1ATH.Studio Altcoin Weekly
Altcoins in Sync: Following Bitcoin’s Lead
This week, altcoins mirrored Bitcoin’s movements, experiencing significant price drops as the market reacted to broader trends.
Altcoins Take a Hit as Bitcoin Tanks
Big-time altcoins like ETH, Solana, Dogwifhat, Bonk, and Jupiter took a serious hit, all dropping more than 10% as Bitcoin nosedived 12% over the last week.
After a pretty chill end to July, Bitcoin’s price took a wild turn, plummeting over $9,500 to land at $60,300. Altcoins couldn’t escape the madness either, following Bitcoin’s lead. The total value of liquidated positions shot up to nearly $800 million in just one week. Talk about a rough ride!
Whales Gear Up for Next Altcoin Rally, Says CryptoQuant Founder
CryptoQuant founder Ki Young Ju reckons that crypto whales are gearing up for the next altcoin rally, sparking hot debates among traders about when the alt season will kick off.
Ju’s deep dive focused on the 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins. This nifty metric tracks the gap between buy and sell limit orders over a one-year period.
He explained that whales love using limit orders to dodge slippage. The rising levels of this metric suggest a growing number of buy-limit orders from big crypto players and institutions, signaling “strong buy walls” and future demand for altcoins.
U.S. Spot Ethereum ETFs Launch with Mixed Results
The launch of U.S. spot Ethereum exchange-traded funds (ETFs) last week was a mixed bag. While most ETFs saw net inflows, Grayscale’s converted fund, ETHE, faced significant net outflows.
In the first four days of trading, BlackRock’s ETHA stole the show with $442 million in net inflows. Bitwise’s ETHW followed with $265.9 million, and Fidelity’s FETH pulled in $219.4 million. Other ETFs, like VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH, and 21Shares’ CETH, also enjoyed positive net inflows of $35.4 million, $23.3 million, $14.2 million, and $7.5 million, respectively. However, Grayscale’s ETHE saw over $1.5 billion in net outflows, resulting in a total net outflow of $341.8 million for the combined U.S. spot Ethereum ETFs.
SEC Retreats in Legal Battle with Binance Over Token Classification
The United States Securities and Exchange Commission (SEC) has taken a notable step back in its legal tussle with cryptocurrency exchange Binance by dropping its request for the court to classify certain tokens as securities. Initially, the SEC’s lawsuit against Binance had labeled a slew of popular tokens — including BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI) — as securities.
Neiro Craze: New Shiba Inu Sparks Token Frenzy on Solana
Kabosu’s owner recently introduced her new Shiba Inu dog, Neiro, on X, sparking a surge of NEIRO token creations on the Solana blockchain. Two prominent NEIRO tokens quickly emerged, with the most popular initially hitting a $100 million market cap. However, a sell-off followed as communities debated which token was the true NEIRO.
Neiro’s owner has distanced herself from the controversy, advising users to be cautious and watch out for “token scams.”
Women Outearning Men in Crypto: Pantera Research Lab Survey Reveals Surprising Trend
A recent survey from Pantera Research Lab reveals a surprising twist in the gender pay narrative within the cryptocurrency industry. The report indicates that women in the crypto sector earn significantly more than their male counterparts, suggesting a progressive shift towards gender equity that contrasts with traditional sectors.
According to the survey, the median annual salary for US-based female employees in the digital currency sector is $172,000, compared to $150,000 for men.
Meme of the Week: Ethereum ETFs launch
Top Altcoin Gainers and Losers of the Week
Altcoin of the Week
Cardano — ADA
Coingecko — Cardano is a proof-of-stake blockchain network that supports decentralized applications (dApps) with a multi-asset ledger and smart contracts. Unlike many other blockchains, Cardano does not build on top of technical foundations from Bitcoin or other blockchains. Instead Cardano works with leading academics on research to develop new and innovative solutions, which are subjected to academic peer review and presented at major international conferences.
Price — $0.3578
Market Cap — $12,741,611,988
Fully Diluted Valuation — $16,108,682,034
24 Hour Trading — Vol $301,098,053
Circulating Supply — 35,594,006,898
Total Supply — 45,000,000,000
Max Supply — 45,000,000,000
