Most races in the cryptocurrency market are turning slightly green today, even if only by a few percent. Most crypto is still more than 10% in the red compared to a week ago, in some cases even 20% or more. The total market cap of crypto rose from $1.32 trillion to $1.37 trillion last night, but has since fallen back slightly to $1.35 trillion. The market capitalization was still at $1.46 trillion last week.
Bitcoin (BTC)
From bitcoin (BTC) price still hangs in the same range. The BTC price briefly peaked at $32,500 last night, but then corrected back down to reach $31,750 this morning.
The volatility of bitcoin continues to decrease and the range in which the price is locked is becoming smaller and smaller. The market has been waiting for an outbreak for a while now, but so far it has not happened. The massive Grayscale Bitcoin Trust (GBTC) unlock yesterday also had no effect.
It causes many investors to remain hesitant and that in turn causes very low trading volume. That could mean bitcoin will be stuck in this range for even a little longer than initially thought.
Altcoins
Ethereum (ETH) suddenly disconnected from bitcoin last night. The ether price peaked last night around the same time as bitcoin and then briefly touched $ 2,000. However, unlike bitcoin, ether held up last night and is currently hovering above $1,975. Ether is now 4.5% in the plus.
Dogecoin (DOGE) was initially by far the fastest riser on the crypto market today. Dogecoin was one of the hardest declines in recent weeks, but the price shot up like a rocket last night. Dogecoin surged from USD 0.169 to a high of USD 0.206 yesterday, up a whopping 22%. Of course, that’s because Tesla CEO Elon Musk tweeted about Dogecoin again:
Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!
— Elon Musk (@elonmusk) July 17, 2021
This increase was accompanied by a significant increase in trading volume. Despite this, the price corrected back down overnight and stands at $0.187 this morning. This means that DOGE is still almost 6% in the plus today.
Telcoin (TEL) is furthest in the green today. The TEL price is up 12% from 24 hours ago and stands at $0.134 this morning. Nem (XEM) was the fastest riser this week, the XEM price is 21.5% in the plus compared to a week ago.
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