Cryptocurrency Updates August 4: Bitcoin Above $ 58,000; Space Cow Boy increases by 4000%

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The crypto market is trading in the green on Thursday morning, with Bitcoin trading more than 3% at $ 58,193. The coin has jumped nearly 6% in the past seven days, compared to 3% for Ether.

Ether, coin number two, has also jumped over 4% in the past 24 hours. Other altcoins like Binance Coin, Cardano and Ripple XRP also recorded a rally, with coins trading nearly 2% higher.

Polkadot, on the other hand, is up over 17% and Dogecoin is up 4% in the past 24 hours. The Shiba Inu rally appears to be running out of steam as the coin has fallen almost 4% in 24 hours and 7% in the last 7 days.

Analysts said the extreme buy could mean the rally is running out of steam. On Wednesday morning, the coin was trading slightly above $ 56,000, down more than 1% in the past 24 hours. It has increased by almost 10 percent in the past seven days.

A. Top 10 Cryptocurrencies by Market Cap

Cryptocurrency Current market price 24 hour change
Bitcoin $ 58,179 3.40%
Ether $ 3,639 3.97%
Binance Coin $ 466 1.65%
Cardano $ 2.18 2.34%
Attached $ 0.9998 -0.01%
XRP $ 1.14 1.70%
Solana $ 150.27 0.91%
Peas $ 41.39 17.65%
USD coin $ 1 0.01%
Dogecoin $ 0.2381 4.33%

According to data from coinmarketcap.com, the total market cap of the crypto market rose more than 2% on Wednesday to $ 2.38 trillion. Meanwhile, Bitcoin’s dominance in the market edged up to 46.01%.

B. Top cryptocurrency news

Crypto Double the Size of Subprime Debt in 2008: Bank of England

From $ 16 billion five years ago to $ 2.38 trillion today, the size of the crypto market has grown to the size of the risky debt market that was valued at $ 1.2 billion. in 2008, just before the financial crisis, according to a CoinDesk report. This could therefore constitute a systemic risk for the global financial system, Jon Cunliffe of the Bank of England noted on Wednesday.

The United States Becomes World Leader in Bitcoin Mining

After China’s crackdown on all things crypto, the United States officially became the world’s leading Bitcoin mining company, the Cambridge Center for Alternative Finance said. Kazakhstan and Russia followed the United States.

A crypto-focused equity ETF to start trading in Australia

An exchange-traded fund (ETF) offering exposure to crypto-focused companies is expected to start trading in Australia soon, according to a report on CoinDesk.

Coinbase enters the NFT market

The US crypto exchange, Coinbase, is set to enter the NFT market by launching a market that will allow its users to buy and sell Ethereum-based collectibles.

C. Top 3 Trending Crypto Assets

Cryptocurrency Current market price 24 hour gain
Taboo token $ 0.01115 24.95%
Rainbow token 0.000000008681 $ 97.38%
Ariva $ 0.0008378 -25.32%

D. Top 3 losers

Cryptocurrency Current market price 24 hour gain
Amun Bitcoin 3x Daily Long $ 6.06 -88%
Frosted cake 0.00001547 $ -76%
MMACOIN $ 0.0000 2008 -66%

E. Top 3 winners

Cryptocurrency Current market price 24 hour loss
Space boy $ 33.70 4241%
BabyLondon 0.00000000045 $ 1380%
Ormeus Coin $ 0.0297 1006%

(Data is from coinmarketcap.com)

(With contributions from Reuters)


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