Market drifts
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. EST 22nd September 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Drifting Aimlessly Or Saving Its Strength? Crypto Sector Unsure
The Fed has spoken. Stocks tanked. The greenback soared. Crypto lollygagged.
Bitcoin as of Friday morning at 7:26 a.m. (EST) was $26,609, having surrendered its $27K handle but still gripping a key support line ($26.5K) on a 24-hour ebb of -0.5%. Ethereum, second-largest crypto, actually gained 0.2% although it still feels down having lost its $1,600 handle and in the wake of some Wall Street analysts’ comments regarding underwhelming post-Shanghai-upgrade activity.
No. 5 digital asset XRP, the token associated with the ledger technology company known for being in a regulatory battle thought to be destined to go on forever, is still fifty cents. XRP is 1.1% higher versus where it was yesterday.
No. 15 Litecoin scampered ahead noticeably in what is shaping up to be one of today's best moves. Up 2%.
Actually, upon closer inspection, there are a few altcoins with +3% gains. Algorand and Arbitrum are among them.
Checking on the bottom rungs of the top 100 ladder (coins in the $300M-$500M market-cap range), Terra Luna Classic does seem to be rallying suddenly. LUNC is $0.00006208. Twenty-four-little hours' ago, LUNC was $0.00005681.
What's down
Rollbit Beaten At Its Own Game
Crypto can't seem to catch a catalyst. Several coins seem crestfallen. But a bloodbath today is not.
Optimism has waned to $1.30 on a dip of 0.7% over the past 24 hours. As altcoin laggards go, Kaspa, Cosmos and Rocket Pool each declined only about 3%.
If there's one coin crumpled in the corner, it's Rollbit. An in-the-works crypto-based casino project, Chancer, seems to now be the shiny new object in the world of futuristic, decentralized betting platforms. RLB (No. 97) was fifteen cents one week ago. It's dropped to a dime.
What's next
New Speedier Era For ETH Can’t Come Fast Enough
Ethereum was merely a few dollars shy of reclaiming $1,600 as of 8:20 a.m. (EST). The next milestone would be $1,660, which is ETH's 200-week simple moving average.
Prices for ETH likely will stick within a narrow range because of hedging in the options market with major participants wrestling in the spot market ahead of an expiry next week, stunting volatility (CoinDesk).
According to JPMorgan, Ethereum network activity has failed to meet expectations following a much-heralded upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS) back in the spring. Key network metrics – daily transactions, active addresses and total value locked (TVL) – all declined, JPMorgan said.
The Ethereum community now turns its lonely eyes to you, pending EIP-4844 upgrade (hello, protodanksharding, good-bye unnecessarily horded data) which is being touted as a congestion relief solution.
Danksharding introduces temporary data packets ("blobs") which attach to blocks. While blobs can accommodate more data than the blocks themselves, that blob-held data eventually goes away, benefiting layer-2 rollup networks (e.g. Arbitrum and Optimism) which would eagerly welcome all that extra temporary data space as they bundle transactions off to the side prior to posting them back to the main chain. It's a development that, if it really comes to fruition, potentially would result in lower transaction fees and higher throughput on Ethereum.
Get ready, blockchain world, potentially game-changing data blobs are coming in the fourth quarter, that is unless protodanksharding gets pushed off until early next year.
