Crypto Pulse——8/20 Market Trends and Hot Project Analysis

Preface:
Bitcoin and Ethereum have risen by 2.83% and 2.49% respectively in the past 24 hours, with current prices at $60,746 and $2,660. The ETH/BTC exchange rate remains at 0.05.The Crypto Fear & Greed Index is at 29, indicating fear.

Market Trending

The crypto market is trending sideways. The US Dollar Index (DXY) has been notably weak since July, currently trading close to its 2024 opening price. A weak dollar is usually positive for Bitcoin, but this hasn’t been the case recently. Meanwhile, gold, typically correlated with BTC, is breaking new highs, while Bitcoin remains sluggish. BTC spot ETFs saw net inflows on 4 out of 5 trading days last week, with a total net inflow of only $32 million. ETH gas fees dropped below 1 gwei, indicating low on-chain activity, and altcoins lack hot spots.

Spot Bitcoin ETF Flows

Yesterday, US spot Bitcoin ETFs had a net inflow of $70.6 million, with BlackRock’s IBIT net inflow of $92.4 million, Fidelity’s FBTC net inflow of $3.9 million, and Bitwise’s BITB net outflow of $25.7 million.
Despite a strong recovery in US stock indices and other risk assets like gold, Bitcoin has struggled to gain momentum. BTC/USD also experienced a “death cross,” where the 50-day Exponential Moving Average (EMA) fell below the 200-day Simple Moving Average (MA), suggesting a continued choppy trend. Similarly, Ether has been weak, with ETH/USD also forming a “death cross” and trading below its previous Q2 range, while on-chain gas fees remain low, reflecting a lack of optimism about its technological outlook.

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Daily Spotlight

Today’s hot project is RARE, with a 24-hour increase of 30.6%. SuperRare (RARE), launched in 2018, is an NFT marketplace that specializes in high-quality digital art from selected artists. It focuses on art-based NFTs, excluding gaming, music, or domain name NFTs. Artists tokenize their unique artworks for sale or auction. Initially, SuperRare was an exclusive art gallery, but in 2021, it launched its RARE token through a DAO to enable decentralized governance. SuperRare announced the next event in its SuperRare Salon series, featuring artist Cory Van Lew. The salon will be held on August 19th, offering an exclusive preview of Van Lew’s new series “SLEEP DEMONZ” to Inner Circle members on Hypersub. Following this announcement, RARE’s price surged.
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The Word on the Street

Sun.io, a DeFi platform under Justin Sun, has launched SunPump, a meme token generator based on Tron. Sun.io, a decentralized finance platform founded by Justin Sun, has launched a token generator called SunPump, allowing users to create meme coins on the Tron blockchain. The platform will compete with Solana’s pump.fun, which saw trading fees spike to $5.3 million in 24 hours this week. SunPump offers $10 million in resources for newly issued tokens and introduces a review process to avoid scams. Justin Sun stated that SunPump ensures projects meet certain standards and enhances transparency and user trust through cooperation with Poloniex exchange.

Project Upgrade

On August 20th, Base announced on the X platform that it is about to release Basenames, the fastest way to start building on Base. By claiming a unique base.eth username, users can more easily connect, collaborate, and contribute on-chain. Base protocol lead Jesse Pollak said that Basenames are for everyone, with a 36-hour chain-wide Dutch auction at the start to ensure they aren’t bought out by bots.