Bitcoin jumped to $12,108 over the weekend before sellers wiped out $1,500 in hours. Bulls failed to push through $12,000, a level untested since July 2017 when the cryptocurrency reached its quarterl
Bitcoin jumped to $12,108 over the weekend before sellers wiped out $1,500 in hours. Bulls failed to push through $12,000, a level untested since July 2017 when the cryptocurrency reached its quarterly high of $13,600. When BTC hit $12,108 Sunday, 95% of all Bitcoin wallets held winning positions, according to on-chain data from Glassnode.
The surge completed a run that saw Bitcoin climb 24% through July. After spending the first month of summer trapped below $9,400, the top cryptocurrency accelerated in the final weeks, jumping more than 17% in a single week before breaching $11,000. Year-to-date, Bitcoin stands 57% higher than where it started the year.
Sellers dropped the price 13% from its peak, taking BTC/USD from $12,108 to $10,600. The pullback exposed resistance at $12,000, a barrier the market had struggled to overcome throughout the rally.
Ethereum climbed 50% in seven days to touch $420 on its fifth anniversary, marking a two-year high. Ether jumped from $280 lows as traders bet on decentralized finance gaining traction. By Friday, 72% of Ethereum wallets held winning positions; that number rose to 76% as prices approached $385.
Transaction fees made up 22.2% of Ethereum miner revenue in July, according to Unfolded, as DeFi platform activity accelerated. The jump in fee revenue came as traders sought to participate in the emerging ecosystem.
Ripple's XRP surged 40.8% over seven days, pushing it back into third place by market cap. The token climbed from $0.21 to $0.32, reaching a market cap of $13.4 billion. Whale wallets holding more than one million coins rose to 846 addresses, up 3.7%, even as seven large holders sold their positions.
XRP consolidated above its previous resistance level near $0.28. If the token finds support above $0.30 in the near term, traders could test $0.35, the year-to-date high.
