The overall cryptocurrency market cap dropped to $156 trillion after the slight losses since yesterday. Meanwhile, the market volume surged to $74.9 billion.
Top digital assets extend their downward trends today, Wednesday, as investors book their profits. The top cryptocurrencies traded in red early today. Dogecoin was the main loser as Cardano was the only coin in the top ten to see gains.
Meanwhile, the recent sessions had the overall crypto cap dropping to $156 trillion after yesterday’s negativity. On the other part, the total market volume surged marginally towards $74.9 billion.
Market players have had their comments about the current crypto conditions. Pantera Capital CEO believes that ETH’s potential uses, environmental friendliness, and technical updates are enough for Ether to outperform BTC.
Mudrex executive Edu Patel said that the market had a choppy session again over the last 24 hours. That is because of the extended profit booking in Ether and Bitcoin. With that, most altcoins saw similar losses.
Bitcoin traders remain alert as the leading coin incurred plunges again, hovering beneath the $38,000 level. That added negative sentiments that resulted in multiple novel short positions, dragging the overall crypto market lower.
Edu Patel believes that the market will see volatility extensions in the sessions to come.
Stats from CoinShares show that crypto investment funds and products registered outflows for four straight weeks. Most of the losses came from BTC products that posted losses during the same period.
Through the week that ended on 30 July, cryptocurrency outflows stood at $19.5 million. At the same time, BTC’s reached $19.7 million. However, other assets such as Polkadot and Ripple posted minor inflows during that week.
Tech View
Uniswap is among the altcoins that registered impressive rallies during the market positivity the previous two weeks. For now, the protocol has raised around $1 billion in fees. That way, it is the uppermost generating decentralized finance protocol ever.
Regardless of losing about 70% of its total value since the May market crash, UNI is among the largest decentralized finance liquidity pools you can find in the market.
