Crypto Market Outlook – The Trend of Crypto Events on July 14, 2023

As of today, July 14, almost all the crypto assets show a massive gain in their value. Bitcoin has finally advanced into the $31,000 region as the volatility in the market increases. The altcoins are indicating high price rallies. 

Subsequently, the cumulative crypto market cap has surged by over 5.77% over the past 24 hours. Also, the DeFi, stablecoins, and NFT markets are projecting a bullish trend in the broader crypto market,

The crypto space is bubbling with exciting news and events surrounding the recent victory for Ripple in its case with the US Securities and Exchange Commission (SEC).

Notably, the win contributed to the high volatility in the crypto market today.

Current Trend Of The Digital Asset Market

According to data from CoinMarketCap, the overall crypto market cap has reached $1.253 trillion, indicating a whopping increase of 5.77% over the past 24 hours.

Further, the total crypto market 24-hour trading volume shows a massive surge of 136.51%, pushing the volume to $71.57 billion. Also, the Fear and Greed Index indicates 57 out of 100, still placing the market sentiment at NEUTRAL. 

Below are the trends of some major sectors of the crypto market as of July 14.

Bitcoin Market

Bitcoin has reentered the $31,000 region, testing a new yearly high in the early trading hours of today.  

BTC is trading at around $31,237.96, indicating an increase of 2.71% over the past 24 hours. Also, its market cap has climbed to $606.92 billion. Further, Bitcoin saw a whopping surge of over 80% in its 24-hour trading volume, hitting $26.27 billion. 

The increasing performance from the altcoins has pushed down Bitcoin’s market dominance by 1.42% to hit 48.47%. According to data from CoinMarketCap, Bitcoin became the seventh most trending crypto asset as XRP currently took the lead.

Market Trend for Major Altcoins

The outlook indicates that it’s the shining period for the altcoins. The victory for Ripple over the SEC put its native token XRP and other major altcoins at the forefront with massive price rallies.

XRP is celebrating its win with a huge recovery over the past day. From its previous price level of around $0.4700 in the early hours of yesterday, XRP scaled up above the $0.80 mark.

Currently, XRP is trading at $0.7838, indicating a surge of over 68% over the past 24 hours. It accumulated massively to push its market cap to over $41.18 billion.

XRP is currently the fourth-largest crypto by market cap, according to CoinMarketCap. The asset recorded a 24-hour trading volume of $13.36 billion, representing a huge 1,721.09%. This marks its best performance for over a year in the history of the token.

Similarly, Ethereum is following the bullish market to post an impressive recovery. In the early hours of today, the second-largest crypto asset by market cap touched the $2,000 price level but retracted slightly afterward. 

ETH has recorded an increase of 6.72% over the past day, with the price hovering around $1,999.57. It boasts a market cap of $240.35 billion, with a market dominance of 18.54%.

ETH’s 24-hour trading volume witnessed a massive surge of 112.99%, taking the volume to $13.03 billion. The volume shows that about 6,507,750 ETH coins were traded within the past 24 hours.

Most altcoins reflect impressive performance in their prices over the past 24 hours. BNB surged by 4.72% and has become the fifth-largest crypto asset with a market cap of $40.11 billion.

Cardano (ADA) increased by 22.55%, Solana (SOL) by 32.33%, Dogecoin (DOGE) by 8.39%, and Shiba Inu by 6.03%.

Also, Polygon (MATIC), Tron (TRX), and Polkadot (DOT) witnessed a surge of 18.08%, 5.23%, and 8.46% respectively over the past day.

Litecoin (LTC) recorded a slight increase of 0.32% over the past, with the price around $101.09. With a market cap of $7.41 billion, LTC is currently standing as the tenth-largest crypto token. 

But despite the prominent bullish market trend, Bitcoin Cash (BCH) is recording a loss of 0.34% over the past day as the price hit $274.01

According to CoinMarketcap, XRP became the day’s top gainer, with an increase of 68.09%. Stellar (XLM) surged by 54.95% and Solana (SOL) by 26.44%, emerging as the second and third positions in today’s top gainers’ list.

Conversely, eCash (XEC) became the day’s top loser with a record drop of 4.91%.

Decentralized Finance (DeFi) Market

The volatility in the broader crypto market is reflected within the decentralized finance (DeFi) market. 

According to CoinMarketCap, the DeFi market cap witnessed a massive increase of 114.56% over the past day. This pushed the value to 47.48 billion. 

Also, the 24-hour trading volume surged massively by 114.46% to hit $4.41 billion. The DeFi market volume represents about 5.97% of the total crypto market volume over the past 24 hours. With the prevailing bullish trend in the crypto market, most DeFi tokens soared massively to give a change in the ranking. 

Avalanche (AVAX) has accumulated more value over the past day following the increasing trend. AVAX is currently the top DeFi token with a market cap of $5.34 billion.

AVAX witnessed a surge of 16.84% within the past 24 hours to raise the price to $15.46. It recorded a 24-hour trading volume of 384.14% to $555.48 million.  

Though Wrapped Bitcoin (WBTC) witnessed an increase of 2.33% over the past day, the token dropped to become the second top DeFi coin. WBTC is trading at $31,263.31 and boasts a market cap of $4.92 billion. Also, WBTC saw an increase of 143.47% in its 24-hour trading volume to hit $249.38 million.

Dai (DAI) is ranked as the third top DeFi token by market cap, which is not at $4.67 billion. DAI reflects a slight decrease of 0.04% over the past 24 hours in its value, with the price trading at $0.9997. 

Despite the bullish trend, some DeFi tokens still witnessed a drop in their prices over the past day. These include Stacks (STX), Compound (COMP), Vai (VAI), Acala Token (ACA), and others.

Stablecoins Market

The Stablecoins market outlook is corresponding with the overall crypto market trend as of July 14.  The stablecoins market cap currently stands at $126 billion, reflecting a slight increase of 0.16% over the past 24 hours. 

Also, the market’s 24-hour trading volume saw a spike of 128%, with the value hitting $64.55 billion. The stablecoin market volume constitutes about 88% of the total crypto market volume over the past 24 hours.

Tether USDT is ranked the top stablecoin with a market cap of $83.45 billion. The 24-hour trading volume has grown to $50 billion following an increase of 142%. 

USD Coin (USDC) remains the second-largest stablecoin with a market cap of $27 billion. However, it is currently ranking as the global sixth-largest crypto asset after taking a step downward over the past 24 hours. 

USDC’s 24-hour trading volume surged by 115% to hit $6 billion, indicating that approximately 6,517,508,117 coins were traded over the 24 hours.

Despite the increased bullish trend today, some stablecoins still de-pegged from their fiat currency value. These include Dai (DAI), TrueUSD (TUSD), USDD, Liquity USD (LUSD), Pax Dollar (USDP), Frax (FRAX), Gemini Dollar (GUSD), TerraClassic USD (USTC), Tribe (TRIBE), and others.

NFT Market

As of July 14, the NFT market outlook reflects a combination of reactions despite the bullish trend in the broader crypto market.  At the time of writing, the NFT market cap is $2 billion.

The market rode on the high volatility, with the broader market posting a 5.47% increase in its sales volume over the past 24 hours. This pushed the total sales volume to hit $19 million.

However, sales dropped 25% over the past day, with the total sales reaching 56,781. As usual, the NFT collections recorded a twist in their positions on the ranking list over the past 24 hours.

The prominent Bored Ape Yacht Club (BAYC) emerged as the top NFT, with a 24-hour volume of 932.44 ETH. It recorded about a 101% increase in the volume. Its average price is 93.24 ETH, following a surge of 181% over the past 24 hours.

Dreadfulz slipped to become the second top NFT, posting a 24-hour trading volume of 905.04 ETH with a slight decrease of 0.04%. It boasts an average price of 113.13 ETH, dropping 0.04% over the past day. Following some changes, MinablePunks is currently the third top NFT, with a 24-hour trading volume of 785 ETH.

 The trading volume plummeted by 0.85%.  But its average price recorded a whopping surge of 65% over the past day, reaching 261.67 ETH.

Crypto Market News And Events For Today

Below are some news and events within the crypto market as of July 14.

Ripple Win Over SEC Pushes XRP To Fourth Largest Crypto

XRP is currently ranking as the fourth largest crypto token by market cap. It accumulated over $21 million in a few hours following Ripple’s partial win over the US Securities and Exchange Commission (SEC) on July 13.

From its 6th position, XRP scaled across both Circle’s USDC and Binance’s BNB, taking the fourth position. It recorded a market cap of $46.1 billion following the victory.

XRP’s reaction was spontaneous with the favorable ruling for Ripple from the District Court for the Southern District of New York. The Court ruled that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”

XRP reclaimed massively by almost 98% of its value after the court’s decision. According to data from TradingView, the price of XRP scaled to $0.93.

With the increased demand from investors to buy XRP, a US crypto exchange, Uphold, went down with increasing trading volume.  Uphold is among the few platforms that continued the sales of XRP when several other exchanges delisted the token.

Surprisingly, some US-based exchanges have re-listed the Ripple native token following the new court ruling. Coinbase, iTrustCapital, and Kraken were seen listing back XRP on their platforms for users.

Meanwhile, the crypto exchange owned by Winklevoss, Gemini, revealed that it would consider re-listing XRP very soon.

XRP Victory Opens Altcoin Season As Bitcoin’s Dominance Dips

With the victory from XRP over SEC, the altcoins seem to have opened a new exclusive season. Subsequently, Bitcoin’s market dominance has tumbled dramatically.

BTC’s dominance plummeted below its previous point at the 50% mark following the ruling for XRP. Dominance represents the primary crypto token’s total crypto market cap composition.

According to data from TradingView, Bitcoin dominance dropped to 49.76% during the Asian early trading hour on July 14. Currently, BTC dominance is still going lower and has hit 48.47%.

Notably, Bitcoin has gradually increased its market dominance to scale above the 50% mark over the past few weeks. This was after two years of attempting to claim half the market cap value.

After enlarging the gap, it has with altcoin, Bitcoin has been parading a market dominance that ranges between 50% and 52% over the past 24 days. This is amid the several filings for spot BTC exchange-traded funds from institutional investors.

The recent drop in BTC dominance came as Ripple recorded a victory over its long-lasting lawsuit with the SEC. So, the crypto community is currently focusing on altcoin, indicating the altcoin season.

Ripple’s win spiked the price of XRP, taking it to over 83% gain to record an intraday high of $0.866. Also, XRP stepped up its position to become the fourth-largest crypto asset by market cap.

With an accumulation of about $20 billion, XRP’s market rose above $40 billion ahead of BNB. A majority of the altcoins have been reacting positively as they follow the pattern set by XRP.

Ripple CTO Warns Against Potential Scams Rising Amid XRP’s Victory

The recent court ruling that XRP is not a security gave Ripple its long-awaited victory over the US Securities and Exchange Commission (SEC). 

However, Ripple CTO David Schwartz has warned of potential scams that could emanate amid the celebrations of XRP’s win. The news of the court decision favoring Ripple is creating a buzz both within and outside the crypto space. 

The Ripple vs. SEC lawsuit is one of the longest legal battles that have existed in the history of cryptocurrency. The case, which started in December 2020, concluded on July 13 that XRP is not a security. The ruling came from the United States District Court for the Southern District of New York.

The news immediately raised XRP’s price as it witnessed over 80% within a few hours. XRP rallied from $0.47 to over $0.82 within a single day, recording its highest price growth over the past year.

Reacting to the ruling, Ripple noted that it’s not just a victory for XRP alone but for the entire crypto space. The blockchain company appreciated all that supported it and its native token during the trialing times.

Further, the Ripple CTO Schwartz took to Twitter to warn the entire crypto community of potential scams that could come following XRP’s win and price growth. 

He stated that the as the hype for XRP is increasing, it could become a ground for crypto scammers to dupe unsuspecting investors.

According to the CTO, ” Many scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.”

Celsius Accepts FTC Settlement With $4.7B Fine

The bankruptcy crypto lending platform, Celsius Network, has accepted the settlement terms with some US government agencies. The crypto lender announced this acceptance following a fine of $5.7 billion from the Federal Trade Commission (FTC) on the firm.

The resolution between Celsius and FTC came on July 13, with a $4.7 billion fine suspended for the bankrupt platform. The move enables the firm to pay back the remaining funds to users while undergoing bankruptcy proceedings.

In its announcement, Celsius acknowledged that the resolution terms would not affect its Chapter 11 bankruptcy plan or its repayment to its customers.  The company stressed its commitment to cooperating with regulators and government authorities.

Though Celsius was pleased with the outcome, some of its community members have contrary reactions. Many have criticized the company’s statement regarding the resolutions with the regulators.

According to a community member Joey Hendrickson, Celsius Network is weird. He stated that the company will not be pleased or accept the resolution result if it has any human conscience. 

Hendrickson mentioned that it would be better if he received an apology from the company for mistreating its customers saying “We’re sorry for how we mistreated our clients, customers, and ended up with our top level executives facing decades in prison for what we did to you.”

Further Hendrickson predicted the company has failed saying “You already know you lost credibility, and your brand is going into the ashes of history, alongside other fraudulent schemes. Why refuse to be human about it?”’

Similarly, another Twitter user Amit Palaliya concurred with Hendrickson’s idea while expressing dissatisfaction with the firm’s use of corporate and legal terms in addressing its customers. Palaliya stated that Celsius should share the remaining funds with users while urging them to move on than wasting it on ‘legal pits.’ 

Further, another community member slammed Celsius, stating they are also pleased with the multiple crime charges against the former company’s CEO, Alex Mashinsky.

Multichain Halts Operations Due To Lack Of Funds

The cross-chain protocol Multichain has announced the suspension of its operations due to a lack of funds. 

The statement came after a blockchain analytics company, Chainalysis,  reported that withdrawals on the protocol look like an insider rug pull.

Multichain released a statement on its official Twitter page on July 14 that it would cease its operations. The protocol team stated that mentioned some constraints as reasons for shutting down the business.

The team said that it’s suffering from a “lack of alternative sources of information and corresponding operational funds.”

Further, the report disclosed that there had not been any contact between the team and their CEO known as Zhaojun, following its detention by Chinese police. 

The team stated that it contacted the CEO’s family only to discover that authorities confiscated the CEO’s phones, wallets, and mnemonic phrases.

The team added that “Since the inception of the project, all operational funds and investments from investors have been under Zhaojun’s control. This also means that all the team’s funds and access to the servers are with Zhaojun and the police.”

The fiasco of Multichain commenced in May through the suspension of the protocol’s routes following an upgrade. This issue created a delay in fund transfers on the platform.

Also, the leading crypto exchange Binance stopped its support on deposits and withdrawals for some Multichain bridged tokens. Binance cited the growing uncertainties around the protocol as its reason.

Bitcoin Reaches A 13-Month High

Bitcoin has soared on the wings of the recent positive flow in the crypto market following the XRP price explosion. Subsequently, BTC has hit a new 13-month price high. According to data from the on-chain data provider Santiment, Bitcoin surged to hit a new price mark above $31,500.

The primary crypto asset climbed progressively during the late trading hours of July 13 to reach $31,656, with a 4.45% increase. However, BTC has retracted gradually since then but hasn’t lost its gains as it still trades in the green.

Currently, the price of Bitcoin is hovering around $31,315.20, indicating a surge of 2.42% over the past day. Also, its market cap grew over $606 billion and boasts an over 78% increase in its trading volume.

Notably, the Ripple victory over its lawsuit with the US Securities and Exchange Commission (SEC) created a massive price boost for BTC. 

Additionally, Santiment data indicated that mid-tier traders have highlighted huge signs of BTC accumulation. It cited ‘dolphin’ or ‘shark’ (wallets holding up to 0.11 – 100 BTC) and fish’ (wallet holding 0.1 BTC).

Similarly, Ethereum witnessed a big surge following the Ripple news of victory. Ether broke the resistance level at the $2,000 mark as it reclaimed by over 7.8% of its value. 

However, ETH has retracted with the price sliding to $1,997 during the early trading hours of today but hasn’t entered the bearish pit yet.