Bit Digital spent $172 million on Ethereum, is Bitcoin's status being questioned?
Recently, there has been a major move in the cryptocurrency space: Bit Digital spent $172 million, not on Bitcoin, but on Ethereum.
This raises curiosity among many: is Bitcoin's 'top dog' status about to change? Could other cryptocurrencies see new opportunities?
Actually, Bitcoin's performance is quite good now, hovering between $107,000 and $111,000, not far from the resistance level of $114,000.
If it can break through this position, it may rise to $119,000, an increase of about 7%. Over the past six months, Bitcoin has risen nearly 19%, and technical indicators also show strong buyer interest.
Ethereum is also rising, currently priced between $2,420 and $2,679, with a weekly increase of 9.1%. Analysts say if it can break through $2,787, it may surge to $3,047.
Currently, there still seems to be room for growth, but attention should be paid to the support level of $2,269 to avoid falling back.
BNB burned $1 billion worth of tokens, with prices greatly affected by on-chain transactions.
BNB recently burned another $1 billion worth of tokens (approximately 1.59 million), marking the 32nd burn, with a total of over 60.7 million burned, accounting for 30% of the total supply.
It is said that burning tokens should reduce supply and potentially push prices higher, but the actual impact is not that direct.
When BNB first burned over $1 billion in early 2024, the price rose from $300 to $600, doubling. However, subsequent burns did not lead to significant price increases.
In contrast, the trading volume on the chain's DEX has a greater impact—by the end of 2024 and into 2025, BNB's trading volume on-chain surged, reaching a new high of $170 billion in June, which may be the key to driving prices.
Currently, BNB's price is $692, up 15% from the June low. Next, we need to see if it can break through $700; if it does, it may surge to $800.
XRP rose 26% in a week, driven by whales and short covering.
XRP has been performing strongly recently, rising 26% in a week to $2.80.
There are several main reasons:
Firstly, the number of whales (wallets holding over 1 million) reached a record, holding a total of 47.3 billion XRP, indicating confidence from large investors.
Secondly, bearish individuals were forced to close positions, with nearly $31.4 million in short positions liquidated within 24 hours, pushing prices higher.
Thirdly, everyone speculates that there might be an XRP spot ETF, increasing enthusiasm.
Analysts say if it can maintain above $2.60, it may surge to $3 in August. In the long term, if the ETF is approved, it could reach $3.5-$4 by the end of 2025.
A new meme coin AGNT is here, trying to compete with SHIB and PEPE for attention?
SHIB and PEPE are popular meme coins, but a new project called 'Code Name: Pepe (AGNT)' has recently gained attention. It just launched on Uniswap and has burned some tokens to reduce supply, aiming for higher prices.
Unlike SHIB and PEPE, AGNT integrates artificial intelligence to scan the market for promising meme coins and can trade automatically, allowing token holders to participate in community decisions.
Some predict significant increases by the end of 2025. However, SHIB and PEPE have their own advantages; SHIB is developing its ecosystem while PEPE relies on community enthusiasm, but short-term potential may be limited, leading some to turn to new projects like AGNT.
Overall, there have been many fluctuations in the cryptocurrency space recently, from large companies changing positions to the rise of smaller coins, with different reasons driving the trends of each coin, so investors should pay attention to these dynamics.