4.05pm: Dogecoin goes for a run
The Dogecoin (DOGE) meme coin led the blue-chip altcoin pack today, surging 6% to hit a 10-week-plus high of US$0.072 with a market capitalisation of US$10.7bn.
The rally eclipsed the world’s largest cryptocurrency bitcoin, which is down around 3% day on day.
Dogecoin jumped ahead after Twitter boss Elon Musk gave a nod to the meme coin by pulling the Ð ticker symbol in his Twitter bio.
Credit: Twitter/X/@elonmusk
The comes on the same day that Twitter was rebranded simply as X, with the famous blue bird logo officially sent out to pasture in place of an ominous X logo.
1.13pm: Crypto funds dip into the red
The last digital asset fund flows report provided by CoinShares shows a sharp retraction from the significant amount of inflows into cryptocurrency investment products witnessed over the past four weeks.
In the seven days up to Friday, July 21, digital asset investment products saw around US$6.5mln (£5mln) in outflows, compared to SU$137mln of inflows the week before.
In early July, inflows across the major bitcoin and cryptocurrency investment vehicles run by CoinShares, 21Shares, ProShares and other major digital asset managers topped US$200mln as the price of bitcoin shot above US$30,000.
Unusually for the cryptocurrency fund markets, Ethereum beat out bitcoin in the past week, with the second-largest cryptocurrency by market capitalisation seeing US$6.6mln of inflows compared ot -US$13mln of bitcoin outflows.
However, short-BTC products, which bet against the price of bitcoin, also saw around US$5.5mln worth of outflows.
Ripple (XRP) saw US$2.6mln worth of inflows, while Solana (SOL) Polygon (MATIS) also saw minor inflows.
Investors have been hit with a shot of Ripple (XRP) confidence since its partial win against the US Securities and Exchange Commission (SEC) earlier this month.
9am: Bitcoin reclaims dominance
Bitcoin (BTC) failed to recover the US$30,000 support line over weekend trades, barring a brief spell on Sunday afternoon, after selling pressure kicked in around the US$31,000 price point.
However, Bitcoin dominance – a measure of its market capitalisation against the crypto market as a whole – reclaimed 50% over the weekend after a brief surge in altcoin prices cooled.
At the time of writing, BTC/USDT was changing hands at US$29,800
Buyers currently appear willing to support the BTC/UDST pair at US$29,500, according to the orders placed on Binance’s books, with resistance pitched at US$31,000.
Bitcoin bulls will be hoping to bring the benchmark cryptocurrency back into the 30k to 31k channel which has been the comfort zone over the past four weeks.
Bitcoin fails to reclaim 30k – Source: currency.com
Despite bitcoin’s surge in market dominance, the second-largest cryptoasset by market cap, Ethereum (ETH), had a decent Sunday trading session, adding 1.2% to hit the midnight bell at US$1,888.
The ETH/USDT pair has since lost around 0.7% this morning to bring the spot price back to US$1,875.
Ripple (XRP) down, Dogecoin (DOGE) up
Ripple (XRP) has begun losing value since ratcheting up over 70% following a mixed win in its long-running dispute with the US Securities and Exchange Commission (SEC).
Week-on-week, XRP has fallen back 3.7% to US$0.72, whereas bitcoin and ether have fallen back 1.5% and 2.8% respectively.
Dogecoin (DOGE) has ripped ahead in the blue-chip altcoin space, adding over 5% overnight. Its market cap currently stands at US$10.6bn.
Twitter boss and long-time DOGE fan Elon Musk appears to have added the meme coin’s symbol to his Twitter bio.
The main catalyst to watch out for in the week ahead will be the interest rate decisions from the US Federal Reserve and the European Central Bank, scheduled for Wednesday and Thursday respectively.
Both are expected to make another 25 basis point rate hike, though a surprise on the downside could provide a risk-on tailwind to the benefit of bitcoin and potentially the wider cryptocurrency market.
Global cryptocurrency market capitalisation currently stands at US$1.19tn.