The crypto market exploded today with a number of key developments that are believed to be behind the recent soaring prices. Most cryptocurrencies have skyrocketed to the point where they now trade in the green on a 24-hour and 7-day basis, despite recent corrections.
The strength of the surge still varies from project to project, with the ones that saw positive developments typically surging the strongest, while those that have experienced challenges still saw their prices go up, only at a lower rate. And, of course, projects with no major developments lately find themselves somewhere in the middle.
As for those key moves that are believed to be driving the new rally, there are several worth noting.
Bitcoin ETFs attract $39.4 million in inflows
Recent data from SoSoValue revealed that the 12 spot Bitcoin ETFs recorded $39.42 million in net inflows on August 21. This represents a 55% drop compared to the $88.06 million seen on the previous day, but the ETFs are still seeing inflows, rather than outflows.
Grayscale’s mini-Bitcoin trust also saw $14.2 million in inflows, after three days of no activity, with slightly lower figures surrounding Fidelity’s FBTC ($10.7 million) and Bitwise’s BITB ($10 million).
The Bitcoin ETFs’ inflows particularly stand out compared to the nine-spot Ethereum ETFs, which collectively saw increased outflows of $17.97 million. In response, the Bitcoin price climbed 2.30% in the last 24 hours, while surging by 3.58% in the last seven days.
Other Bitcoin news today addressed the coin’s volatility “ramping up” above ATH levels as its price retested the $62k level. This means that the coin’s volatility passed the levels seen during the ATH in March, and it continues to rise further. Some traders believe that this might be the catalyst that the Bitcoin price needs to break out of the consolidation phase.
However, in order to start the rally, Bitcoin price must stay above $61k and successfully retest the $62k level — something it failed to do since August 9. Even now, its price sits at $60,936, below its daily high of $61,819, which it reached in an attempt to breach the $62k mark.
Fantom (FTM) leads the rally with a 17% surge
Fantom news today shows that the token saw a major surge in the last 24 hours, heading up by around 17%, and becoming one of the leaders of the recent rally. Experts also believe that the project is eyeing further gains, although additional rise will depend on the behavior of the wider market.
After seeing its initial surge, the FTM price has been trading mostly sideways with very small fluctuations. However, the project’s volume skyrocketed by over 120% in the past 24 hours, to $208 million as of the time of writing.
The project’s price has climbed above its upper Bollinger band, which might suggest that FTM is overbought and that a correction might follow. However, with its Relative Strength Index (RSI) value sitting at 57.21, the coin still seemingly has some room to grow.
Most traders who rely on technical indicators will not react until the RSI hits 70. This means that the Fantom price has a strong momentum, but also that it has not yet reached its peak.
TRON price reaches $0.16
The last 24 hours have also seen the TRON price reach and slightly exceed the value of $0.16, at least temporarily. While the coin did correct after hitting this major resistance, the fact that it reached it allowed TRX to pump its market cap enough to secure its place among the top 10 largest cryptocurrencies.
Since the correction, however, TRX lost 3.6% of its price in the last 24 hours, which allowed Cardano (ADA) to close in on its position. At the time of writing, TRX is still the 10th largest crypto, and its price is still 19% higher than a week ago, but ADA has seen an 11% surge in the past week, and a 6% surge in the last day, so it might soon retake the 10th place for itself.
TRON owes a lot of its success in reclaiming a position among the top 10 cryptos to Sundog (SUNDOG), its recently launched meme coin which became an overnight sensation in the crypto sector. Furthermore, the project’s CEO, Justin Sun, predicted that TRX could hit a $4 billion market cap in the near future thanks to its new meme strategy, so additional growth might be expected from the project.
The Best Alternative Investment Right Now
While there are plenty of coins and tokens that can offer sizable gains right now, the increase in volatility is making investing in these assets a risky move. A safer alternative is to go for high-potential cryptocurrencies that are still in their presale stage, which makes sure that you buy them while their price is low, and see significant gains if the prices blow up post-launch.
JOIN THE SHIBASHOOT ICO BEFORE IT ENDS
One such project worth considering is Shiba Shootout (SHIBASHOOT) — a Shiba Inu-inspired meme coin that places the legendary dog meme in the Wild West setting. The project doubles as a meme coin and a GameFi project, as it has already launched its own game that you can play on both Android and iOS devices.
However, the game has not yet received its P2E upgrade. This will arrive after its token, SHIBASHOOT, goes live. For now, the token is still in the presale, which means that you can play the game just for fun, and to practice your sharpshooter skills.
Once the ICO ends, however, winning duels will reward the player with Shiba Shootout’s tokens, allowing you to earn as you play. So far, the presale has raised $1 million, which is a major milestone that the project reached only yesterday. As for the token’s price, it currently sits at $0.0199, but it will see its next scheduled increase in less than 24 hours.
BUY SHIBASHOOT BEFORE ITS NEXT PRICE INCREASE
Buying before that will ensure that you get your SHIBASHOOT at a lower price, and if you decide to make that move, you can get it with ETH, USDT, BNB, or credit/debit cards.
