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Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k
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Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k

Saeed Hassan
Saeed Hassan
2 years ago
3 mins read
BTC

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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 | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain 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%.

tradingview
Bitcoin is currently trading at $20,853 on the daily chart | Source: BTC/USDT chart from Tradingview.com

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 | A Breakout Above This Level Could Help Polkadot Recover On 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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Saeed Hassan
Saeed Hassan

Saeed Hassan

Saeed Hassan is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2016. He is an author at Bitcoinist and NewsBTC, and he also runs his blog, where he writes about all things related to crypto and finance. In his spare time, Saeed enjoys playing cricket and watching Marvel series.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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