Crypto Outlook

-BTC: $27,872.05

-ETH: $1,900.58

-XRP: $0.4791

-LTC: $91.41

The global crypto market cap is $1.16T, a 2.39% increase over the last day. The total crypto market volume in the previous 24 hours is $34.04B, which makes a 56.48% increase.

BTC: BTC price increased by 2.60% and 3.82% over 24 hours and in the past seven days. The asset reached a low and high of $27125.53 and $28432.04, respectively.

According to MicroStrategy CEO Michael Saylor, the use of artificial intelligence (AI) has unlocked the potential of Bitcoin in addressing cybersecurity risks. Saylor proposes developing a public-private key system stored on the Bitcoin layer to ensure integrity in the digital realm and prevent the proliferation of fraudulent online identities.

Furthermore, Saylor emphasizes the robust cryptographic security solutions offered by Bitcoin’s decentralized blockchain, which enhances data protection and privacy. He also discusses MicroStrategy’s participation in the Lightning and Orange projects, highlighting their innovative blockchain-based applications.

ETH: ETH price increased by 2.97% and 4.57% over 24 hours and in the past seven days. The asset reached a low and high of $1,839.13 and $1,926.42, respectively.

On-chain analysts from Lookonchain made an intriguing discovery involving a previously inactive wallet. Initially drawing attention with a test transaction of 1 ETH valued at $1,845, the wallet’s astonishing activity intensified as it swiftly moved the remaining 7,999 ETH, equivalent to an astounding $14.7 million.

Further investigation into the wallet’s past unveiled that these 8,000 ETH were initially acquired during the Ethereum ICO at a meager price of approximately $0.31 per token. This translates to a mere investment of $2,500 at the time, underscoring the remarkable returns enjoyed by early Ethereum investors.

After the transfer, the funds were directed to another wallet with limited transaction history. Notably, moments before this transfer, a separate inbound transaction of 207 ETH ($380,000) was recorded within the same wallet. The origins and motivations behind these movements remain mysterious, igniting speculation and generating significant buzz within the crypto community.

XRP: XRP price increased by 1.37% and 4.18% over 24 hours and the past seven days. The asset reached a low and high of $0.4721 and $0.4858, respectively.

Renowned XRP lawyer and advocate John E. Deaton has made a bold prediction regarding the future price of XRP. Despite its current modest value of $0.48, Deaton confidently asserts that a substantial influx of hesitant investors will be drawn to the digital asset once it surpasses the $1 mark. According to his analysis, this price milestone will be a crucial turning point, triggering fear of missing out (FOMO) effect among potential investors.

Deaton’s prediction suggests that the psychological impact of XRP surpassing the $1 threshold will be significant, potentially generating a surge in demand for the cryptocurrency. As the price of XRP rises and exceeds this key level, it is expected to create a sense of urgency among investors who had been hesitant to enter the market previously.

LTC: LTC price increased by 2.15% and 0.02% over 24 hours and in the past seven days. The asset reached a low and high of $89.10 and $92.16, respectively.

Litecoin (LTC) is expected to attract increased attention and experience higher demand in the coming eight weeks due to the upcoming halving event scheduled for August 2023. This event holds great significance and is the most notable occurrence in the next two months for Litecoin.

To gain insights into Litecoin’s future, it is beneficial to understand the concept of halving. The Litecoin network operates on a proof-of-work system, where miners solve complex algorithms to facilitate block creation.

Halving events take place once every four years or after 840,000 blocks. During a halving, the rewards granted to miners for creating blocks are reduced by half. For instance, in the upcoming August halving, the miner’s reward will be reduced from 12.5 LTC to 6.25 LTC per block.

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