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Langgam Pos - Cryptocurrencies and other top coins displayed varied movements on Friday, July 26, 2024. The majority of the top-tier cryptocurrencies were still in the red zone.
According to data from Coinmarketcap, the cryptocurrency with the largest market capitalization, Bitcoin (BTC), experienced a slight strengthening. Bitcoin rose by 0.35 percent in the last 24 hours and 2.80 percent over the week. Presently, the price of Bitcoin stands at USD 65,826 or approximately Rp 1.07 billion (assuming an exchange rate of Rp 16,331 per US dollar).
Ethereum (ETH) continued to weaken, with a decline of 4.54 percent in the last day and 6.94 percent over the week. Consequently, ETH is currently valued at Rp 51.70 million per coin.
The next cryptocurrency, Binance Coin (BNB), also showed a weakening trend. In the last 24 hours, BNB decreased by 0.35 percent but still strengthened by 0.87 percent over the week, pricing BNB at Rp 9.32 million per coin.
Subsequently, Cardano (ADA) returned to the red zone, experiencing a correction of 3.61 percent in the last 24 hours and 6.58 percent over the week. Therefore, ADA is positioned at Rp 6,401 per coin.
As for Solana (SOL), it displayed another downturn. SOL corrected by 3.76 percent in a day but still strengthened by 8.53 percent over the week. Currently, the price of SOL is at Rp 2.7 million per coin.
We observed XRP back in the red zone, weakening by 2.62 percent in 24 hours but still gaining by 5.13 percent over the week. Consequently, XRP is now traded at Rp 9,715 per coin.
The meme coin Dogecoin (DOGE) also continued to weaken. DOGE fell by 2.97 percent in the last day but still rose by 5.27 percent over the week, leading to DOGE trading at Rp 2,033 per token.
Stablecoins Tether (USDT) and USD Coin (USDC) both showed a 0.01 percent increase today. This maintained their prices at USD 1.00.
Meanwhile, Binance USD (BUSD) increased by 0.01 percent in the last 24 hours, keeping its price at USD 1.00.
The total cryptocurrency market capitalization today stands at USD 2.40 trillion, or approximately Rp 38.303 trillion, declining by about 1.08 percent in the last day.
Ethereum ETF Debut Records Transaction Volume of Rp 16.2 Trillion
Previously, the Ethereum ETF Spot made a strong debut, with some of them recording relatively high trading volumes during their opening sessions.
As reported by Yahoo Finance on Thursday, July 25, 2024, over USD 1 billion, or around Rp 16.2 trillion (assuming an exchange rate of Rp 16,215 per US dollar), worth of shares were traded among nine funds listed on the exchange.
Although this amount falls short of the USD 4.6 billion traded during the launch of the Bitcoin ETF in January, it still represents a promising start for the first day of the ETF. Some of these funds ended the day among the 50 top debut ETFs in terms of trading volume in US history. iShares Ethereum Trust ETF (ticker ETHA) owned by BlackRock generated USD 248 million in stock exchanges, marking one of the highest first-day trading values, according to Bloomberg Intelligence.
Grayscale's Ethereum Trust, which transitioned into an ETF, traded around USD 458 million, placing it among the top 25 ever recorded.
On the other hand, products from the native crypto company Bitwise Asset Management Inc. (ETHW) also saw strong demand, with turnovers exceeding USD 94 million.
Trading volume does not indicate buy or sell transactions or investor inflows. The way these funds complete trades determines the net inflow or outflow of the product.
Ethereum's Launch
The launch of Ethereum followed the inaugural spot Bitcoin ETF in the US, which began its debut in January with much fanfare and billions of dollars in overall inflow.
Estimates of how much cash the Ether funds can raise vary, with analysts stating that yearly flows could range between USD 4.8 billion and USD 6.4 billion, according to Wintermute.
However, analysts at Wintermute suggest that demand may be lower than anticipated, projecting fund flows to be between USD 3.2 billion and USD 4 billion. Meanwhile, analysts at Bloomberg Intelligence view Ethereum ETF flows to be around 20% of Bitcoin funds.
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