Today, advanced digital technologies are developing at the speed of light, and digital money comes as an alternative to cash or non-cash payments. People are getting ready to integrate cryptocurrency and blockchain technologies it into their daily life.
That’s why a lot of people are wondering what happened to crypto today. Well, Bitcoin is heading towards the $40,000 mark, which is the highest recorded mark in nearly six weeks. So, what happened to crypto today? Today, we’ll try to find out!
What Happened to the Crypto Market Crashing Today?
What happened to the crypto market crashing today? Bitcoin’s rally was preceded by a bad start of the week when prices fell below $30,000. On Tuesday (July 20), a new wave of selling took place in the cryptocurrency market, with the result that Bitcoin fell more than 3% to a low of $29,300.
The situation changed in favor of the bulls amid a statement by Tesla CEO Elon Musk at the B Word conference. He stated that the company was likely to start accepting Bitcoin payments again after conducting a thorough analysis of the use of renewable energy for BTC mining. Investors reacted positively to Musk’s comments, and Bitcoin rose almost 8%.
What happened to the crypto market crashing today? Well, the Bitcoin dominance index rose slightly to 47.5%. The index, which measures the market value of Bitcoin in relation to the entire cryptocurrency market, has recovered noticeably after the collapse on May 19. However, altcoins are showing much weaker performance in the current phase of correction.
What Happened to the Crypto Market Today: Ethereum
What happened to the crypto market today? Along with the Bitcoin rally, altcoins have recovered significantly after several weeks of low performance. Ethereum (ETH), the second-largest cryptocurrency by market cap, has gained 22.5% over the past week and hit $2,291 on Monday morning.
What happened to the crypto market today? ETH bulls are trying to gain control by pushing prices above all key moving averages and the $2,000 support line. The ETH recovery comes after a sharp drop on July 20, when prices fell 7% to $1,700. Since then, ETH has shown remarkable growth, gaining nearly 38%.
What Happened to Crypto Currency Today: Altcoins
Axie Infinity Token (AXS) is another major player in the market. This is a blockchain-based game with elements of trading and battles. Game participants can collect, breed, raise, fight, and trade token-based creatures known as Axies.
What happened to crypto currency today? Last week, AXS posted a huge 116% increase thanks to strong demand for Axie tokens. Axie Infinity has quickly become one of the most promising projects on the Ethereum blockchain. Axie Infinity’s profitability has grown more than 17,000% since April 1, amid a sharp increase in user base in the second quarter. Thus, it’s not a surprise that AXS has been one of the fastest-growing cryptocurrencies in recent weeks.
As a result, AXS contract trading activity has reached new heights. Trading volume for AXS contracts increased from $17 billion to $27 billion.
What happened to crypto currency today? What other interesting facts do you know? Feel free to share your knowledge in the comments!