Mixed Cryptocurrency Market: Bitcoin and Ethereum Trade Down, Dogecoin Sees Gains – The Florida Star
The global cryptocurrency market capitalization increased slightly by 0.05% to reach $1.21 trillion on Wednesday evening. Bitcoin and Ethereum were trading in the red, while Dogecoin saw gains of nearly 2%. Bitcoin’s performance was tied to Nasdaq futures, which turned negative after Netflix and Tesla released their quarterly results.
The top gainers in the past 24 hours were Stellar, XDC Network, and Hedera, with gains of 28.77%, 11.22%, and 8.64% respectively.
Edward Moya, a senior market analyst with OANDA, noted that Bitcoin traders are still waiting for updates on ETFs. He also highlighted the stance of Robert F. Kennedy Jr., a Democratic challenger to President Joe Biden, who is seen as a supporter of Bitcoin. While Kennedy’s position may not be adopted by most presidential candidates, it opens up the debate on cryptocurrency adoption.
Cryptocurrency analyst Michaël van de Poppe asserted that Bitcoin is “here to stay” despite the length of the bear market. He celebrated the fact that investors and traders have stayed in the market, especially as institutions are entering the space.
Santiment, a cryptocurrency intelligence platform, observed that whales and sharks have been accumulating Paxos Standard (USDP) stablecoin in July. This is seen as a positive sign, considering that Bitcoin has stayed above $30,000 while altcoins have struggled. Furthermore, USDP has seen a significant increase in big wallet holdings this month.
Overall, the cryptocurrency market experienced a slight increase in market capitalization, with Bitcoin and Ethereum trading in the red. Dogecoin, Stellar, XDC Network, and Hedera were among the top gainers. Bitcoin traders are eagerly awaiting updates on ETFs, and the stance of Robert F. Kennedy Jr. on cryptocurrency has sparked a debate on further adoption. Additionally, the accumulation of USDP stablecoin by whales and sharks is seen as a positive sign for the market.
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