The cryptocurrency market in July was predominantly bearish, although few short bulls were also recorded. Bitcoin held on to the shaky market and surprisingly closed the month at a high of over $40k. The short bull spree clicked from the 23rd of July into the new month.
Bitcoin initially went up to about $42,599 before swinging down again below $40k. Analysts are convinced that Bitcoin’s main support level is at the $30k mark. The realization was determined as the crypto never really went below that mark before bouncing up again this year.
Today, major cryptocurrencies influenced by Bitcoin are in the reds. BTC declined by five percent to trade under $40k. The cryptocurrency market cap also reflected the downturn, hinging down by 3.5 percent after recently attaining a high of $1.69 trillion.
On altcoins, Ethereum has managed to keep it cool holding steady at $2,600 as of press time. Analysts are suggesting a major break in the cryptocurrency, perceiving that profit booking could continue for the next 24 hours. Other cryptocurrencies like Cardano and Ripple are on the same train as Bitcoin as they descended at three percent and two percent respectively on Coin Market Cap.
However, Bitcoin Cash ABC (BCHA) holds the position as the top gainer in the cryptocurrency market. The altcoin shot above 40 percent within Intra-day trading hours. Of course, surprises isn’t new to this coin as it consistently smashes new highs.
Other Events in the Crypto Market
Paolo Ardoino, Tether’s Chief Technical Officer (CTO) has countered popular crypto-journalist Colin Wu, saying that the stablecoin has not withheld issuance. According to the official, there were evident records of issuance, with over $100 million recorded in two days.
Although USDT has faced massive criticism in recent times, the stablecoin still towers over other dollar-backed cryptos. Tether has minted tokens feverishly for the past twelve months as its market cap has nearly doubled so far this year.
