Grayscale and Institutional Investors Drive Record Cryptocurrency Fundraising

After Grayscale completed its advertising campaign last week, its weekly fundraising amount reached a record high, and institutional investors once again increased their holdings in Grayscale's Bitcoin and Ethereum trusts. The cryptocurrency market is still in a growth phase, with many institutions and investors entering the market. CME Bitcoin futures positions have also increased dramatically, with open interest reaching $800 million, a 120% increase from the low point in July. This indicates that not only is capital flowing in, but it is also very frenzied. Under such momentum, it is best not to try to guess the top.

EOS has finally responded, with BM claiming that EOS will enter the DeFi market and build complex and high-performance DeFi products. He believes that Ethereum has problems such as transaction delays, gas attacks, high fees, and a lack of ordered databases, and that EOS is a better choice. Not only are major exchanges rushing to launch DeFi projects, but even older public chains are also aggressively pursuing the market. The madman believes that EOS is a bit slow to respond, as Ethereum has already developed a large ecosystem and numerous applications. However, participating is better than not participating, so the madman believes that EOS will have a weak upward trend in anticipation of its DeFi public chain.

Another public chain that has started to take action is TRON, which has created its own Uniswap-like decentralized exchange called Justswap. TRON founder Justin Sun has a knack for quickly capitalizing on market opportunities, which is why many people have high expectations for TRON. Compared to Dex on the Ethereum chain, Justswap has many advantages, the most important of which is its low transaction fees, which are almost zero, addressing the pain points of the Ethereum chain. However, whether there will be other problems during its operation remains unknown.

As for older public chains participating in DeFi, the madman thinks that ETH and TRX have the best prospects in this area. EOS is a bit slow and cannot keep up with Ethereum's ecosystem or TRON's low transaction fees. Other top ten public chains such as Litecoin and Bitcoin Cash have no logical basis for hype, so short-term gains are unlikely. Only when the market trends in their direction again will they have a chance to continue to rise.

Market analysis:

Bitcoin:

Bitcoin has been trading in the 11,000-12,000 range for half a month. There are signs that it may break out in the next few days. The madman believes that Bitcoin's consolidation time in this wave is a bit short, so if it breaks out soon, it may be a false breakout and could potentially fall back down.

Cryptocurrency Market Analysis

The current outlook for the cryptocurrency market is bullish, with expectations of a rebound to new highs. However, some coins require careful consideration before buying.

Ethereum (ETH)

ETH has already reached new highs, and it may struggle to continue growing at this pace. Consolidation at higher levels for a few days may be necessary for a better opportunity.

Huobi Token (HT)

The destruction amount in July increased by 15.7% compared to June, but August is expected to perform well. The long-term expectation of entering twice and exiting once remains unchanged.

XRP

The volume at the end of yesterday's closing was not ideal, and XRP continues to fluctuate at high levels.

EOS

EOS has been rising along with the DeFi concept, and it is expected to continue. Holding is recommended.

Zcash (ZEC)

The overall trend for ZEC is still good, and it can continue to be held.

TRON (TRX)

TRON surged after its CEO called for buying, but profit-taking positions were sold today. Washing profit-taking positions at this level may still result in a rise.

IOTA

IOTA has exceeded expectations of a strong trend, and the currency price has been rising along the 5-day line. It is still recommended to hold.

Chainlink (LINK)

While many institutions have started to cooperate with LINK, the short-term rise is starting to weaken. Long positions can watch and operate according to the 5-day line.

Market Observations

The three major exchanges have recently launched too many new coins, causing overpriced market values after being listed. Short-term deflation is necessary, and investors should observe which funds take the lead before making their trades.

Disclaimer: The article represents only the author's personal opinions and does not constitute investment advice. Invest at your own risk.