Market Overview: Mixed performance, sector differentiation
In the past 24 hours, the cryptocurrency market has seen a slight increase 📈, with an overall market capitalization up by 0.9%, reaching $4.06 trillion. Bitcoin (BTC) performed exceptionally well, rising over 2% and successfully breaking the $119,000 mark; Ethereum (ETH), on the other hand, dipped 0.4%, hovering in the $4,200 - $4,300 range.
The performance across sectors is quite uneven: the previously flourishing Layer 2 sector fell over 2% this time, with Mantle diving nearly 10% from its peak; the CeFi sector rose over 1% driven by BNB and HYPE; the NFT sector, influenced by the strong performance of PENGU, increased over 3%, standing out✨.
Bitcoin VS Ethereum: Strategies and Expectations in Collision
Michael Saylor, Executive Chairman of MicroStrategy, is a 'staunch fan' of Bitcoin. Despite the growing popularity of Ethereum and other crypto assets in the company's treasury in recent years, he firmly believes that Bitcoin will continue to outperform the S&P 500 in the foreseeable future. Currently, Bitcoin's market share is about 60%, and the number of companies holding Bitcoin has doubled in six months, reaching 160. MicroStrategy remains the largest publicly traded company holding Bitcoin, with 628,800 BTC, valued at approximately $74.15 billion.
Ethereum co-founder Joe Lubin predicts that as more companies enter the space, Ethereum's market cap might surpass Bitcoin's within a year. In the past 30 days, Ethereum has risen 23%, trading at $4,224, with institutional investment and ETF demand playing a significant role. Currently, companies holding Ethereum have total assets of $11.77 billion, with BitMine holding 833,100 ETH, valued at approximately $3.2 billion. However, Saylor believes that while industry innovation is good, funding still prefers Bitcoin.
Coinbase: Major developments in the main app
Coinbase announced the launch of decentralized exchange (DEX) functionality on its main app. U.S. users can now instantly trade native Base chain tokens, with network fees covered by the platform. Users can enjoy the security of self-custodial wallets while experiencing the convenience of centralized exchanges. Previously, centralized exchanges (CEX) only supported around 300 assets, but now newly listed tokens can also be traded almost in real-time. Transactions are routed through aggregators like Uniswap and 0x, optimizing price and liquidity. This new feature is expected to help Coinbase expand its market share and accelerate the integration of CeFi and DeFi, but it may also attract stricter regulatory scrutiny👀.
BlackRock: XRP ETF? Not currently considering.
After Ripple and the U.S. Securities and Exchange Commission (SEC) withdrew their appeals, ending years of legal disputes, asset management giant BlackRock stated that it is not currently launching a spot XRP ETF. There are several reasons behind this, such as insufficient market demand, ongoing regulatory uncertainty, a strategic focus on Bitcoin and Ethereum, intense market competition, and limited influence of XRP among institutional investors in the U.S. and Europe. Although other companies like ProShares and Grayscale have submitted applications, BlackRock has chosen to wait and see🧐.
Token Unlocking & Macroeconomics: Major events ahead
This week, several major tokens will undergo large-scale unlocking, with APT unlocking $52.1 million, ARB unlocking $41.9 million, and AVAX unlocking $39.2 million, with some tokens unlocking more than 5% of their circulating supply. On the macroeconomic front, the U.S. is set to release key data on the Consumer Price Index (CPI) for July, which may impact expectations for interest rate cuts. Additionally, Trump has nominated pro-crypto official Stephen Miran to serve on the Federal Reserve Board; if confirmed by the Senate, this could be a positive development for crypto policy.
The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks, please proceed with caution!
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