The crypto market exhibited varied trends on Friday, July 21, with Gadgets 360 reporting profits for most cryptocurrencies, except for Bitcoin, which experienced a minor loss of 0.21 percent. Bitcoin continued to struggle below the critical $30,000 mark for the second consecutive day, trading at $29,878 at the time of writing, and seeing a decline of $116 in the last 24 hours.
According to Edul Patel, CEO of Mudrex crypto investment firm, Bitcoin’s inability to break past the $30,000 mark can be attributed to investors capitalizing on profits and the strengthening US dollar. At one point, Bitcoin even hit its lowest level in a month, touching $29,500. Presently, the cryptocurrency faces immediate resistance at the $30,000 level, while support lies at $29,600.
In contrast, Tether, Ripple, and Cardano were among the few cryptocurrencies that experienced losses on that day. Solana, Avalanche, Wrapped Bitcoin, Stellar, Monero, and Elrond also faced minor price dips.
Despite concerns about the Federal Reserve’s rate hikes, Rajagopal Menon, Vice President of WazirX, noted that most cryptocurrencies, apart from the aforementioned altcoins, saw profits that day. The initial excitement for Bitcoin’s ETF might have diminished, but overall, investors remain optimistic.
Interestingly, even meme coins like Dogecoin and Shiba Inu, which had been facing losses, managed to turn profitable on that day. Ether registered a modest gain of 0.5 percent, trading at $1,896.
Other cryptocurrencies that saw slight gains include Binance Coin, Dogecoin, Tron, Polygon, Polkadot, and Litecoin. However, the overall crypto market cap experienced a slight dip of 0.19 percent, totaling $1.2 trillion, according to CoinMarketCap.
The crypto fear and greed index swung back into the neutral zone after a six-point drop, currently standing at 50/100.
While Bitcoin traded flat, some altcoins showed significant developments. LINK saw a notable surge of 17.3 percent after launching its CCIP (Cross-Chain Interoperability Protocol). Prominent DeFi tokens like MKR, SNX, and COMP also made good progress, indicating the market’s interest in accumulating quality DeFi protocols before Bitcoin breaks out of its tight trading range. On another note, Polygon’s native token, MATIC, continued to strengthen fundamentally, surpassing Ethereum and Solana in terms of daily active users, as highlighted by Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Source: Gossipmotion
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