Crypto Market Recovered: Is this a Rebound or a Bull Trap?
The crypto market has climbed 3.5%, reaching a total value of $2.48 trillion. This growth is largely driven by Bitcoin’s impressive rally, which saw it nearing $70,000 on July 29, along with a general positive market sentiment. While Bitcoin is leading the charge, altcoins have experienced more modest gains of 2% to 4%.
But beneath the surface of these overall positive numbers lies a week of dramatic shifts. Major token unlocks, high-stakes legal battles, game-changing upgrades, and the launch of new mainnets!
Let’s dive in and explore the winners and losers of this rollercoaster week.
Dogwifhat has surged by 9% over the past week, making it the top-performing cryptocurrency of 2024 so far, with an astounding 1300% increase since the start of the year. Its market cap is now $2.5 billion, surpassing other well-known meme coins like Dogecoin and Shiba Inu.
Solana saw a 7% rise this past week, boosted by comments from SEC Commissioner Hester Peirce hinting at potential approval for Solana ETFs. This has attracted significant institutional interest, with firms like VanEck and 21Shares already submitting applications. Solana’s market cap has now reached $78.2 billion.
Formerly known as BitDAO, Mantle experienced a 4.8% increase, driven by a rise in new and active addresses. This growth indicates heightened network activity and investor interest, pushing its market cap to $2.7 billion.
Also Read: Solana Price Analysis: Here’s What May Happen if the SOL Price Hits $200 This Week!
XRP has risen by 4.2% as investors anticipate updates in the SEC vs. Ripple lawsuit. The market is also buoyed by the approval of the Spot Ether ETF and positive regulatory signals from key figures. XRP’s market cap stands at $33.6 billion.
Despite starting the second phase of migrating FET to ASI tokens, the token fell by 16.6% over the week. The platform is working to consolidate multiple projects under the ASI coin, with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.
Uniswap saw a 10% decline, even though it announced a major upgrade for UniswapX aimed at improving trade execution. Its market cap is $4.3 billion.
Shiba Inu dropped by 9.6% following a hacking incident at the India-based exchange WazirX, which led to significant losses, including $100 million worth of SHIB tokens. The hacker has sold some of the stolen tokens, affecting the market. Shiba Inu’s market cap is $9.6 billion.
Polygon’s value fell by 8.4% despite the ongoing MATIC-POL migration, part of its 2.0 roadmap. The new POL token is set to support future features, including a staking hub planned for 2025. The market cap for Polygon is $4.7 billion.
Toncoin declined by 8% over the week despite announcing a major partnership with Mocaverse and the MOCA Foundation to boost user adoption and developer incentives. Its market cap is $16.6 billion.
Cardano fell by 6.6% last week, even with the upcoming ‘Chang Hard Fork’ upgrade designed to enhance transaction speed, security, and scalability. This upgrade, marking the beginning of the Voltaire era, is scheduled for the end of July. Cardano’s market cap is $14 billion.
This week’s outlook shows a mix of positive trends led by Bitcoin and select altcoins, along with some notable declines due to various factors. Investors remain hopeful, especially with ongoing regulatory developments and technological upgrades in the crypto space.
Is this finally the year for altcoins to shine? Stay tuned to these trends for wise investment decisions.
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