Daily Market Update - August 5, 2020 (ETH Volume Hits All Time High)

$BTC 24 Hour High $11,374.14 $BTC 24 Hour Low $11,094.15 $BTC +1.62%

Total Market Cap $344 BN (+0.29%)

24 Hour Volume $85 BN (-12.37%)

Notable Movers THORChain (RUNE) (+34.08%)

BTC Dominance 60.5% (+0.33%)

Transaction volume for Ethereum applications surpassed $12 billion in July, according to a report published yesterday by DappRadar. "2020 continues to be dedicated to the Ethereum DeFi ecosystem," wrote the DeFi metrics site in its report. DappRadar found that Ethereum transaction volumes hit their all-time high in July. DeFi dapps accounted for 92% of all transactions, it found.

$BTC futures volumes continue to drop as the $BTC bull rush cools off since Sunday, overnight it dropped 1M to 11B aggregated across top exchanges. Open interest bounced back to 5B with 25.8M liquidated overnight (24.4M Long, 1.4M Shorts).

Alt watch:

  • $ETH momentum slowed down after reaching highs for 2020, up 22% over the past seven days. Trading range bound between 380-395 over the past couple of days, currently trading at neutral levels of RSI and at the middle of Bollinger bands. ETH 2.0 showcasing some new features including BeaconScan, new block explorer for ETH 2.0, and API subscription plan for APIs with TransactionAction.

  • DeFi coins making another strong move post $BTC and $ETH runs, with strong performances overnight from $LINK, $XTZ and $ADA.

  • $LINK up 11.5% overnight, moving past any criticisms regarding the project. Rejected $10 and corrected down to 9.70-9.80 levels with overbought RSI levels and trading on the upper Bollinger bands.

  • $XTZ maintained its position above 3, (up 5% before losing half of the gains to start Asia trading session) currently in the 3.16 range at overbought RSI levels and trading on upper Bollinger bands. Tezos currently +75% year to date from $1.68. Tested support at 3.12, looking to challenge 3.30 levels with increased volumes.

  • $ADA up 5% overnight, trading at 0.145 and currently has momentum to challenge next resistance at 0.146 and then 0.148. Tested support at 0.141. With its smooth launch of Shelley hard fork, Quantstamp CEO Richard Ma complimented Cardano’s code as one of the best in the blockchain, comparable to ETH 2.0’s Prysm.

Bitfinex Offers ‘Up to $400 Million’ as Reward for Bitcoins Stolen During 2016 Exchange Hack

Crypto exchange Bitfinex was hacked and subsequently robbed of nearly 120,000 bitcoins in 2016 — and now, it's offering a big reward in its bid to get them back. Bitfinex appears to be offering a 30% cut of recovered bitcoins as part of the initiative. "The aggregate rewards available under this programme could be worth up to approximately US$400 million at the current BTC price if all bitcoins are fully recovered.

100% of Chainlink Addresses Are Currently in Profit

The recent Chainlink (LINK) rally has led to some unconventional results — 100% of its supply is "in the money" or profitable. This metric simply represents a comparison between the asset’s current price and the price at which it was acquired. If the current price is higher, then it is "in the money," if it is lower, then it is "out of the money," and if it is the same, then it is "at the money."

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