Market Overview & Trending Coin of The Day | 27th of July 2022
Tech companies released their earnings today and as a result, we saw volatility in the cryptocurrency market. The crypto market had many ups and downs in the last twenty-four hours. In this article, we will look into some of those things and see how they are changed in the last twenty-four hours. Along with that, we will also look into one of the coins from the CoinMarketCap trending coin list and go through some basics to see what the project is and how things are going for it.
Overview Of Crypto Market
As discussed in the previous release of "Market Overview", tech companies released their earnings, and the crypto market reacted to it. In reaction to that earnings report, Bitcoin went down to $20.7k and tested & bounced back from the 30 MA line. At the time of writing this article, Bitcoin is trading at $21,453, 2.34% up in the last twenty-four hours. Most of the altcoins followed the path of Bitcoin and surged in the last twenty-four hours.
As you can see in the picture below, the dominance of Bitcoin is standing at 40.26% and had been volatile for the last 24 hours. Since there is not much change in the dominance of Bitcoin for almost three days we can interpret that there is no more distribution of dominance among Bitcoin and altcoins, and Bitcoin dominance has found its base at 40%. Now come to the stats on the right side of Bitcoin dominance, the Fear and Greed Index of Bitcoin. Currently, it is standing at 28, which means traders and investors are scared to make investments. A week ago the number was standing at 34, which means the decline has started from almost a week, which can be alarming.
In the rightmost part of the picture above, we can see the comparison between the long and short positions across multiple crypto exchanges like Binance, FTX, and Bitfinex. Currently, there are 58.72% long positions combined across all exchanges while there are only 41.28% short positions. This shows that leveraged traders are still taking the risks and showcasing the bull strength. Other data related to the crypto market is as follows:
Market Cap: $1.02 Trillion (+2.71%)
24h Volume: $1.56 Trillion (-0.63%)
Trending Coin Of The Day
In this section, we got through the coin that is at the top of the trending coins list on CoinMarketCap. We look into its basics and dig enough into them to get an overall understanding of the project.
Ethereum is today's coin of the day. I am sure every one of you heard about Ethereum and many of you have Ethereum in your portfolio. Ethereum is an open-source and decentralized blockchain that was founded in 2015. Actually, the idea was proposed in 2013 but the actual project was launched in 2015. Ether (ETH) is the native coin of the Ethereum ecosystem that can be utilized for many purposes. At the time of the Initial Coin Offering (ICO), ETH was priced at $0.311, and looking at the current price of Ethereum we can say that it is one of the most successful projects in the crypto space.
The introduction of 'smart contracts' was one of the best things that happened in the crypto space and it was brought by Ethereum. Developers can run their smart contracts on the blockchain and can issue their own tokens for their dApp ecosystem. Because of this new invention, cryptocurrencies became programmable and it introduced fascinating things like DeFi, NFTs, and many others that we see today in the crypto space.
At the time of writing this article, Ethereum is trading at $1,474, 6% up in the last twenty-four hours. This growth is sure because of the momentum got from the crypto market but the update regarding the long-awaited Ethereum 2.0 is also one of the major contributors. In this update, Ethereum will be shifting the PoW model to the PoS, and the entire crypto space is excited for that update which might happen in late September or in early October, there is no exact date announced yet.
Being the best and very first programmable altcoin in the crypto space, many developers get attracted to Ethereum and because of its decentralization and security, it is the most preferred blockchain in the developers' community. Following are the statistics showing the total commits per day on the go-Ethereum GitHub profile. We can see the activeness of developers. Developers are the ones who keep the blockchain secure and running. And by looking at the commitment of developers toward the Ethereum blockchain. And talking about the security of Ethereum, recently on the 29th of March 2022 Fairyproof audited Ethereum and released the audit report.
Official website: Home | ethereum.org
Audit report: Audit_report.pdf by fairyproof.com
ETH @ CMC: Ethereum price, market cap, chart | CoinMarketCap
As we can see that the crypto market has rebounded from the event tech companies releasing their earnings. But there are still a lot more coming so keep guards on. Keep your stop losses tight and keep taking profits timely.
And about Ethereum, it surely is one of the blue-chip coins in the crypto space. It is a must-have coin in everyone's portfolio for the sake of some kind of stability. But yes do your own research before investing in any type of cryptocurrency and invest what you can afford to lose!
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