Investors became anxious after signs that the economy was slowing down.
Apart from Polkadot, Shiba Inu and Tron, the top crypto tokens traded lower on Monday. Polygon plunged four percent, while Avalanche, Solana and BNB fell two percent each. Polkadot zoomed six percent and Shiba Inu added three percent.
The global cryptocurrency market cap traded marginally lower at $1.09 trillion, falling about one percent over the past 24 hours. However, total trading volume fell nearly seven percent, close to $70.82 billion.
The expert’s assessment
Crypto prices rallied in the past week as Bitcoin tested $24,500 and Ethereum tested $1,750 despite the global macroeconomic environment deteriorating amid two confirmed quarters of negative GDP growth, the research team told CoinDCX.
“On-Chain indicators such as the Puell Multiple and MVRV Z-Score are flashing positive signals for the entire asset class as we reach value zones in the form of multiple On-Chain datasets suggesting increasingly attractive valuation zones for Crypto,” it adds.
“In the past week, Ethereum has rallied twice as much as Bitcoin, crossing the $1,700 level. Meanwhile, bitcoin passed the $24K mark. The overall crypto markets revived marginally,” WazirX Trade Desk said.
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 being hit by the bear market, shares of Coinbase Global, the world’s largest publicly traded crypto exchange, may be in a tug of war between bulls and bears.
Cryptocurrency exchange KuCoin offers retail investors shared ownership of top non-fungible tokens (NFTs) such as Bored Ape Yacht Club (BAYC) in the form of exchange-traded funds (ETFs) available to its clients.
Technical view of Proassetz Exchange
It has been more than a month that BTC is trading in a short-term ascending channel. If we look at its short-term trend, it is trading upwards, but it is still trading in a bounded range. Currently $20,600 is a good support level, any move above $25,800 with volume could 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. Consult your financial advisor before taking any position in the asset(s) mentioned.)