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Crypto Outlook

  

-BTC: $26,105.03

-ETH: $1,669.04

-XRP: $0.5202

-LTC: $64.37

The global crypto market cap is $1.06T, a 0.74% increase over the last day. The total crypto market volume over the previous 24 hours is $23.19B, which makes a 37.80% decrease.

BTC: BTC price increased by 0.70% and 11.20% over 24 hours and in the past seven days. The asset reached a low and high of $25,871.46 and $26,249.45, respectively.

In a sudden and astonishing twist, the cryptocurrency market underwent a significant downturn, spearheaded by a notable decline in Bitcoin’s (BTC) value. In a remarkably brief span of just 10 minutes, BTC’s price experienced a sharp drop of over 7%, settling at $25,600. This abrupt decrease in value evokes memories of the turbulent period following the FTX collapse in November 2022, eliciting concerns and attention throughout the cryptocurrency realm.

The trigger for this swift and substantial sell-off appears to be linked to a report from the Wall Street Journal (WSJ), which revealed that SpaceX, the innovative space exploration company led by Elon Musk, had either partially or entirely liquidated its Bitcoin holdings. The WSJ article further disclosed that SpaceX had marked down the value of its Bitcoin holdings by an astonishing $373 million during 2020 and 2021, ultimately choosing to convert its cryptocurrency assets into cash.

ETH: ETH price increased by 0.50% and decreased by 9.81% over 24 hours and in the past seven days. The asset reached a low and high of $1,657.89 and $1,693.23, respectively.

Earlier this week in 2023, there was a notable development in the competitive landscape of layer 2 solutions as Optimism transactions surpassed those on Arbitrum, indicating a significant shift in dynamics.

Optimism has distinguished itself by offering more cost-effective transaction fees than the established Arbitrum network.

Data from L2Fees reveals that the expense of sending ETH stands at $0.03 on the Optimism platform, whereas it amounts to $0.04 on Arbitrum. Additionally, Optimism demonstrates even greater affordability when it comes to token swaps with a cost of $0.05, which is less than half of Arbitrum’s corresponding fees.

Furthermore, regarding overall savings relative to Ethereum’s foundational layer, Optimism has recently taken the lead. According to insights from Dune Analytics, users of Ethereum can achieve savings of 97% by transitioning to Optimism, surpassing the 94% savings available on the Arbitrum network.

XRP: XRP price increased by 4.31% and decreased by 15.98% over 24 hours and in the past seven days. The asset reached a low and high of $0.5034 and $0.5284, respectively.

OpenSea’s dominance within the digital collections ecosystem has experienced a notable decline recently. This abrupt decrease in user engagement across multiple blockchains can be attributed to the platform’s recent decision to cease collecting and disbursement royalties on NFT sales.

Emi Yoshikawa, Vice President of Strategy and Operations at Ripple, has expressed her perspective on the optimal protocol for NFT creators concerning royalty mechanisms. OpenSea, the largest NFT marketplace, has faced criticism due to its reduced fees and creator royalties.

Yoshikawa highlights that the XRP Ledger (XRPL) has integrated automatic royalty mechanisms for creators directly into the on-chain architecture of its digital collectables feature. This arrangement ensures that creators are not dependent on the marketplace’s discretion, providing them with a more secure position.

LTC: LTC price increased by 0.52% and decreased by 22.60% over 24 hours and in the past seven days. The asset reached a low and high of $63.76 and $64.90, respectively.

The LTCUSD price forecast indicates that the cryptocurrency has breached the lower trendline support on the daily timeframe. To shift from its current bearish momentum, Litecoin needs to gather more positive traction. However, it’s worth noting that the 50-SMA could potentially serve as a resistance level for the cryptocurrency’s price. The 24-hour trading volume of 56.69K falls below the 10-day average volume of 167.699K.

Throughout this year, LitecoinUSD has shown lacklustre performance. Yearly returns stand at -8.60%, while returns over the past six months have experienced a decline of -34.24%. The previous month’s return was -30.24%, with the past week showing a decrease of -23.27%. There are indications of selling pressure on the technical front, and technical oscillators suggest a state of neutrality. The moving averages also align with a strong sell sentiment, underscoring the prevailing bearish trend in the market.


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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