The rise in altcoins is outpacing the top cryptocurrencies. In particular, the MATIC, UNI and AAVE tokens are doing well, while the largest coin, Bitcoin, is still struggling to maintain its position above the $20,000 mark.
Polygon (MATIC) soared on July 14 — the day after being selected for Walt Disney’s outstanding business development program. after this AdvertisingThe value of the MATIC token rose 22.5% to $0.711705, the highest price in a month.
It is the only blockchain network chosen by Disney. As a result, Polygon’s original utility and betting token, MATIC, has reclaimed more aggressively than most of its competing digital assets.
The price of MATIC is currently at $0.693640, an increase of 9.2% over the past 24 hours and 46.7% over the previous 14 days. according to Queen Gekko Stats, the coin is down 76.4% from ATH on December 27, 2021, which was more than seven months ago. On the other hand, $2.46 billion worth of transactions were made in the last 24 hours, which is a huge increase of 31.46%.
While Aave (AAVE), the 46 largest coins, is currently trading at $92.47 and is up 16.4% over the past day and a whopping 63.4% over the past 14 days. AAVE has been rising since it recovered from the falling support line on June 18th.
With some of the leading cryptocurrencies facing a choppy trading session, Uniswap (UNI) is up an astonishing 12.4% on the day. Uniswap’s current price is $7.06, with a 24-hour trading volume of $701.54 million, an increase of 22%.
Bitcoin maintains its own level of interest
BTC is gaining a new level of interest below $21,000. The cryptocurrency market has started to recover, as shown by BTC, which is currently up 4.3% in value and trading at $2,0807.69. In addition, the high rate of inflation in the United States in 40 years, according to the Consumer Price Index (CPI), has pushed the price of Bitcoin from its lowest levels.
Well, there are indications that Bitcoin is stabilizing. However, after rising to $22,000 less than a week before reversing course, Bitcoin is still desperately trying to hold its position above the crucial $20,000 level.
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Investors are concerned that with inflation still too high and the Federal Reserve trying to combat it by raising interest rates, reducing economic demand, it will not be able to prevent a recession. Moreover, the economic downturn will not be suitable for higher-risk investments, including bitcoin and other cryptocurrencies.
Besides the macro factors, problems within the cryptocurrency industry itself have exacerbated the price drop. The state of the cryptocurrency market is already severe. The cost of bitcoin recently emerged from its worst quarter in over ten years, but it is still trading 70.7% below its all-time high, set in November 2021.
Featured image from Flickr, chart from Tradingview.com