Market in Resurgence
A Market Rebound
At the end of July, the cryptocurrency market witnessed a clear shift in capital rotation: major blockchain projects slowed down, while mid-to-small cap altcoins surged, driven by speculation, robust DeFi activities, and bullish narratives. Despite Bitcoin recently reclaiming the $118,000 mark, it faced a downturn, settling at $114,200 as of the latest updates after filling its CME gap. This fluctuation, however, highlighted potential breakout altcoins in the market.
PUMP.FUN: Has PUMP Found Its Bottom?
Market Capitalization: Less than $600M with a volume of approximately $580M
7-day Change: +22.7%
Price Update: On July 31, Pump.fun (PUMP) made a notable move, leading the list of gainers with an impressive surge of nearly 22.7%, trading around $0.003095. However, this upward trend faced a slight correction, dipping back to $0.0025 as Bitcoin filled its gap.
ETHENA: DeFi Derivatives Gaining Popularity
Market Capitalization: Approximately $900M to $1B
7-day Change: +12.8%
Price Update: Ethena (ENA) capitalized on growing interest from DeFi traders seeking yields, seeing a surge of around 12.8%. It currently trades at $0.57, attracting investors due to its innovative structure that connects ETH and USD movements through DeFi primitives.
STORY PROTOCOL: The Power of New Cryptocurrency Narratives
Market Capitalization: Mid-cap level with a 24h volume of approximately $72M
7-day Change: +8.9%
Price Update: Illuminated by narrative excitement and speculative interest, Story Protocol (IP) secured a spot among the top gainers with a rise of approximately 8.9% and is now trading at around $5.98. This underscores the potent influence of storytelling within the crypto space, as narratives continue to drive investor engagement.
The Biggest Losers of the Week
CONFLUX: Competitor Pressure and Profit-Taking
Market Capitalization: Approximately $450 to $500M (daily volume ~$457M)
7-day Change: -6.7%
Price Update: Conflux (CFX) experienced a downturn, with a drop of nearly 6.7% in 24 hours, currently trading at $0.2126. This decline follows a week of gains, indicating potential profit-taking and sentiment shifts among investors.
SONIC: Micro-cap Volatility
Market Capitalization: $188M based on a volume of approximately $188M
7-day Change: +8.34% intraday, but weaker over the week
Price Update: Sonic (S), currently around $0.3014, recorded significant intraday gains of approximately 8.3%. However, the overall weakness over the week signals volatility without consistent upward momentum.
CURVE DAO: Stagnation of DeFi Blue Chips
Market Capitalization: Over $1B (daily volume ~$482M)
7-day Change: +4.5% intraday, but moderate decline over the week
Price Update: Curve DAO (CRV), currently priced at $0.92, recorded losses today of approximately -1.72%, with its weekly performance trailing behind other trending cryptocurrencies, reflecting stagnation among DeFi blue chips.
In summary, the end of July has seen a distinct rotation of capital towards small and mid-cap altcoins, as investors exhibit a risk appetite, drawn by speculative opportunities in the fast-paced crypto environment. While Bitcoin’s position remains relatively stable, the enthusiasm around these smaller assets suggests a trend likely to persist into August, capturing the attention of those looking to leverage the most volatile and promising altcoins.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
