There is cautious optimism, but it is tempered by past data and the performance of specific technical indicators. Traders are concerned about Bitcoin and altcoins maintaining their respective 20-week moving averages, as well as how macroeconomic trends, such as the performance of the S&P 500, could impact the market.
According to CoinMarketCap data, ether fell 0.7% to US$1,705 but gained 1.84% on the week.
Except for Dogecoin, all of the top ten non-stablecoin cryptos have fallen in the last 24 hours following a surge on Wednesday following a favorable U.S. court verdict for Grayscale Investments in its continuing legal struggle with the SEC.
The decision is considered a glimmer of hope for Grayscale and is anticipated to pave the way for other financial behemoths such as BlackRock, Fidelity, Invesco, and WisdomTree, which have all filed ETF applications with the SEC and are awaiting clearance.
However, in early August, the regulator delayed a decision on Ark Investment Management’s ETF application and could do so again.
In the last 24 hours, global crypto market capitalization plummeted 0.67% to US$1.09 trillion, while crypto market volume fell 47.96% to US$28.81 billion.
Meanwhile, total NFT sales volume increased 24.24% in the last 24 hours to US$14.28 million. According to CryptoSlam data, total NFT transactions jumped 2.55% while the number of NFT purchasers increased 2.29%.
Ethereum ranked first among blockchains, with revenues increasing 54.7% to US$8.59 million. Polygon and Solana came in second and third place, respectively.
Among collections, Ethereum-based Bored Ape Yacht Club ranked first, with a 327.95% increase to US$2.39 million in the last 24 hours. Mutant Ape Yacht Club, another Ethereum-based collection, increased by 109.16% to US$593,477, moving it into third place in terms of sales volume.
Polygon’s new Bellyland collection has sold for $552,940 in the last 24 hours, making it the fourth-greatest collection by sales volume.
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