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- ETH Surge Is From Banks
ETH Surge Is From Banks
PLUS: Memes, AI & RWA Gain Traction
Blockstreet Journal
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Welcome, Crypto enthusiasts!
Institutions are the ones buying up ETH while retail struggles to decide where the market is going next.
In Today’s Blockstreet Journal:
ETH Surge Is From Banks
Memes, AI & RWA Gain Traction
Market Rundown
Top Gainers & Losers
Airdrops & More News
Latest News
ETHEREUM
🏦 ETH Surge Is From Banks
Word On The Street: Institutional investors exhibit greater bullishness on Ether compared to retail investors, just a week ahead of the anticipated launch of the first spot Ether exchange-traded funds (ETFs).
The details:
Eugene Cheung, head of institutions at Bybit, noted that institutional investor confidence in ETH is notably stronger than that of retail.
According to the report, institutional investors doubled their Ether exposure from 6.54% to 14.29% following the ETF announcement.
Cheung anticipates a potential two-fold increase in Ether's price during the current bull cycle, predicting it could surpass $6,800 by 2025.
Why it matters: Over the past year, Bitcoin's price has increased by over 111%, while Ether's price has risen by over 77%, according to Binance data.
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MARKET NEWS
🐸 Memes, AI & RWA Gain Traction
Word On The Street: Memecoins, real-world assets (RWA), and AI were the leading narratives in the second quarter of 2024.
The details:
According to the data, memecoins, RWA, and AI collectively captured 36% of all CoinGecko web traffic categories.
Memecoins, inspired by internet memes or trends, topped CoinGecko’s narrative chart, accounting for 14% of all categories.
Real-world assets, including tokenized real estate, accounted for 11% of web traffic, while AI comprised 10%.
Why it matters: Solana and Base emerged as the two most popular ecosystems for memecoins, capturing about 23% of total market attention.
Market Rundown
Fear & Greed Index
The global crypto market cap is $2.34T, a 1.05% increase over the last day.
The total crypto market volume over the last 24 hours is $96.58B, which makes a 42.78% increase. The total volume in DeFi is currently $5.68B, 5.88% of the total crypto market 24-hour volume. The volume of all stable coins is now $88.85B, which is 92.00% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 53.78%, a decrease of 0.07% over the day.
Global Market Metrics
As of today, the current state of the cryptocurrency market is as follows:
- Total Market Capitalization: $2.34T
- 24-hour Trading Volume: $96.5B
- Total Active Cryptocurrencies: 10,016
- Bitcoin Dominance: 53.78%
- Ethereum Dominance: 17.53%
- DeFi Market Capitalization: $74.85B
- DeFi 24-hour Trading Volume: $5.68B
- Stablecoin Market Capitalization: $156.22B
- Stablecoin 24-hour Trading Volume: $88.85B
- Derivatives 24-hour Trading Volume: $854.08B
Top Gainers & Losers
🚀 Top Gainers
💩 Top Losers
Airdrops & More News
DAILY AIRDROP
📦️ SuperBoring Airdrop
SuperBoring is a streaming DEX that enables Dollar Cost Averaging for tokens on Base. They now have a referral campaign where users can earn a commission of BORING token by referring users to the platform.
Step-by-Step Guide:
Visit the SuperBoring website.
Connect your wallet.
Switch the network to Base.
They now have a referral campaign where users can earn a commission of BORING token by referring users to the platform.
Go to the referral section to obtain your referral link.
Also, interact with the platform by swapping tokens, which could potentially make you eligible for future airdrops.
Other News
Pixelverse to put Pudgy Penguin character on Telegram mini game. A Pudgy Penguins character integrates into Pixelverse, joining characters like Doge from Dogecoin and Mew from the Solana memecoin MEW.
Trump Campaign's Crypto Donations Amounted to $3M of $331M Raised Last Quarter: WSJ. Roughly 100 people contributed crypto the campaign, including high-profile industry players like the Winklevoss twins and Kraken's Jesse Powell.
Are crypto cards still a thing in 2024? Industry weighs in. Self-custody and Lightning Network integrations are anticipated to drive the next milestone in the development of crypto cards.
Ava Protocol Launches Mainnet on Ethereum as EigenLayer AVS. The latest in blockchain tech upgrades, funding announcements and deals. For the period of July 11-17.
🫡 Thanks For Reading
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