TL;DR

• BTC is up & ETH is up

• BTC over-performed ETH this week 

• Bitcoin dominance is up

• The hot coin we look at this week is $RUNE

Latest & Greatest 📰

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 16.1% and ETH up 12.5%:

Bitcoin dominance has increased over the week, rising from 51.1% to a peak of 52.03% and ending at 52.03%. Bitcoin is up due to strong bullish momentum, significant short position liquidations, successful breakouts above key levels, positive market sentiment, and ongoing institutional interest.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

The market is experiencing bullish momentum with significant price increases for major cryptocurrencies. Short positions are being liquidated, and anticipation of major events like the Ethereum ETF launch is driving optimism. Key resistance levels are being tested, and institutional investment is supporting the positive trend.

Ethereum (ETHUSD) Analysis:

Ether's price has been buoyed by anticipation of the upcoming launch of the first spot Ether ETFs in the United States, which is expected to drive significant market interest. Analysts, including Matt Hougan from Bitwise, suggest that Ether could reach new all-time highs due to factors like a 0% inflation rate and substantial Ethereum supply being held off the market.

Bitcoin (BTCUSD) Analysis:

On July 19, Bitcoin surged to a one-month high near $67,000, rising sharply from $63,303 in just four hours. The current price action shows a strong uptrend with higher highs and higher lows, suggesting that bullish momentum remains strong. Key breakouts above significant levels indicate that bulls are in control.

Expected Trading Ranges:

• Ethereum (ETH): resistance level at $3,500.

• Bitcoin (BTC): between $66,880 and $67,000

Market Outlook:

Bitcoin’s recent rally highlights strong bullish momentum. However, retail demand is at a three-year low, with institutional investors driving the market. The long-term outlook remains positive, with potential for further gains if retail interest picks up and Bitcoin continues its upward trend.
The ETF launch may initially boost Ether's price but could be followed by a brief dip. Long-term gains are expected once the market stabilizes, with potential for a broader altcoin rally. Ether is currently 29% below its all-time high of $4,890.

BTC/ETH ratio has seen a increase:

Over the last six days, the BTC to ETH conversion rate has generally increased, starting at 18.64 ETH on July 13 and rising to 19.09 ETH by July 19. Despite minor fluctuations, including a dip to 18.60 ETH on July 15, the overall trend shows a net increase in the conversion rate, indicating that Bitcoin has strengthened against Ethereum during this period.

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Hot Coin: RUNE 🔥

In this week’s newsletter, we dive into Thorchain’s token with the ticker: $RUNE.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

THORChain is a decentralized cross-chain liquidity protocol designed to enable seamless, non-custodial swaps of assets between different blockchain networks.

Built on the Cosmos SDK, THORChain utilizes an automated market maker (AMM) model to facilitate these swaps, allowing users to trade cryptocurrencies across previously non-interoperable blockchains without the need for intermediaries.

This cross-chain functionality allows for native asset settlements between major blockchains such as Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash, and Litecoin, setting THORChain apart from other decentralized exchanges which typically operate within a single blockchain network.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

• Groundbreaking Cross-Chain Swaps

• Imminent Mainnet Launch

• Backed by Prominent Investors

• Expanding Ecosystem

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