MATIC, UNI and AAVE surpass while Bitcoin struggles to hold over $ 20k
The rise in alternative currencies surpasses the best cryptocurrencies. The MATIC, UNI and AAVE tokens in particular are doing well, while the largest currency, Bitcoin, is still struggling to maintain its position above the $ 20,000 mark.
Polygon (MATIC) launched on July 14 – the day after it was selected as Walt Disney Company’s elite business development program. After this announcementincreased the value of a MATIC token 22.5% to $ 0.711705, the highest price in a month.
Related reading | Avalanche chopping solid in the middle of the week – can AVAX maintain the positive noise?
It is the only blockchain network that has ever been selected by Disney. As a result, Polygon’s original utility and efforts returned stronger than most of its competing digital assets.
The MATIC price is currently $ 0.693640, up 9.2% over the last 24 hours and 46.7% over the last 14 days. According to CoinGecko statistics, the coin is down 76.4% from ATH on December 27, 2021, which was over seven months ago. On the other hand, $ 2.46 billion worth of transactions have taken place in the last 24 hours, representing a huge increase of 31.46%.
While Aave (AAVE), 46 largest currency, is currently trading at $ 92.47 and has increased by 16.4% over the last day and by a significant 63.4% over the last 14 days. AAVE has been climbing since it recovered from a falling support line on 18 June.
Where some of the leading altcoins are experiencing a volatile trading session, Uniswap (UNI) is up by a fantastic 12.4% for the day. The current Uniswap price is $ 7.06, with a 24-hour trading volume of $ 701.54 million, up 22%.
Bitcoin retains the level of attention
BTC gained a new level of attention below $ 21,000. The cryptocurrency market is beginning to recover, as shown by BTC, which is currently up 4.3% in value and is trading at $ 20,807.69. In addition, a new 40-year high in US inflation, measured by the consumer price index (CPI), has caused the price of bitcoin to rise from its lowest level.
Well, there are indications that Bitcoin is stabilizing. But after rising as high as $ 22,000 less than a week before the price reversed, BTC is still desperately trying to keep its position above the crucial $ 20,000 level.
Related reading | An eruption above this level can help Polkadot recover on the chart
Investors are worried that because inflation remains extremely high and the Federal Reserve is trying to fight it by raising interest rates, which reduces economic demand, it will not be able to prevent a recession. Furthermore, an economic downturn will not be favorable for more risky investments, including Bitcoin and other cryptocurrencies.
Together with macro factors, the problems in the cryptocurrency industry itself have made the fall in prices worse. The state of the crypto market is already serious. The cost of bitcoin has recently come out of the worst quarter in more than ten years, but it is still trading 70.7% below the all-time high, set in November 2021.
Featured image from Flickr, chart from Tradingview.com
