shiba Memu?

Shiba Memu is a meme coin project that seeks to differ from the current crop of meme coins found in the cryptocurrency space by offering more value to users. 

While the project is still in its presale stage, its promised utility has seen investors grab more than $1 million worth of its native SHMU token. 

According to their whitepaper, Shiba Memu is a cryptocurrency that combines AI and blockchain technology to develop an unstoppable, entirely self-sufficient marketing powerhouse.

The team revealed that Shiba Memu has the capacity to execute the work of 100 marketing agencies. Furthermore, Shiba Memu is an active AI-based platform, providing users with the transparency of blockchain technology and the efficiency of AI. 

If deployed, the Shiba Memu platform actively engages to find the best work going on in creative advertising, consumes the work and churns out far better results. 

The Shiba Memu team decided to leverage the recent popularity of meme coins. Meme coins have become an important part of the cryptocurrency ecosystem. The total meme coin market cap grew from practically $0 to reach the $20 billion mark in 2022. 

The Shiba Memu team revealed the platform has self-sufficient marketing capabilities powered by AI technology. When deployed, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and various social media platforms.  

At the moment, Shiba Memu operates on Ethereum and BNB Chain, the two leading DeFi and smart contract blockchains. 

Shiba Memu’s presale tops $1 million

Despite the current market conditions, Shiba Memu’s presale event has been going excellently. Shiba Memu’s presale investment has increased by more than $200k over the past few days, with more than $1 million raised so far. 

Shiba Memu has been attracting interest from investors thanks to the latest rally by altcoins. 

The team revealed that the funds generated from the presale would be used to develop some of their products. They have allocated most of the funds to the development of the Shiba Memum AI technology.

Click here to find out more about Shiba Memu’s presale event. 

Should you invest in Shiba Memu today?

Bitcoin’s dominance in the market has decreased in recent days, with altcoins like XRP, XLM and LINK experiencing massive surges in prices.

With more interest in altcoins, investors could be looking for new exciting projects in the cryptocurrency space. Shiba Memu could be one of the projects investors look to. 

By combining the power of blockchain technology and AI, Shiba Memu promises to be a unique project. The platform will look to ease marketing strategies for companies and organisations. 

If the project gets the right level of adoption, its SHMU token could rally higher in the coming months and years. 

The post XRP, XLM and LINK record huge gains: is the altcoins season here? appeared first on CoinJournal.