Gate market analysis today: BTC, ETH, CFX, Chainbase, Memecore are still expected to rise in the short term.

Bitcoin (BTC) is currently in a high-level correction and consolidation phase after experiencing a week of strong gains. In the short term, the bullish and bearish forces are in a stalemate, and market sentiment is cautious. Investors need to closely monitor the effectiveness of the support level at 116,500 USDT, as well as the breakout situation of the resistance levels at 118,500-119,000 USDT, while also observing whether the Trading Volume can align with the price to show a clear direction.

On July 18, the net inflow of BTC ETF reached 363 million USD in a single day, with BlackRock's IBIT inflow of 496 million USD, indicating that institutional funds are continuously increasing their positions in Bit, enhancing the allocation weight for this asset.

Ethereum (ETH): In the past few trading days, it has shown a strong upward trend, with prices gradually rising from the $3,400 region and reaching a high of about $3,780 in the morning of the 21st, followed by a pullback. Currently, ETH is still in a strong upward channel, but in the short term, it faces some pressure around $3,800. If it can break through that level with volume, it is expected to start a new round of bullish momentum.

On July 18, the ETH ETF had a net inflow of 402 million USD in a single day, with BlackRock's ETHA inflowing 394 million USD and Fidelity's FETH outflowing 45.4 million USD.

Altcoins: Most mainstream altcoins are rising, and there is still hope for continued fluctuations upward in the short term. The Fear and Greed Index reports 71 today, still in the greedy range, indicating that market sentiment is relatively positive, but attention should be paid to the risk of overheating sentiment.

Macro: On July 18, the S&P 500 index fell by 0.01%, closing at 6,296.79 points; the Dow Jones index fell by 0.32%, closing at 44,342.19 points; the Nasdaq index rose by 0.05%, closing at 20,895.66 points. As of July 21, 10:30 AM ( UTC+8, the spot price of gold is temporarily reported at 3,356 USD per ounce, with a 24H increase of 0.17%.

Popular Token Market Analysis

CFX Conflux (+88.52%, Circulating Market Cap 11.17 billion USD)

According to Gate.io market data, the current price of CFX token is 0.217 USD, having risen approximately 88.52% in the last 24 hours. Conflux is an open and permissionless Layer 1 blockchain designed to address the scalability, security, and decentralization issues of existing blockchains. It employs a unique Tree-Graph structure and hybrid thinking mechanism to achieve cargo processing transactions, enhancing throughput and efficiency.

Stimulated by the positive news that "Conflux public chain 3.0 is about to go live and plans to participate in the 'Belt and Road' offshore RMB stablecoin issuance pilot," CFX has shown extremely strong upward momentum. After the news was released, CFX quickly surged from around 0.12 USDT, breaking through multiple key resistance levels in a short period, reaching a maximum of 0.25 USDT, doubling its increase. This rise was accompanied by a significant increase in Trading Volume, indicating a large influx of capital, with buying sentiment running high, driving the price to achieve explosive upward movement.

C Chainbase (+15.18%, Circulating Market Cap 48.832 million USD)

According to Gate.io market data, the current price of C token is 0.30357 USD, up 15.18% in the last 24 hours. Chainbase is a blockchain infrastructure company that provides full-chain data services. It aims to address the data interoperability challenges in the blockchain space through innovative dual-chain architecture for efficient data processing and security (data chain and consensus chain).

C has recently gained market attention due to its listing on multiple centralized exchanges (CEX). From the evening of July 18 to the early morning of July 19, C experienced a rapid surge, reaching a high of 0.5 USDT, with a significant increase. This rise was accompanied by a notable increase in Trading Volume, indicating strong buying interest. The current market is in a high-level consolidation phase; if it can solidify the 0.25 USDT support moving forward, along with a recovery in volume, C is expected to regain upward momentum and initiate a new round of upward movement.

M MemeCore (+27.16%, Circulating Market Cap 741 million USD)

According to Gate.io market data, the M token is currently priced at 0.44314 USD, having risen approximately 27.16% in the last 24 hours. MemeCore is a Layer 1 public chain compatible with the Ethereum Virtual Machine (EVM), utilizing an innovative "Meme Consensus Mechanism (PoM)" to maintain network security. Users can delegate their meme coins to nodes for staking in a multi-chain environment, thereby enhancing network stability and earning dual block rewards.

MemeCore (M) has seen a strong upward trend recently, mainly benefiting from its trading competition incentive mechanism and community reward programs, effectively enhancing token trading activity and user participation. At the same time, its MemeX ecosystem is rapidly expanding, with multiple applications going live one after another, and the platform also offers attractive staking yields, further boosting the influx of funds. The price of M previously fluctuated in the range of 0.31–0.42 USDT, and recently surged quickly from around 0.33 USDT, reaching a high of 0.47 USDT, successfully breaking through the previous consolidation range. This rise was accompanied by a significant increase in Trading Volume, indicating strong buying power, and is a reflection of the explosive market driven by multiple favorable factors for MemeCore.