Investors turned anxious amid signs that the economy was slowing down.
Barring the Polkadot, Shiba Inu and Tron, top crypto tokens were trading lower on Monday. Polygon plunged four per cent, whereas Avalanche, Solana and BNB dropped two per cent each. Polkadot zoomed six per cent and Shiba Inu added three per cent.
The global cryptocurrency market cap was trading marginally lower at $1.09 trillion mark, dropping about a per cent in the last 24 hours. However, the total trading volume tumbled almost seven per cent, close to $70.82 billion.
Crypto prices rallied over the past week as Bitcoin tested $24,500 and Ethereum tested $1750 despite the global macroeconomic environment worsening amidst two confirmed quarters of negative GDP growth, research team of CoinDCX said.
“On-Chain indicators like the Puell Multiple and MVRV Z-Score are flashing positive signals for the entire asset class as we reach value zones in terms of multiple On-Chain datasets implying increasingly attractive valuation zones for Crypto,” it adds.
“The past week saw Ethereum gain twice as much as Bitcoin, crossing the $1,700 level. Meanwhile, bitcoin edged past the $24K mark. The overall crypto markets revived marginally,” said WazirX Trade Desk.
July has brought relief to the crypto market, with ethereum classic, the supposedly dead coin and not-so-similar clone of Ethereum’s ether token.
After getting battered by the bear market, shares of Coinbase Global, the world’s largest publicly traded crypto exchange, may be in the throes of a tug-of-war between bulls and bears.
Cryptocurrency exchange KuCoin is offering retail investors fractional ownership of top non-fungible tokens (NFT) such as Bored Ape Yacht Club (BAYC) in the form of exchange-traded funds (ETF) available to its customers.
Tech view by Proassetz Exchange
It has been more than a month that BTC is trading inside a short term upward channel. If we look at its short term trend then it’s trading upward but still it is trading in a range bound area. Currently $20,600 is a good support level, any movement above $25,800 with volume can lead to $28,000 which is also a good resistance.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)