From cryptocurrency The market made another dip yesterday and most prices are turning red again this morning. Although it is not a big dip and the prices are mainly stuck, things are starting to look less and less stable. Yesterday the total market cap of all crypto fell to $1.33 trillion, last night it recovered briefly to $1.37 trillion, but is back at $1.34 trillion this morning.
Bitcoin (BTC)
Bitcoin (BTC) failed to hold around $33,000 yesterday and dipped sharply lower again for a while. In the early evening, the bitcoin price reached a low of $31,250. During the rest of the evening and overnight, trading volume increased slightly and the price rose again to $32,000. Bitcoin, however, has faced too much resistance against this for the time being and at the time of writing it is falling back to $31,650.
For now, the volatility of bitcoin continues to decrease and the range of the price is narrowing. The market is still expecting a breakout one of these days, but which way is still very uncertain. The recent increase in dollar inflation does not seem to have a positive effect yet, instead bitcoin is falling with the stock market.
It is possible that bitcoin even dips below $30,000 again and that could cause panic, but the dip may also be bought up quickly, just like last time. A massive Grayscale Bitcoin Trust (GBTC) unlock will take place tomorrow, but it is still uncertain what effect this will have.
Altcoins
Ethereum (ETH) appeared briefly on the cusp of recapture $2,000 yesterday, but was then also rejected and then slumped to a low around $1,880. Then the price fluctuated slightly during the night and ether touched $1,960 twice. Ether was again pulled down with bitcoin and at the time of writing the price is at $1,910.
Of the top 10 largest crypto, it is again dogecoin (DOGE) that has fallen the hardest in the past 24 hours. Dropping 6%, the DOGE price stands at $0.182 this morning. Outside the top 10, we also see quite a few cryptos in the red. Solana (SOL), waves (WAVES), helium (HNT), harmony (ONE), amp (AMP) and flow (FLOW) all lose about 7 to 8% of their value from 24 hours ago.
However, it is mainly the prices of some non-fungible token (NFT) gaming projects, which rose sharply yesterday, are now sharply correcting downwards. Enjin coin (ENJ) and decentraland (MANA) dropped by 12% and axie infinity (ACS) even by 13.5%. Nevertheless, the AXS rate is still 100% positive this week.
THORchain (RUNE) loses 15% of its value today. That likely has to do with an attack in which as much as 4,000 ETH worth $7.6 million were stolen from the decentralized finance (DeFi) platform:
At this stage the estimate is around ~4000 ETH worth of assets (ETH/ERC20) was taken, not 13k ETH.
More detailed assessment and recovery steps will be announced soon.
The users who suffered (LPs) will be made whole in the coming weeks. https://t.co/LR2x8VZ2kx
— THORChain #ACTIVATETHESYNTHS⚡️ (@THORChain) July 15, 2021
The biggest loser today is telcoin (TEL) whose price is down 19% today to $0.0127. Today there is also a crypto rate in the green and that is that of NEM (XEM). The XEM price shot up 18% to $0.413 last night, but that is still more than 90% below the all-time high (ATH) from three years ago.
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