Crypto market wrap: Altcoin prices suffer a flat tire – Capital.com

Crypto market wrap: Altcoin prices suffer a flat tire – Capital.com

Blockchain Crypto Market Technology
July 17, 2022 by Coinvasity
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Scan to Download ios&Android APPCEL to USDNotable exceptionsKSM to USDKusama risesNEXO to USD‘Muddy bottom’Rabbit hole could get crowded By Monte Stewart 22:11, 15 July 2022 Updated Have a confidential tip for our reporters?Get In TouchAltcoin prices suffered a flat tire on Friday.In other words, the values of most of the top 100 cryptocurrencies essentially stayed
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CEL to USD
Notable exceptions
KSM to USD
Kusama rises
NEXO to USD
‘Muddy bottom’
Rabbit hole could get crowded
By Monte Stewart


Updated

Have a confidential tip for our reporters?

Altcoin prices suffered a flat tire on Friday.
In other words, the values of most of the top 100 cryptocurrencies essentially stayed the same – just one day after they had inflated like a race car wheel.
Most top-100 coins were up or down less than 1% as conventional markets closed in North America. (All figures based on CoinMarketCap data.) But there were a few notable exceptions, both positively and negatively.
The troubled Celsius Network’s coin (CEL) jumped 11%  – after plunging 18% on Thursday. Celsius filed for Chapter 11 bankruptcy in the US on Wednesday after previously freezing its 1.7 million customers deposits, transfers and trades.
But CEL is still trading on other cryptocurrency exchanges and platforms.
Kusama (KSM) rose 9% and convex (CVX) increased 6% after posting a XX% gain on Thursday.
Meanwhile, 1INCH and Monero (XMR) were also up about 6%, and cosmos (ATOM) rose about 5%.
On the other hand, NEXO was down about 6% after recovering from a 10% decline less than an hour earlier. Synthetix (SNX) fell about 6% after posting a double-digit gain on Thursday.
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Despite the generally flat Friday, Bitcoin (BTC) gained some more traction as it rose about 3% and surpassed $21,000 – a benchmark price as observers seek a strong signal of upward or downward activity. The gain followed a 5% boost on Thursday.
According to Trivio Group head of labs Angus Scott and analyst Thomas Hall, bitcoin has reached a “muddy bottom.” Despite a massive sell-off that has occurred since December, investors are now becoming more appreciative of its value and less inclined to sell due to a lack of better alternatives.
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“Should bitcoin hold the line as recession drives asset prices through the floor, the store of value narrative comes screaming to centre stage,” Scott and Hall wrote in an article published Friday on LinkedIn. “No longer a product that needs to be understood before it becomes appealing, bitcoin becomes the apparent store of value whether you understand why that’s the case or not.
“Of course, appearances aren’t everything, and this in itself is hardly enough to validate bitcoin’s value proposition, but it is enough to lure more people down the bitcoin rabbit hole.
Ethereum (ETH) climbed 6% after jumping 10% the previous day.
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