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NFTs hit new record ahead of Ethereum’s London upgrade

2021.08.03 Adam James

EIP-1559 is on the verge of being implemented after Ethereum miners beat out Bitcoin miners for the third straight month.

The cryptocurrency market is currently still pulling back after an additional drop of nearly 2% over the past 24 hours — during which time the prices of market leaders BTC and ETH dropped by 2.2% and 2.9%, respectively. Other major altcoins are down between 3%–5%, generally speaking.

The cryptocurrency market has experienced modest declines, with only a few winners among the pool of non-stablecoins. Source: Coin360

Leading headlines today is the news that former Monero maintainer Riccardo Spagni was arrested by authorities in the United States in connection to fraud allegations and is facing extradition to South Africa. The Yat cofounder — who is widely known in the industry as @fluffypony on Twitter, where he has more than 120.5K followers — shared the following message on the social media platform:

“Unfortunately, due to a misunderstanding with regards to the setting of court dates in an old matter, which I have continuously been trying to resolve since 2011, I have been held in contempt of court and currently awaiting extradition. I am hoping to resolve this misunderstanding within a short while. In the meantime my business affairs will continue under the leadership of my partners.”

NFTs set new weekly trade volume record

The nonfungible token market remains red hot and is setting records — specifically in terms of weekly trade volume. Led by CryptoPunks, the metric smashed through its previous all-time high of just over $200 million to nearly $340 million. The famous pixel-art project accounted for $207 million of the total weekly trade volume, while Axie Infinity contributed $127 million to the total.

NFT weekly trading volume has smashed previous all-time highs. Source: The Block

Other NFT projects continue to witness rising price floors — perhaps most notably, the old-school generative project MoonCats. A new trading card platform, Parallel, has also seen the prices of its cheapest (and most expensive) cards increase over the past day.

Top altcoin gainers and losers: STX leads large-caps

  • PERP/USDT +18.18%
  • STX/USDT +14.74%
  • NMR/USDT +14.36%
  • CMT/USDT -12.92%
  • OKT/USDT -15.03%
  • TMTG/USDT -20.94%

One altcoin with a market capitalization of over $1 billion, STX, is among the three top performers on OKEx after gaining more than 14% on the day — per the exchange’s default time settings. LUNA is also among the 10 best-performing altcoins after gaining nearly 8%.

STX is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Under strong pressure from sellers

The price of BTC has come under sustained pressure from sellers after failing to convincingly break above 40,000 USDT. Depending on how much pressure from above is applied, the market-leading cryptocurrency could quickly set its sights on 35,000 USDT if buyers do not step in — an uncomfortable development for bulls.

OKEx’s BTC/USDT 4h chart — 8/03. Source: OKEx, TradingView

ETH technical analysis: Buyers found at support

ETH has lost some ground to BTC after being rejected almost perfectly off of our long-standing line of expected resistance. However, with the four-hour ribbon of exponential moving averages sitting below and the top of the recently broken descending triangle underneath, traders may be looking for buyers to bolster the price. However, volatility is expected with the London mainnet upgrade scheduled for Thursday.

OKEx’s ETH/BTC 4h chart — 8/03. Source: OKEx, TradingView

In ETH-related news, Ethereum miners beat out Bitcoin miners for the third straight month — a historical first — after the former raked in $1.03 billion last month. By comparison, Bitcoin miners failed to earn $1 billion.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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