Cryptocurrency Market Shows Mixed Performance Amid Economic Data from US
The cryptocurrency market experienced mixed performance on Thursday as investors awaited key economic data from the US. Despite news of the Securities and Exchange Commission’s (SEC) intention to file an appeal in its case against Ripple, the market seemed unfazed.
Bitcoin, the largest crypto token, entered negative territory after a brief recovery, dropping by approximately half a percent but managing to hold above the $29,500 mark. Meanwhile, Ethereum, the second-largest cryptocurrency, saw slight losses but remained above the $1,850 levels. Other major altcoins also experienced mixed price action.
Market Awaits US Inflation Data
The price of Bitcoin has stabilized around the $29,500 level, with the market eagerly anticipating July’s US inflation data. Notably, altcoin Aptos saw a significant increase of around 12 percent in the past 24 hours following the announcement of its partnership with Microsoft. Ethereum, on the other hand, continued to trade within the $1,800-$1,900 range, according to Edul Patel, Co-Founder & CEO at Mudrex.
Mixed Performance of Top Crypto Tokens
Top crypto tokens showed mixed performance on Thursday, with Shiba Inu surging about 3 percent, while Dogecoin, Bitcoin Cash, and Cardano each gained over a percent. On the other hand, BNB, Tron, and XRP were among the biggest losers for the day, with losses capped at less than half a percent.
Market Cap and Trading Volumes
The global cryptocurrency market cap experienced a slight decrease, falling to the $1.18 trillion mark with a drop of less than a percent in the last 24 hours. Additionally, total trading volumes dropped by more than 5 percent to $34.75 billion.
Ethereum Locks All-Time High
In a significant development, the total ETH locked on the Ethereum chain reached a new all-time high of 27.03 million, marking a 40 percent increase since Shapella. This total amount staked represents 21 percent of ETH’s circulating supply. With an increase in validators, the staking rewards have progressively reduced, according to the CoinDCX Research Team.
Overall, the cryptocurrency market showed mixed performance on Thursday as investors awaited key economic data from the US. Despite the SEC’s intention to file an appeal in its case against Ripple, the market remained unfazed, with Bitcoin and other top crypto tokens experiencing varied price action.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
