Over the past 24 hours, the cryptocurrency market has crashed, led by Bitcoin (BTC), as fear, uncertainty, and doubt (FUD) reigned supreme, while most other cryptocurrencies showed weakness, although MultiversX (EGLD) and Monero (XMR) showed signs of strength.
To recap, Bitcoin fell from a four-month price range, dropping to a low of $53,540 on July 5. As Finnvold reported, this price movement put an end to Bitcoin's “longest winning streak in history,” which lasted 427 days without a drop of more than 25%.
Crypto traders liquidated losses of over $600 million in a massive long squeeze at the same time that BTC underwent, in the words of Charles Edwards, a “long-overdue correction.” Most projects saw double-digit losses in the first few days of July, and the overall sentiment turned bearish.
Amidst the cryptocurrency crash, MultiversX (EGLD) is today's biggest gainer
But not all cryptocurrencies are falling. MultiversX, a promising Solana competitor with a market cap of $880 million, was the biggest gainer on Friday, posting a 10% gain in 24 hours. At the time of writing, EGLD was trading at $31.95 per token, a sign of strength amid overall weakness.
Notably, MultiversX has a solid foundation to deliver one of the most scalable Web3 and decentralized finance (DeFi) networks with sharding: the project is the only one with a full implementation of sharding technology in state, network, and transactions.
Monero (XMR) is trading at a premium on the “street”
Meanwhile, Monero has accumulated daily losses of over 5% in the mainstream market where it is traded on centralized exchanges, but the privacy-focused cryptocurrency has shown strength in alternative and decentralized exchange markets, according to the Monero Street Price Index.
At the time of writing, XMR is trading at a premium of nearly 20% on the “street” market, compared to an exchange rate of 177 to the dollar. Trading View Index. As long as the premium remains, arbitrage opportunities will arise.
The Street Price Index is calculated using the latest exchange rates between Monero and other currencies on Haveno.
Finally, traders are expecting increased volatility in crypto assets over the coming days and should be especially careful with leveraged positions. Although these cryptocurrencies are currently showing signs of strength, everything can change in an instant, especially given the relatively illiquid market.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when making an investment.
