So far, in 2022, July has proved to be the most bullish month.
And upwards action doesn't come without its own share of surprises.
Ethereum Classic outperformed Ethereum.
XRP passes Cardano in market cap.
And has Bitcoin's old ceiling become the floor?
My name is Deezy.
And this is your crypto nightly news wrap-up.
Let's get it!
Ethereum is on the move.
And not Vitalik's new fancy proof-of-stake version either.
Ethereum Classic!
In July, out of the top 50 coins in crypto,
Ethereum Classic outperformed everyone,
finishing in first place with a monthly change just shy of 150%.
From its monthly bottom on July 13 to its monthly top on the 29th,
Ethereum Classic ripped over 230%.
Look at that chart!
Love it!
Sure, the normal Ethereum pumped over 60% too,
and that's great news,
but you must ask,
why is the old version of ETH outperforming the new one
when the Merge is happening this year?
It's the miners.
Ethereum 2.0 merges,
mining becomes obsolete on the Beacon Chain,
so all the miners who spent all that money on equipment,
they have to do something, right?
Luckily for them Ethereum Classic can still be mined with an ETH ASIC.
It's actually the only coin left that it can mine,
so it makes sense they're stepping up their game.
Shortly after Vitalik Buterin gave his praise by saying,
"If you like proof-of-work, you should go use Ethereum Classic,"
popular crypto mining manufacturer Bitmain's project AntPool invested $10 million
into the ETH Classic ecosystem.
Bullish news for Ethereum Classic.
It will be interesting to see if it continues to outperform the big hitters
once the Merge happens.
Now, let's pass it to Frankie Candles for a market watch.
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $23,267.
Down just a tiny bit on the day
Ethereum coming in at $1,631
Down about 3% on the day
Now, I'm not going to check the top movers or top losers,
but I do want to bring you guys over here to the daily chart for Bitcoin.
Now, you want to remember,
the higher timeframes are looking like they are finding bottoms,
which would technically be bullish,
but you cannot ignore these bearish signs showing up on Bitcoin.
Now, amongst other timeframes,
the daily is starting to show a bearish divergence.
And what that means is you are getting a higher high on your price
and you are getting a lower high on your momentum indicator.
In this case, Market Cipher B.
You could do this with the RSI as well, if you didn't know.
But this is a bearish divergence.
This typically is very bearish in the short term and can bring Bitcoin down quite a bit.
Now, again, the longer timeframes are looking pretty bullish,
but you cannot ignore this in the short term
as it could it bring us down quite a bit in the immediate short term.
So definitely keep an eye out on that bearish divergence, guys.
It did just confirm.
And if you want to learn more about technical analysis and trading,
you can follow me on YouTube at Frankie Candles
or @Frankie_Candles on all socials.
Back to the news.
While the battle against the SEC continues,
it eases my mind to know that regardless of the case,
Ripple is still making major moves.
Just yesterday,
Ripple tweeted out that they kicked off the opening of their new office in Toronto with style.
By way of a coding cipher type competition.
Their plan is to hire 50 new engineers this year and 100 to 200 in the years to follow.
In Ripple's Q2 earnings report released late last week,
they stated that Q2 2022 was a record quarter for On-Demand Liquidity
as volume grew considerably with over 9X year-over-year growth.
In Q1, their net sales were over $273 million.
In Q2, that grew to almost $409 million.
Looking forward to see how the On-Demand Liquidity utility
continues to expand and grow over time.
Considering XRP will be the face of the future of global cross-border payment system,
it's hard to not be bullish on XRP long term regardless of the case against the SEC.
We all know that 2022 hasn't been the best year for Bitcoin,
but after the face-melting, life-changing gains last year,
and with the Fed hiking the interest rates this year,
it doesn't come that much of a surprise that Bitcoin is down about 70% from its all-time high.
We can't look back and be upset about what we've lost.
We must look forward at what's to come.
What's important here,
that after the big selloff in June,
Bitcoin started forming an ascending channel
and respected that range for the better part of July.
Once it broke out of that channel,
it failed the first retest.
But it was super bullish that it put in a higher low.
After that, it put in a higher high at the end of the month.
And now that weekly closed above the 200 SMA,
it's important that Bitcoin stays above the old resistance level
and makes that new support level.
Let's go, bulls!
Not Chicago.
Here's a pro lesson.
When I find myself getting caught up on the day to day with price action,
like I just did,
it's always best to zoom out.
Remember that long-term mindset.
Finbold ran an article this morning.
And, man, it got me going.
That article is about where the experts think the Bitcoin price will be by 2030.
The Winklevoss twins,
you know,
the antagonists in the Facebook movie who co-founded Gemini,
they think Bitcoin will be $500K by 2030.
That's not even eight years away.
Other experts are saying $666K.
And others are saying $1 million per Bitcoin.
Where do you think Bitcoin will be by 2030?
Let us know in the comments.
That's all I got.
Be blessed.
Deezy out.