Cryptocurrency Market Analysis [July 18]

Cryptocurrency Practical Investment Article July 18

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【Cryptocurrency Market Analysis】

The price movement of cryptocurrencies since last week

(one week) is summarized as follows

Summary: Current price (change from one week ago)

※From this time, prices are expressed in dollars. (Since much information about cryptocurrencies comes from overseas, dollar notation is easier to express.)

※1Dollar =139yen

Bitcoin29800dollars (-2%）

Ethereum1891dollars(1%）

Binance Coin240dollars(-3％）

Ripple0.75dollars（60％）

Solana25dollars(25%)

Cardano0.3dollars（4%）

Polkadot5dollars（%）

MATIC　0.74dollars(1%)

Avalanche 13dollars(3%)

Uniswap6dollars（15%）

Bitcoin has not moved much and has been oscillating in the price range of 30,000 to 32,000 dollars.

Bitcoin daily chart

Regarding the current price of Bitcoin, the assessment is as follows:

○Target price is 32,000 dollars (level of last May)

○200-day moving average line has broken to the upside

and the uptrend is continuing.

The target price of 32,000 dollars has not been clearly broken yet.

The weekly chart analysis is as follows:

Weekly chart

・200-day moving average line (orange line) has broken above and is rising

The current price has clearly broken above the 200-day moving average and is hovering at the same level.

The weekly chart also shows no significant changes.

XRP surged significantly

Looking at the weekly price, XRP saw the most notable riseXRPin price.

And next wasSOL.

Last weekXRPsaw a court ruling after Ripple Inc. had been in a multi-year lawsuit withSECover whether it is a security;XRPtrading on exchanges is not a security for customers (interactions with institutions are securities).

This ruling caused prices to surge dramatically.

During the years Ripple was in litigation,XRPhad not surpassed the 2017 peak price of 400 yen in the 2021-2022 bubble.

XRPwas previously the third-largest cryptocurrency by market value after Ethereum, but Ethereum rising from 30,000 yen to nearly 500,000 yen in 2022 is quite symmetric in comparison.

And more recently,SEChas also expressed the view thatSOLandMATICare securities,XRPs verdicts indicate that the same interpretation may apply, causingSOLto rise sharply as well.

If the market moves higher in the future,XRPperformance will be worth watching.

Ripple’s victory against the SEC in part →XRP is not a security.

The most important development yesterday is that XRP (Ripple’s currency) for the first time in over two yearsXRPsurpassedBNBto become the fourth most valuable token. This is due toXRPbeing argued by the SEC as an unregistered security; the federal judge largely sided with Ripple Labs, which is continued. In response,andKrakenimmediatelyre-listed XRPto— they announced this.

XRP’s institutional sale by Ripple was deemed an unregistered securities offering, but the programmatic sale was found not to violate securities regulations. In other words, XRP sales conducted through the circulating market are considered non-securities. As a result, the token rose up to about24time in the past最大66%increase, and the broader crypto market also surged. Other notable price increases within the past24hours includeLDOrises of~26% ,ETHrises of~7% ,SOLrises of~33%, etc.Our favorite tokenized stock,Coinbase(the largest cryptocurrency exchange in the U.S.) was above100dollarsand closed the trading day at107dollars. This was the intraday high,24%upside at one point

So, what else is driving the bullish price??Well, many believe the worst macro tightening is over, and further rate cuts may occur next year. With BlackRock applying for a spot BitcoinETF, institutional adoption is more widespread than ever. Most traders have washed out of the market, and with many tokens facing little selling pressure except certain coins with high unlock schedules, the market seems to lack allocations outside Bitcoin and Ethereum. The best-case scenario is that people begin to buy altcoins that shine at an accelerating pace(blockworks)

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Last week's biggest topic was Ripple’s cryptocurrencyXRP. For several years it faced an SEC lawsuit accusing it of being a security, but a ruling has been issued that, for customer trading on exchanges, it is not a security.

And this applies not only toXRPbut to many other currencies as well, causing many cryptocurrencies to rise.

And the market capitalization has also made XRP the4thlargest.

And as the news article suggests, there is great anticipation around BlackRock’s BitcoinETFapplication, and currently, a lot of crypto money is集中 on Bitcoin and Ethereum.

In other words, this may be an opportunity for other currencies that haven’t gathered capital to shine.

However, among many cryptocurrencies, narrowing down which will shine is not easy.

Currently, the major trend in the cryptocurrency market is Ethereum Layer 2L2development, but mostL2projects have not issued coins at this stage.

Once a bubble occurs, all currencies rise, but the performance varies greatly by currency.

Watching the big trend and finding projects you’re interested in is personally enjoyable. Next year, 2024, will see Bitcoin halving, and EthereumL2tokens will continue to be released.

The answer may not be far in the future.

※In the paid subscription portion, we perform more in-depth stock-like token analyses. Even beyond Bitcoin and Ethereum, if you want to pursue investment more deeply and capture the future flow of the cryptocurrency market, consider subscribing. Continuous research is very important.

(This article has been distributed since 2016)