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Digital Asset Insights 25.07.23

courtesy of trademakers

Here, we analyze the performance of leading cryptocurrencies from minor dips to modest gains. We dissect the key moments that shaped their journeys over the past week. But that’s not all; we’ll also provide you with comprehensive insights into their market movements and trends. Stay informed through this report.

Bitcoin (BTC)

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Bitcoin, the leading cryptocurrency, experienced a slight decline in its value on Monday, July 17, 2023. Despite positive movements in previous days, the digital currency closed with a minor decrease of 0.32%. The day’s trading range for Bitcoin was between 30,139.7 and 30,335.9 USD per coin, with the lowest point being 29,693.3 USD. The total trading volume stood at 42.84K Bitcoin units.

 

On Tuesday, July 18, 2023, Bitcoin encountered a considerable correction, experiencing a 0.91% decrease in its value. The cryptocurrency’s price opened at 29,866.8 USD and reached a high of 30,242.4 USD before sliding to a low of 29,624.6 USD. Trading activity remained robust, with a total volume of 42.40K Bitcoin units.

 

Despite the previous day’s correction, Bitcoin exhibited resilience on Wednesday, July 19, 2023, recording a modest gain of 0.14%. The cryptocurrency opened at 29,909.7 USD, with its price fluctuating between 29,789.3 USD and 30,185.5 USD throughout the day. The total trading volume reached 34.96K Bitcoin units.

 

Thursday, July 20, 2023, saw Bitcoin’s recovery come to a halt, with the cryptocurrency recording a 0.36% decrease in its value. Bitcoin’s price ranged from 29,801.0 USD to 30,408.0 USD during the day, with the lowest point being 29,621.4 USD. Trading activity remained significant, reaching a total volume of 50.33K Bitcoin units.

 

On Friday, July 21, 2023, Bitcoin experienced a day of mixed signals. The price of Bitcoin opened at 29,903.1 USD and fluctuated between 29,739.9 USD and 30,058.9 USD, ultimately settling with a modest gain of 0.34%. The total trading volume reached 32.59K Bitcoin units.

 

Bitcoin experienced a minor dip on Saturday, July 22, 2023, with its value declining by 0.38%. The cryptocurrency’s price opened at 29,788.9 USD, with the highest point being 29,988.0 USD and the lowest point reaching 29,657.3 USD. Trading activity remained moderate, with a total volume of 18.47K Bitcoin units.

 

The weekend trading saw some profit-taking activity, as investors evaluated their positions amid the recent fluctuations. Bitcoin’s ability to hold above certain key support levels remained a focal point for market participants.

 

The week ended on a positive note for Bitcoin on Sunday, July 23, 2023, as the cryptocurrency recorded a marginal increase in price. Bitcoin’s value rose by 1.00%, opening at 30,085.9 USD and closing at 30,337.0 USD. The day’s trading range was between 29,788.9 USD and 29,735.7 USD. The total trading volume amounted to 23.32K Bitcoin units.

Ethereum (ETH)

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As of July 23, 2023, Ethereum (ETH) was valued at $1,888.85, a slight increase of 1.21% compared to the previous day’s closing price. The week began on July 17, 2023, with Ethereum trading at $1,911.24. On July 18, it experienced a dip of 0.71%, and on July 19, it dropped by 0.47%.

 

As the week progressed, Ethereum’s price showed some signs of recovery. On July 20, the cryptocurrency managed to record a modest gain of 0.14%. Market analysts believe that this was likely due to renewed interest from institutional investors and the growing adoption of blockchain technology across various industries.

 

July 21 saw minimal changes in Ethereum’s value, with the coin showing a marginal increase of 0.03% and trading at $1,891.75. However, on July 22, the cryptocurrency experienced another sharp drop, losing 1.35% in value and closing at $1,866.25.

 

Despite the volatile week, Ethereum managed to regain some ground on July 23, 2023. The coin’s value climbed to $1,888.85, reflecting a positive change of 1.21% over the previous day. This rebound brought a sense of relief to many investors, but uncertainties about the future trajectory of the cryptocurrency market remained prevalent.

 

Throughout the week, Ethereum’s trading volume remained relatively high, indicating significant interest from investors and traders. The total trading volume on July 23 reached 164.31K Ethereum units, reflecting the active participation of market participants amid the volatile price movements.

Ripple (XRP)

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On July 17, 2023, Ripple witnessed a day of fluctuating trends, with Ripple (XRP) experiencing a minor setback. The coin’s value slipped by 1.28% as it traded between $0.73749 and $0.76444 during the day. The trading volume reached 839.35 million, signifying a relatively active trading session.

 

The following day, July 18, XRP displayed an upward trend, opening at $0.77895, reaching a high of $0.78193, and closing at $0.73288. The coin experienced a gain of 5.62% with a trading volume of 801.79 million.

 

Ripple saw a significant increase in value at mid week, opening at $0.81982, reaching a high of $0.84894, and closing at $0.77167. The coin recorded a gain of 5.25%, with a substantial trading volume of 1.26 billion. On Thursday, July 20, XRP opened at $0.79400, reached a high of $0.84823, and closed at $0.77257.

 

On July 23, Ripple opened at $0.73844, reached a high of $0.75127, and closed at $0.73293, indicating a slight gain of 0.75%. The trading volume stood at 456.90 million.

 

Going into the weekend, the coin encountered a more substantial price swing, starting at $0.73291, reaching a high of $0.77970, and closing at $0.72361. The trading volume was 492.50 million, but XRP faced a decline of 4.98%. The coin closed the week between $0.77131 and $0. 79850.

Cardano (ADA)

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Cardano (ADA), one of the leading cryptocurrencies in the market, has displayed remarkable resilience in the face of recent market volatility. Over the past week, ADA’s price has experienced fluctuations, but it managed to maintain its position with a small gain on July 23rd.

 

On July 17th, 2023, ADA opened the trading day at $0.3118 and faced some downward pressure as the day progressed. The cryptocurrency reached a low of $0.3059, with a trading volume of approximately 148.98 million ADA tokens, representing a decline of 0.86% for the day.

 

Following July 17th, ADA’s price movement remained rather volatile, with both gains and losses. On July 18th, the cryptocurrency saw a slight dip, closing at $0.3093, recording a decrease of 0.80%. However, on July 19th, ADA witnessed a significant surge in demand, climbing to $0.3226, registering a notable 4.32% increase in price.

 

Despite the upward momentum on July 19th, Cardano’s price wasn’t able to sustain its rally. On July 20th, ADA’s value dropped to $0.3158, marking a decrease of 2.12% for the day. The bearish trend continued on July 21st and July 22nd, with the cryptocurrency closing at $0.3127 and $0.3100, respectively, experiencing minor declines of 0.97% and 0.87%.

Solana (SOL)

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Solana price opened at 26.804 USD and reached a high of 28.455 USD before sliding to a low of 25.794 USD, marking a decline of 2.25%. The total trading volume was relatively high, reaching 10.59 million Solana tokens.

 

On Tuesday, July 18, 2023, Solana’s downward trend persisted as the cryptocurrency registered a significant drop of 4.66%. The price opened at 25.554 USD and fluctuated between 24.793 USD and 27.062 USD throughout the day. The total trading volume rose to 8.12 million Solana tokens.

 

Despite the previous day’s losses, Solana displayed resilience on Wednesday, July 19, 2023, recording a 3% gain. The cryptocurrency’s price opened at 26.320 USD and reached a high of 26.980 USD. The lowest point for the day was 25.378 USD. The total trading volume saw a notable increase, reaching 6.48 million Solana tokens.

 

The rebound came as some investors saw the dip as an opportunity to buy at a discounted price. Positive news and developments within the Solana ecosystem might have also contributed to the uptick in investor confidence.

 

On Thursday, July 20, Solana recorded a 3.60% decrease in its value. The cryptocurrency’s price ranged from 25.371 USD to 27.358 USD during the day, with the lowest point touching 25.096 USD. The total trading volume surged to 6.37 million Solana tokens.

 

Solana showed signs of recovery on Friday, July 21, as the cryptocurrency recorded a 0.48% increase in its value. The price of Solana opened at 25.492 USD and fluctuated between 25.098 USD and 25.994 USD. The total trading volume reached 4.23 million Solana tokens.

 

On Saturday, July 22, 2023, Solana faced another downward slide, recording a loss of 3.81%. The cryptocurrency’s price opened at 24.520 USD and reached a high of 25.960 USD before falling to 24.260 USD. The total trading volume amounted to 2.99 million Solana tokens.

 

The week concluded with a slight gain for Solana on Sunday, July 23, 2023. The cryptocurrency’s value increased by 0.98%, with the price ranging from 24.522 USD to 25.248 USD. The lowest point recorded was 24.233 USD. The total trading volume stood at 3.14 million Solana tokens.

Tether (USDT)

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In a week filled with ups and downs for the cryptocurrency market, Tether (USDT), the world’s largest stablecoin, has managed to maintain its stability. As of July 24, 2023, Tether is trading at 1.0001 against the US dollar, recording a marginal decrease of 0.03% compared to the previous day’s closing price.

 

Tether’s recent performance has been marked by slight fluctuations within a narrow trading range. Over the past seven days, the coin’s price has oscillated between 1.0000 and 1.0014, with the highest trading volume seen on July 21, 2023, amounting to 69.93 million USDT. Despite the relatively subdued price movements, Tether has continued to attract considerable trading interest, with daily volumes consistently exceeding tens of millions of dollars.

 

On July 17, 2023, the coin opened at 1.0001 and closed at 1.0001, displaying a negligible change of -0.01% throughout the day. Such a minor fluctuation underscores Tether’s reputation as a stablecoin, designed to maintain a one-to-one peg with the US dollar to minimize price volatility. This feature makes it a favored choice for traders and investors seeking to hedge against the inherent volatility in the cryptocurrency market.

The post Digital Asset Insights 25.07.23 first appeared on trademakers.

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