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Mooners & Shakers: Bitcoin’s Independence Day quest

On Independence Day, Bitcoin has been chasing $20K. Picture: Getty Images

While Bitcoin and the crypto market would love to declare independence from the price action of stonks longer term, correlation is still very much in place according to Deutsche Bank.

To start the week, though, and perhaps luckily for Bitcoin and pals, the stock markets are closed on the Fourth of July US national holiday.

Meanwhile, the crypto market has some wondering if a relief rally is on the cards, even if bearish voices continue to control the general sentiment.

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Top 10 overview

With the overall crypto market cap at roughly US$931 billion, up 3.4% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Source: CoinGecko
Source: CoinGecko

Bitcoin (BTC) stood on tiptoes earlier and took a swipe at US$20k for the first time in five days. (Editor’s note: at 11am AEST, it had made over $20,400)

A lack of trading over the US long weekend kept volatility in the crypto market low, although July 4 seems to have lit some smallish fireworks under some assets, at least.

The near 4% BTC rise today may well have formed on the back of support found around the US$19,200 level, according to on-chain analytics gurus Whalemap – an area it’s posted about before …

“Flipping $19.5k is a trigger for Bitcoin,” said Michaël van de Poppe earlier, suggesting a relief rally of sorts could perhaps be on the cards …

The words of another trader we regularly tune into remind us to remain cautious, however …

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.88 billion to about US$375 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

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DAILY PUMPERS

• Arweave (AR), (market cap: US$591 million) +15%

• The Sandbox (SAND), (mc: US$1.48 billion) +14%

• THORChain (RUNE), (mc: US$620 million) +13%

• BitTorrent (BTT), (mc: US$798 million) +9%

• DeFiChain (DFI), (mc: US$495 million) +8%

Decentralised storage network Arweave (AR) might be performing well today on the back of some positive development/building activity …

… while metaverse/GameFi project The Sandbox (SAND) is extending its recent strong form – it’s up nearly 38% over the past fortnight.

And then there’s THORChain, a DeFi protocol that lets users trade Bitcoin for any other supported asset on its platform without the use of bridging protocols or “wrapped” tokens.

Crypto bridges rely on smart contracts to exchange tokens from different blockchains between users and have suffered some pretty major security breaches in recent times, to say the least.

THORChain now has its mainnet up and running supporting swaps between seven different blockchain ecosystems, so this may have something to do with the RUNE token’s recent uptick (+17% over the past 14 days).

DAILY SLUMPERS

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• NEM (XEM), (market cap: US$375 million) -6%

• Evmos (EVMOS), (mc: US$374 million) -5%

• Theta Fuel (TFUEL), (mc: US$567 million) -3%

Amp (AMP), (mc: US$447 million) -2%

• Tenset (10SET), (mc: US$732 million) -1%

Around the blocks

To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse.

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

This content first appeared on stockhead.com.au

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