Bitcoin Calms at $24K as Ethereum Classic (ETC) Soars 10% Daily: Market Watch


The past 24 hours saw the cryptocurrency market calm down a bit, with no major changes happening across the top 10 coins by means of total capitalization. However, some cryptocurrencies performed better than others, so let’s dive in.

Bitcoin Calms at $24,000

After a serious run-up from $22,800 to almost $25,000 in the previous two days, Bitcoin’s price has finally calmed down and trades at around the $24K mark.

It appears that the volatility surrounding the announcement of July’s CPI numbers has passed, and now the market is in search of the next direction.

img1_btc_binance
Source: Binance via TradingView

That said, BTC failed to overcome the $25K level before retracing to where it currently trades, but overall – in the past 24 hours – it’s down some 2%.

Altcoins Flat, Red Prevails

Despite the relative calmness, it appears that the market is taking a breather from the recent rallies and is trading predominantly in the red.

img2_heatmap
Source: Quantify Crypto

As seen in the heatmap above, most of the cryptocurrencies are down slightly in the past day. The most obvious outlier is Ethereum Classic (ETC). It managed to increase by a whopping 10% in an otherwise boring market. It’s worth noting that this increase came on the back of more news associated with the Ethereum 2.0 merge, meaning that investors might be hedging against the possibility of a failure.

Related:  Jim Cramer Crypto Predictions Are So Wrong That Investors Proposed an Inverse ETF

Other major gainers include Huobi Token (up 20%) and ANKR (up 40%). The latest soared after Binance Labs revealed a strategic investment in Ankr Protocol without disclosing the actual amount.

Meanwhile, the market sentiment continues to improve. According to the Cryptocurrency Fear & Greed Index, which currently sits at 42 basis points, the prevailing sentiment is still “fear.” However, this time last month, the index was at 15 basis points, meaning that the past 30 days saw meaningful improvement.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: