Mid Cap Crypto Coins Leads In July, The Best Way To Be Winter?
While the crypto market had collapsed for the winter, some digital assets have refused to be taken away. These cryptocurrencies are fighting harder than even their larger counterparts have managed to keep their heads above water. Two weeks into the new month and most of the assets in the room are already in the red. However, mid-cap cryptocurrencies have gone in the opposite direction.
Mid Cap Index takes the lead
The July market has not been favorable for investors. This is evident in the red figures that have been plastered over the diagrams. Bitcoin, which has received the most support in the past, has also not managed to escape the attack, but there is a group of coins that have managed to turn it around for good.
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The Mid Cap Index is one that consists of coins ranging from 11 to 50 on the market. These coins are the ones that have proven themselves over time and as a result have built an impressive community behind them. Given this, they have been able to carry the bear market better than any other cryptocurrency. While other indices had had negative returns, the Mid Cap index is up 1.9% in the first two weeks of July.
Mid Cap Index is in the green | Source: Arcane Research
By comparison, bitcoin is down -0.2% since July started. The small cap index has outperformed bitcoin in this regard, but is still in the red by -0.1% so far. As for the Large Cap Index, they have taken the biggest blow in the market. These top 10 tokens have a total of -0.9%, the biggest losses in the market.
Crypto market leaders
Despite the fact that the Mid Cap index maintains the largest recovery during the bear market, the crypto market leaders have still maintained their grip on the market. Bitcoin’s dominance over the market is still high and stack coins have not released any of their market shares either.
BTC dominance on the rise | Source: Market Cap BTC Dominance on TradingView.com
The decline in the price of bitcoin did not in any way affect dominance. In fact, bitcoin had added another 0.43% to market dominance, mostly stealing this dominance from other major companies such as Ethereum and BNB. The market dominance is now 43.78% at the time of writing.
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In the same way, stack coins maintain a strong grip on market dominance. They have served as a safe haven for investors trying to escape the extreme volatility of the crypto market while not moving their money completely. USDT, USDC and BUSD all added to market dominance in the last week with 0.16%, 0.19% and 0.06% increase in dominance in the same time period.
As the week draws to a close, it is difficult to determine which index will win this week. One thing that is certain, however, is that there will be more losses than gains as the weekend approaches.
Featured image from Inc. Magazine, charts from Arcane Research and TradingView.com
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