Market Overview & Top Trending Coins of The Day | 20th July 2022
In this series of articles, we will be looking into the top trending coins of the day on CoinMarketCap, one of the most popular cryptocurrency screeners along with multiple services. Here we will see what those projects are and go through them to see what made them get on the top trending list of the coins. Before going into the trending coins let's have a quick look at the crypto market and how things are working there:
As you can see in the picture above Bitcoin dominance has surged from 40% to 41.16% in 24 hours, that alone shows the significant strengthening in Bitcoin and less domination for the altcoins. And talking about the Fear and Greed Index, it has shown that the fear is getting over as in the last twenty-four hours it has grown from 30 to 31, not much of a change but there is something positive. But if you look at the larger period of time then a month ago it was at 9, and a week ago it was at 15 so looking at those numbers 31 seems a pretty good number. And lastly, the Long and Short positions on Bitcoin over Binance, currently it seems like the order book is filled with bears as the total positioning is 48.13% are longs and 51.87% bears, good thing is most probably the funding rates are in bulls favor.
Now we had an overview of the crypto market let's get into the top trending coins on the CoinMarketCap.
Well it is hard for solid coins like Bitcoin to make into the list of coins but market situations like this are eye-openers for the investors to get away from hype and actually search and look for somewhat stable and solid projects. And as being the first ever crypto coin that started the revolution Bitcoin is undoubtedly the best choice of coin to acquire right considering risk and reward ration. It is not sure how things will work out in the upcoming days for the crypto market but it is sure that Bitcoin is going to stay there for a long time.
At the time of writing this article, the price Bitcoin is standing at $23,910 a7% gain in the last twenty-four hours. And as we all know it is ranked at the #1 coin in the crypto market whether it bee on CoinMarketCap, CoinGecko or any other crypto screener. It is good to see a coin like Bitcoin on the trending list of COinMarketCap. Since we all know Bitcoin is the guide for the entire crypto space, we can hope that things will be better in the future for BItcoin and so for the crypto space.
2) Cult DAO
Cult DAO is a DAO-based project. DAO is a Decentralized Autonomous Organization where the decisions are taken based on the community votes. Cult DAO terms itself as a community of people who wants to build better and decentralized future. And they also claim that they fight against centralization and contributing to those who are supporting and contributing to th cause.
CULT is the ticker of the native token of Cult DAO which can be staked to receive dCULT which can be used for voting purposes in the community. At the time of writing this article, the price of CULT is $0.00001779 which is 5.61% up in the last twenty-four hours. It is ranked at #304 on CMC and #325 on CoinGecko.
Cult DAO states this on their official page:
The purpose of CULT is to empower and fund those building and contributing towards our decentralized future. Our society is built to make it as difficult as possibke to break away from socialeconomic and other norms
Right now there are total of 16,628 unique addresses holding CULT tokens and the number has seen a nice growth of over four hundred unique addresses holding in the last week. These are the numbers for a project like Cult DAO since the market situation is not very good and if people are onboarding in these situations then it is a good sign for the project. But there is always a possibility of self-distribution of the coins so we cannot be sure if there are unique addresses are actually unique people who have joined the community.
If you look into the percentage of the addresses holding the token then we might get to the conclusion that a project claiming to fight for the decentralized future has centralization in itself because the top 10 holders of the coin hold around 79.41% of the tokens and if we go for top 100 holders then that percentage rises to 87.02% which doesn't seem anything close to the decentralization. I am not commenting anything on the number we can interpret that the project is not decentralized at this moment as a large amount of control is in the hand couple of people. What is your opinion after seeing these numbers?
Official Website: Home | Investing In The Revolution - CULT.DAO (cultdao.io)
Cult DAO @ CMC: Cult DAO price today, CULT to USD live, marketcap and chart | CoinMarketCap
So these are the coins at the top of CMCs lise of trending coins of the day. Anything discussed in this article is not any type of investment advice. You can enjoy and discover various crypto projects that are being in the trend so consider it as entertainment and exploration of crypto space.
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Hope you enjoyed reading this article, thanks for your time!