Jul 223 mins read

The Future of Digital Currencies

Insights on Ethereum, Tether, and Market Analysis

The Future of Digital Currencies

The Industrial and Commercial Bank of China has launched a digital yuan wallet on their app that includes QR code payments and transfers. Although it is not yet based on blockchain technology, this development is paving the way for true digital currencies and cultivating user habits.

Digital Yuan

Ethereum Defi Protocol

The Ethereum Defi protocol's total locked-up amount has exceeded $9 billion, signaling continued hype and potential for price inflation. The number of Bitcoin blockchain addresses has hit a record high, suggesting increasing community consensus and the potential for inflation risk avoidance. The amount of Bitcoin anchored on the Ethereum chain has also been continuously increasing, indicating ongoing demand for high yield investments in Defi projects.

Ethereum Defi

Tether on TRX Blockchain

The issuance of 250 million Tether on the TRX blockchain suggests growing demand for Defi projects and could impact the prices of related ecosystem coins such as TRX, JST, BTT, and STEEM.

Tether TRX

Market Analysis

In market analysis, Bitcoin's rebound today had low volume, making it difficult to break through resistance levels without stronger momentum. However, Bitcoin's rebound trend was stronger than gold's after both saw recent drops.

Bitcoin Rebound

Cryptocurrency Market Trend Update

Bitcoin has established its own independent market trend and is currently performing stronger than gold, indicating that investors have better future expectations for Bitcoin than for gold. However, in the short term, there may be insufficient upward momentum and Bitcoin may continue to oscillate within a high range of 11100-11600.

Bitcoin vs Gold

Ethereum is struggling with low trading volumes, so short-term investors may consider reducing their positions.

HT shows an upward trend and should be held.

HT chart

XRP is rebounding with low volumes, so investors should consider reducing their positions.

LINK is rebounding with decent volume and may continue to lead the market.

LINK chart

BSV may see a rebound due to recent provocations by Craig Wright.

ADA is likely to continue its downward trend with insufficient rebound volume.

BM has made claims about EOS's DeFi surpassing other platforms, but it remains to be seen if these claims are baseless, as previous lofty TPS claims by BM have not come to fruition. Despite this, the increasing use of USDT on EOS is a short-term positive development, suggesting that EOS is gaining momentum, and investors may find it a good buy point given its current price.

TRX is also showing a decent rebound momentum.

XMR is performing strongly and may continue to see a slow bullish trend.

IPFS, BLZ, AR, STORJ, LAMB, and SC have all seen strong upward movements recently, but investors should be cautious about investing in these non-logic-supported sectors as their growth may not be sustainable.

In general, mainstream cryptocurrencies are expected to continue to oscillate, and investors should look for local investment opportunities.

General cryptocurrency chart