18 Jul 2022 Josphat Kariuki
Crypto Projects Rise After A Week Of Consolidation
The rollercoaster ride for crypto projects continues to push the sector in unknown directions, the latest being up. Most of the crypto projects are up both on the day and weekly.
Bitcoin, for example, managed to break above $22,000 for the first time since June 8 and tested the upper bound of the tight range where it’s been trading for the past month. The 7% increase in Bitcoin's price also marked a monthly high of $22,430.62 before declining to a current level of $22,430.62 per BTC.
Bitcoin leads, but other projects explode
Despite Bitcoin shifting the layers in the crypto sector, several other projects have witnessed massive price increases. Ethereum, the second-largest crypto to date, is up 45% in July, while Polygon more than doubling from the June downfall.
Indeed, Ethereum managed to spike from just above $1,000 to a monthly high of $1,486.09 per ETH. The move puts Ethereum in a position to target and overcome the $1,500 resistance area.
Source: CryptoBrowser
The primary reason, according to several experts, is that the price action is fueled by the recent 9th shadow fork going live. Furthermore, after dropping to sub-$1,000 levels on July 13, Ethereum is now at the foothills of $1,500.
MATIC, AVAX, ETC also spike in prices
The upward price rally pushed the entire sector up, but several projects stand out from the rest, with Polygon (MATIC) soaring 18% daily to $0.92, which also marks a 65% weekly price increase. On-chain data for the 12th largest crypto by market cap is suggesting that MATIC is going to see yet another push in the green, as both trading volumes and market capitalization are soaring. The trading volumes metric, considered to be among the most vital future price performance indicator, is up by a whopping 70% in the past 24 hours, reaching over $1.5 billion.
MATIC’s price increase hasn’t been an isolated move, since the Ethereum Layer-2 scalability solution already did several such spikes, despite the market stagnation over the past month. For instance, Matic spiked in contrast with the broad crypto sector between June 22 and June 24 before plummeting to a low of $0.43 at the end of June. Since then, it has been almost entirely an uphill race for Polygon, with the latest significant price increase happening between July 13 and July 15.
Among the July 18 top performers are also Avalanche (AVAX), and Ethereum Classic (ETC), recording 12% and 20% daily price increases, respectively, while the weekly price increase for ETC is over 50%.
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