Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k
15 Juli 2022 - 1:00PM
NEWSBTC
The upswing in alternative currencies is outshining the top
cryptocurrencies. In particular, the MATIC, UNI, and AAVE tokens
are doing well, whereas the biggest currency, Bitcoin, is still
fighting to keep its position above the $20,000 mark. Polygon
(MATIC) skyrocketed on July 14 — the day after it was chosen for
the Walt Disney Company’s elite business development program. After
this announcement, the value of a MATIC token rose 22.5% to
$0.711705, the highest price in a month. Related Reading
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The Positive Noise? It is the only blockchain network to have ever
been selected by Disney. As a result, the native utility and
staking token of Polygon, MATIC, recovered more strongly than most
of its competing digital assets. MATIC price is currently at
$0.693640, up 9.2% over the previous 24 hours and 46.7% for the
previous 14 days. According to CoinGecko statistics, the coin is
down 76.4% from its ATH of December 27, 2021, which was over seven
months ago. On the other hand, $2.46 billion worth of transactions
has taken place in the past 24 hours, representing a huge rise of
31.46%. While Aave (AAVE), 46 largest currency, is currently
trading at $92.47 and has increased by 16.4% over the past day and
by a sizable 63.4% over the past 14 days. AAVE has been climbing
since it recovered from a falling support line on June 18. Where
some of the leading altcoins experience a volatile trading session,
Uniswap (UNI) is up a stunning 12.4% for the day. The current
Uniswap price is $7.06, with a 24-hour trading volume of $701.54
million, up by 22%. Bitcoin Is Retaining Its Level Of Attention BTC
gained a new level of attention at under $21,000. The
cryptocurrency market is beginning to recover, as shown by BTC,
which is currently up 4.3% in value and trading at $20,807.69. In
addition, a new 40-year high in U.S. inflation, as measured by the
Consumer Price Index (CPI), has caused the price of bitcoin to
increase from its lows. Well, there are indications that Bitcoin is
stabilizing. However, after rising as high as $22,000 less than a
week before reversing course, BTC is still desperately trying to
hold its position above the crucial $20,000 level. Related Reading
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Chart Investors are worried that because inflation is still
extremely high and the Federal Reserve is trying to combat it by
raising interest rates, which reduces economic demand, it won’t be
able to prevent a recession. Furthermore, an economic downturn
would not be favorable for riskier investments, including Bitcoin
and other cryptocurrencies. Along with macro factors, the problems
in the cryptocurrency industry itself have made the price declines
worse. The state of the crypto market is already severe. The cost
of bitcoin has recently come off of its worst quarter in more than
ten years, but it is still trading 70.7 % below its all-time high,
set in November 2021. Featured image from Flickr, chart from
Tradingview.com
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