Bitcoin, Ethereum, Dogecoin Mixed As SEC Plans To Appeal XRP Ruling: Analyst Says Solana Could Replicate Cardano's 2019 Bear Market Comeback

Major cryptocurrencies experienced mixed trading on Wednesday evening as investors eagerly awaited the release of July's Consumer Price Index (CPI) in the United States. The CPI serves as a significant indicator of inflation and is set to be disclosed on Thursday.
 

What Happened: The Securities and Exchange Commission (SEC) is planning to appeal a recent court decision related to Ripple Labs. 

The decision was seen as a setback for the SEC's efforts to regulate cryptocurrency markets. 

In a letter submitted on Wednesday, the SEC requested that the U.S. District Judge Analisa Torres in Manhattan allow a federal appeals court to review her July 13 ruling. Judge Torres had previously stated that the sale of Ripple's XRP digital token on public exchanges complied with federal securities laws.

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Currently, the global crypto market capitalization stands at $1.18 trillion, a 0.38% decrease in the last day.

Stocks experienced a decline on Wednesday as investors eagerly anticipated upcoming inflation data. The S&P 500 saw a decline of 0.7%, while the Nasdaq Composite slipped 1.17%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe said “no party for Bitcoin,” yet as it appears to be stuck range bound.

No party for #Bitcoin, yet. pic.twitter.com/Cg6vs5L8LN

— Michaël van de Poppe (@CryptoMichNL) August 9, 2023

Crypto trader Benjamin Cowen thinks Solana’s ability to bounce back strongly from a period of heavy capitulation at the end of 2022 sets it apart from its competitors.

According to Cowen, SOL experienced a significant low earlier this year, followed by a notable high before surpassing its previous peak. Drawing a parallel, Cowen suggests that Solana's price trajectory resembles that of Cardano (ADA) in 2019.

On-chain analytics firm Santiment has revealed that Ethereum's top 10 addresses have been consistently expanding and accumulating a larger portion of the total available coin supply. Over the past 5 years, these addresses have seen their ownership rise from 11.2% to an impressive 34.6% of Ethereum. This represents a significant increase of 27.86 million ETH, which is currently valued at an astounding $51.6 billion.

📈 #Ethereum has been seeing its top 10 addresses expand and accumulate more and more of the total available coin supply. In 5 years, the top 10 largest addresses have gone from owning 11.2% to now 34.6% of $ETH. The 27.86M $ETH added is worth $51.6B.  https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K

— Santiment (@santimentfeed) August 9, 2023

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