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Bitcoin analysts' prediction
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Ethereum to revolutionize smart contract development with an upcoming hardfork
Key points:
Ethereum is set for a major upgrade known as EOF.
EOF will significantly change the Ethereum Virtual Machine (EVM).
News - Ethereum is on the cusp of a transformative upgrade that could redefine the network's programming environment.
The proposed EVM Object Format (EOF) is set to be integrated into the upcoming Pectra hard fork, marking the most significant overhaul of the Ethereum Virtual Machine (EVM) since its inception.
What will the new upgrade offer? EOF aims to streamline smart contract development, enhancing efficiency and security for developers building decentralized applications. In essence, EOF will streamline the process of creating smart contracts by making it simpler.
As per the developers, the upgrade will be implemented later this year or in early 2025.
While the changes are expected to benefit the ecosystem, concerns have been raised about potential compatibility issues and unforeseen risks. To mitigate these concerns, developers have introduced a mechanism allowing users to choose between the old and new EVM versions.
Memecoin's platform Pump.Fun sets revenue record, but sparks controversy
Key points:
Pump.Fun sets a new daily fee record of $5.3 million.
Platform eliminates $2 issuance fee for creating memecoins.
News - Pump.Fun, a Solana-based platform that allows users to create their own memecoins, has set a new daily fee record of $5.3 million, surpassing established players in the cryptocurrency market.
This surge in revenue comes after the platform eliminated its $2 issuance fee, leading to a significant increase in token creation.
What’s more? Previously, users paid $2 in SOL to create a token, with the option to customize its theme, meme picture, and total supply. However, the recent change shifted the fee burden to the first buyer, who is typically a trading bot or automated service.
Additionally, creators now receive a 0.5 SOL reward if their coin reaches a specific market cap and gets listed on the Raydium exchange.
This fee restructuring triggered a surge in token creation, with over 10,000 tokens minted in a single three-hour period. This activity propelled Pump.Fun's daily fees from under $900,000 to a record-breaking $5 million.
Criticism dominates - Despite the revenue boost, the decision has garnered criticism from crypto enthusiasts. Many users expressed concerns about the platform becoming purely profit-driven, with comments like "Nobody is having fun anymore" and "Nobody is entertained but your team and your pockets."
Bitcoin bull run far from over: Analysts predict another year of gains
Key points:
Bitcoin's bull run could extend for another year, according to analysts.
Historical price patterns suggest potential for further gains.
News - Despite a recent price correction, Bitcoin could be in for a prolonged rally, according to a new report.
By analyzing historical price patterns and comparing them to the current cycle, analysts at Bybit and BlockScholes suggest that Bitcoin's upward trend could continue for another 350 days.
The report highlights that Bitcoin's current trough-to-peak ratio is significantly lower than previous cycles, indicating potential for further price appreciation. Additionally, the cryptocurrency's recovery from a key post-halving trajectory suggests it's on track to reach the $100,000 mark.
While retail investors played a smaller role in this cycle compared to previous ones, institutional investors have been driving the market, particularly through Bitcoin ETFs. The correlation between ETF inflows and Bitcoin's price movements further supports the bullish outlook.
However, it's important to note that market conditions can change rapidly, and past performance is not indicative of future results.
Avalanche token unlock looms as whales buy amidst traders' fear
Key points:
Avalanche to unlock 9.54 million AVAX tokens on 20 August.
Token unlocks historically impact cryptocurrency prices.
News - Avalanche, the popular blockchain platform, is set to undergo another token unlock on 20 August, releasing 9.54 million AVAX tokens into the market.
This event has historically influenced the cryptocurrency's price, prompting investor scrutiny.
On-chain data reveals a fascinating divergence between whales and retail traders. While the impending token unlock typically creates bearish sentiment, reflected in AVAX's negative funding rate, suggesting traders anticipate a price decline, whale activity tells a different story.
Large holders have been accumulating AVAX, as evidenced by a 33.66% increase in net inflow over the past week. This discrepancy in sentiment highlights the complexities of the market.
As the token unlock approaches, the battle between bearish traders and bullish whales will likely determine AVAX's price trajectory. While the increased token supply poses a potential headwind, sustained whale accumulation could offset its impact.
More stories from the crypto ecosystem
Did you know?
CryptoKitties is one of the first blockchain games that allows players to breed exclusive virtual cats that can't be copied.
An average American crypto investor is 38 years old. This is a lot younger than an average stock investor, who is 47 years old.
The concept of tokenization allows the representation of real-world assets, such as real estate and art, as digital tokens on the blockchain.
Top 3 coins of the day
Litecoin (LTC)
Key points:
The buying volume is moderate, indicating cautious optimism.
The price is testing near-term resistance at $70.
What you should know - Litecoin (LTC) is currently trading around $63.67, showing signs of recovery after finding support near the $55.80 level. However, the cryptocurrency is still facing resistance around the $70 mark, indicating a broader bearish trend. While recent buying activity has pushed the price higher, it remains insufficient to confirm a sustained upward movement. LTC will need to decisively break through the $70 resistance level to signal a potential bullish reversal. But the likelihood of that looks grim if one observes the reading of RSI which stood at the neutral mark, at press time.
Uniswap (UNI)
Key points:
UNI has been in a downtrend, with lower highs on the chart.
However, technical indicators suggest the downtrend may be losing strength.
What you should know - Uniswap (UNI) has been grappling with a persistent downtrend since reaching its peak in March 2024. Recent attempts to rebound have been met with resistance, as the price remains below key moving averages. While the Bollinger Bands suggest a potential period of reduced volatility, the overall market sentiment remains bearish, as evidenced by the negative MACD indicator. However, there are early signs of a potential bullish crossover in the MACD, which could signal a potential shift in momentum. The next couple of days are going to be very decisive for UNI bulls.
Aptos (APT)
Key points:
APT is trading between a well-defined support level at $4.91.
Techincal indicators hint at a possible trend reversal.
What you should know - Aptos (APT) has been trading within a defined range, bounded by support at $4.91 and resistance at $9.47. Since its peak in March 2024, the cryptocurrency has experienced a downward trend. However, recent price action suggests a potential shift in momentum, as APT has moved away from the lower end of the range. The Awesome Oscillator is indicating a weakening of bearish pressure, potentially signaling a bullish reversal. If bulls push APT above the $9 resistance, a short-term rally could materialize. Conversely, the loss of $5 support could initiate a further downfall.
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