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In an exciting development, leading cryptocurrency exchange Coinbase has announced that its highly anticipated Base Mainnet is now accessible to builders. The early opening of the network aims to facilitate user onboarding and provide an extended testing phase before the official public launch, which is scheduled for August.
Meanwhile, investors are keen to assess the potential price trends of prominent cryptocurrencies, such as Binance (BNB), Optimism (OP), and the up-and-coming VC Spectra (SPCT).
Binance (BNB): Trying to Stay Afloat
Binance (BNB) is trading at $243.30, representing a 2.6% decline over the past 24 hours from a price of $249.94. It is worth noting that Binance (BNB) encountered resistance around the $260 level earlier this month, as evidenced by its 7-day high of $260.38. The current price of Binance (BNB) has failed to surpass this level, indicating selling pressure.
According to Huf, the pseudonymous co-founder of Pear Protocol, the Binance (BNB) token is being heavily shorted due to negative funding rates. This suggests that a significant number of traders are betting on the price of Binance (BNB) to decrease. That said, Binance’s (BNB) 24-hour trading volume of approximately $528 million corresponds to a volume-to-market cap ratio of 0.0138. This ratio indicates moderately high trading activity for Binance (BNB).
Analysts say the bulls must overcome significant overhead resistance before Binance (BNB) can retest its historic high. With Binance (BNB) struggling to stay competitive, is Optimism (OP) doing any better?
Optimism (OP): On the Path to an Upward Trajectory
While most cryptocurrencies experienced a decline leading into the weekend, Optimism (OP) bucked the trend by exhibiting a price increase of over 16.3% in the past week. Optimism (OP) is currently priced at $1.43, with a trading volume of $722.67 million in the last 24 hours. The market capitalization of Optimism (OP) stands at $302.38 million, and Optimism (OP) commands a market dominance of 5.55%.
Analysts suggest that Optimism’s (OP) price surge is due to the wave of positivity brought about by Ripple’s (XRP) partial victory in its legal battle against the US SEC. On July 13, 2023, a judge ruled that Ripple committed no violations of federal securities legislation, a landmark victory for the cryptocurrency market as a whole.
According to a bullish price analysis, Optimism’s (OP) price has surpassed the $1.44 mark, indicating a positive market sentiment. The analysis suggests that as long as the bullish momentum persists, further price increases for Optimism (OP) can be anticipated in the near future.
VC Spectra (SPCT): New Contender Setting the Pace
Although relatively new, VC Spectra (SPCT) is gaining attention as a decentralized hedge fund that employs a careful selection process to identify promising investment opportunities in the blockchain space. By leveraging cutting-edge AI technology to guide investment decisions, VC Spectra (SPCT) strives to provide transparency for investors while maximizing profits and minimizing risks.
Investors participating in the VC Spectra (SPCT) platform can enjoy benefits such as buybacks and quarterly dividends, in addition to access to pre-ICOs and voting rights in VC Spectra’s future decisions. The SPCT token, adhering to the BRC-20 protocol, serves multiple functions, including asset management, exchange, and decentralized trading.
VC Spectra (SPCT) is trading at $0.008 in its initial presale stage. As the second presale stage approaches, experts anticipate VC Spectra’s price to rise to $0.011. Furthermore, during its public presale, VC Spectra (SPCT) is projected to experience a substantial 900% surge in price, reaching its target price of $0.08.
Learn more about the VC Spectra presale here:
Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
Disclaimer: This is a sponsored marketing content.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.