Crypto Market Trades Mixed Amid Lack of Key Economic Factors

Crypto Market Trades Mixed Amid Lack of Key Economic Factors
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Bitcoin (BTC) along with the broader crypto market was trading mixed on Monday, moving sideways due to the lack of major key economic events.

It seems the cryptocurrency market has quickly digested the news about Curve Finance being the victim of an exploit. Even after the disastrous $47 million hack, digital tokens are relatively stable. As a matter of fact, the global crypto market cap over the last 24 hours increased 0.07% to $1.18 trillion. Meanwhile, the total crypto market volume shot up 57.16%  to $27.78 billion.

The total volume in decentralized finance (DeFi) is currently $2.67B, 9.60% of the total crypto market 24-hour volume. The volume of all stablecoins is now $24.45B, which is 88.01% of the total crypto market 24-hour volume.

Bitcoin Gains Even After Major DeFi Hack

According to CoinMarketCap, in tandem with the overall market scenario, Bitcoin (BTC) moved slightly higher as the largest crypto token added 0.36% but remained below the 29,500-mark. At the time of writing, the largest digital asset is trading at $29,389. Over the past seven days, BTC jumped 0.36%, trading within a range of $29,000 to $29,500. Bitcoin’s dominance is also up 0.12% to currently stand at 48.21%. 

Bitcoin Gains Even After Major DeFi Hack

Even though BTC prices have been stagnant, trading below the psychological $30,000 level, on-chain data revealed that the Bitcoin miner reserve has been increasing, bouncing back from May 2023 lows. As per market experts, the increasing BTC miner reserve and relatively stable and steady coin prices suggest a sense of optimism among miners.

This could improve sentiment and confidence among miners, possibly boosting prices and preventing sellers from pressing the coin even lower. On July 31, Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad, Poor Dad,” reiterated his support for gold, silver, and Bitcoin (BTC), after Wall Street Journal, ran an article in which the authors stated that the economy in the United States was strong.

Altcoins Trade Mixed on the crypto market

On the other hand, Ethereum (ETH) slipped 0.36% in the last 24 hours to hover at $ 1,868. On the contrary, in the last week, ETH jumped more than 1%, successfully breaching the $1,850 level. As per several analysts, the first major resistance is near the $1,885 level.

The next key resistance is near the $1,900 level, above which the price might rise toward the $1,950 zone. Any more gains might send the price toward the $2,000 hurdle.

Altcoins Trade Mixed, leaded by ETH

All other top crypto tokens were trading mixed on Monday. On the downside, XRP and Solana (SOL) shed 2% and 1.52%, respectively. Meanwhile, Cardano (ADA), Dogecoin (DOGE) and Polygon (MATIC) tanked more than 1% each during the day. Among the gainers, Bitcoin Cash (BCH) and Bitcoin SV surged about 3%, in the last 24 hours, while BNB gained about 0.47%.


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