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- Tron Surpasses Ethereum in Revenue Generation Despite ETF Launch!
Tron Surpasses Ethereum in Revenue Generation Despite ETF Launch!
Since July 23, Tron has consistently outperformed Ethereum in revenue generation, even amidst Ethereum's ETF inflows, showcasing Tron's robust performance and innovative advancements.
Steven Walgenbach
July 30, 2024
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Breaking Crypto Stories
Here are the top stories today:
Revenue Surpasses Ethereum Despite ETF Inflows
SEC Withdraws Request to Classify Tokens in Binance Lawsuit as Securities
Crypto ETFs Expected in Model Portfolios by Late 2024, Says BlackRock Executive
🤑 Tron’s Revenue Surpasses Ethereum Despite ETF Inflows
Since July 23, Tron has consistently outperformed Ethereum in revenue generation, despite Ethereum's recent ETF inflows.
Since July 23, Tron has outpaced Ethereum in revenue, generating $1.42 million in 24 hours compared to Ethereum’s $844,276.
Over the last seven days, Tron secured the top spot with $8.67 million in revenue, surpassing Ethereum’s $8.08 million and Solana's $6.38 million.
Despite Ethereum's $52.48 million revenue over 30 days, Tron's recent innovations, including a gasless stablecoin solution, contributed to its strong revenue performance.
🧑⚖️ SEC Withdraws Request to Classify Tokens in Binance Lawsuit as Securities
The SEC has withdrawn its request for a court ruling to classify certain tokens in its lawsuit against Binance as securities.
The SEC no longer seeks a court decision to classify tokens in its lawsuit against Binance as securities, amending its complaint regarding "Third Party Crypto Asset Securities."
Tokens initially claimed as securities include BNB, BUSD, Solana, Cardano, Polygon, Cosmos, The Sandbox, Decentraland, Axie Infinity, and Coti, affecting over $100 billion worth of cryptocurrencies.
The SEC’s retraction follows political moves, with candidates like Donald Trump pledging pro-crypto policies and Democrats advocating a forward-looking approach to blockchain and digital assets.
📈 Crypto ETFs Expected in Model Portfolios by Late 2024, Says BlackRock Executive
BlackRock's Samara Cohen predicts digital currency-backed ETFs will be incorporated into model portfolios by the end of 2024.
Samara Cohen, BlackRock's CIO for ETFs, expects digital currency-backed ETFs to be included in model portfolios by late 2024, following risk analytics and due diligence by major wirehouses.
BlackRock forecasts model portfolio management to expand from $4.2 trillion to $10 trillion within five years, with Bitcoin and Ether seen as valuable portfolio diversifiers.
Despite net outflows from spot Ether ETFs since their launch, Cohen is optimistic about their role as access points for investors and foresees limited near-term availability of altcoin ETFs.
Meme of the Day
Potential Trade Opportunities
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Hedera (HBAR)
4-hour chart for HBAR/USDT
Price Movements: Recent Hedera crypto price action on the 4-hour chart has shown relative stability, with prices fluctuating around the $0.0677 mark. The technical indicators, including the 9 EMA and 20 EMA, suggest a short-term bearish trend as the 9 EMA remains below the 20 EMA. This alignment indicates downward pressure on the price, confirmed by the MACD showing a persistent negative divergence and the RSI hovering in the mid-40s, hinting at more selling than buying pressure.
Key Levels To Watch: Key resistance levels for Hedera crypto are identified at $0.0682, $0.0687, and $0.0691, where increased selling pressure might occur. Important support levels are observed at $0.0675, $0.0661, and $0.0653. Breaking below these supports could trigger further declines, whereas maintaining above these levels might indicate strong buying interest and potential for price stability.
Trade Strategies: Traders might consider short positions if Hedera fails to break above the $0.0682 resistance, with potential targets at the support levels of $0.0675 and $0.0661. Conversely, a decisive move above $0.0682 could prompt long trades, targeting the next resistance levels at $0.0687 and $0.0691, contingent on the strengthening of bullish momentum. As always, caution and thorough analysis are advised before making trading decisions.
Ripple (XRP)
4-hour chart for XRP/USDT
Price Movements: In the latest 4-hour trading sessions, XRP has exhibited mixed signals, with a slight decline in closing prices indicating potential loss of momentum. The 9 EMA at $0.6018 and 20 EMA at $0.6023 are converging, showing a lack of strong directional bias but with a slight bearish undertone. The MACD's recent crossover below the signal line and the negative histogram further reinforce this cautious outlook, suggesting a potential downtrend.
Key Levels To Watch: Key resistance levels for XRP are identified at $0.6044, $0.6103, and $0.6185. These levels could act as barriers to upward movement, serving as potential exit points for long trades. On the downside, support levels are observed at $0.5956, $0.5948, and $0.5923. Breaching these supports could indicate a further downward trend, presenting potential entry points for short trades.
Trade Strategies: Given the current technical indicators, the overall sentiment for XRP leans slightly bearish. For long positions, traders might consider entering near the support levels if there are signs of a bullish reversal or bounce-back. For short positions, monitoring the resistance levels for signs of price rejection could provide ideal entry points. Traders should exercise caution and watch these key levels closely for potential trade setups.
Worldcoin (WLD)
4-hour chart for WLD/USDT
Price Movements: Worldcoin's price on the 4-hour chart shows a slight decline, with trading between $2.297 and $2.307 indicating a consolidation phase. The 9 EMA at $2.312 and the 20 EMA at $2.319 reveal a bearish crossover, signaling potential downward pressure. The MACD indicator also supports this bearish trend with the MACD line below the signal line and negative histogram values, suggesting increasing selling momentum. The RSI at 47 indicates neutral territory but leans towards bearish sentiment, showing sellers have a slight edge.
Key Levels To Watch: For Worldcoin, key resistance levels are identified at $2.392, $2.407, and $2.483. Overcoming these levels is crucial for the bulls to regain control and push the price higher. On the downside, important support levels are at $2.29, $2.258, and $2.199. A break below these support levels could signal a continuation of the bearish trend, leading to further price declines.
Trade Strategies: Traders should consider both long and short opportunities based on current market signals. A potential long entry could be viable if Worldcoin breaks above the immediate resistance at $2.392, targeting the next resistance at $2.407. However, caution is needed due to the bearish indicators suggesting a possible false breakout. For short positions, entering below the support level of $2.29 could be prudent, with a target at the next support at $2.258, aligning with the bearish sentiment indicated by the MACD and RSI.
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