CryptoCurrency : Daily Market Recap – 07/31 – Heavy Sell Off On The Altcoins, Bitcoin Fighting Hard

CryptoCurrency : Daily Market Recap – 07/31 – Heavy Sell Off On The Altcoins, Bitcoin Fighting Hard

A fierce battle is raging on the crypto markets today as bears try to push Bitcoin down below $8k and bulls fighting back. The total market capitalization is continuing to go down, perhaps a remnant of the negativity since yesterday. The total market cap is now at $283.3 Billion and down by 3% from yesterday. The total trading volume is now at $15.5 Billion, just a notch higher from yesterday. This week is shaping into a downtrend and a far cry from last weeks performance.

BTC Dominance is at an all-time high this year at 48.5%. And it shows in the crypto markets today who dictates the prices as both major cryptocurrencies and small market cap tokens plummeted in value. This morning, Bitcoin moved downwards and although fighting the battle, it left behind the altcoins in a huge mess. The entire market is a sea of red which did not really come as a surprise from yesterday’s performance. 

Aside from the predictable Tether green when there’s a downward trend, there’s literally just 2 greens in the altcoin boards and that is Polymath, up by 8.25% and selling at $0.42, and Metaverse ETP, up at 3.40% and trading at $2.08. Polymath was recently announced as the winner of the Binance community coin of the month competition for its next listing.  The POLY pump started around six hours ago when it surged over 30% to $0.577. Since then it has corrected back to $0.494 marking a 26% gain on the day.

The biggest losers, from 11% up on the scale are Mithril (-28.50%), Wanchain (-14.90%), ChainLink (-14.88%), MOAC (-14.82%), BitShares (-12.97%), Ontology (-12.76%), Nano (-12.67%), and ICON (-11.73%). The rest are suffering from hard losses too ranging from 3-10%.


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