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DeXe Plunges 90% Daily, Bitcoin (BTC) Fights for $66K: Market Watch

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Bitcoin’s price ascent that began a couple of days ago brought the asset to a monthly peak at $67,000, where it was stopped and pushed south by about a grand.

Most larger-cap alts have retreated after yesterday’s gains as well, while RAIN has jumped by over 6% to almost $0.015.

BTC Slips to $66K

The primary cryptocurrency rallied last week on Tuesday and Wednesday after the softer-than-expected inflation data in the US for June. It jumped from under $62,000 to $65,600 within a day or so, before it was halted and dipped to $62,500 on Friday.

The bulls stepped up at this point and didn’t allow another leg down. Instead, bitcoin recovered some ground and spent Saturday at around $64,000 before it jumped slightly to $65,000 on Sunday. It dropped once again on Monday to $63,750, but bounced off immediately to $65,600 later that day.

The buying pressure intensified in the following hours, and BTC rocketed to $67,000 (on Binance) for the first time in just over a month. This meant that it had gained over $9,000 since the July 1 multi-year low, and here are some of the potential reasons behind this.

Its rise was stopped at this level, and it has retreated to just under $66,000 as of now. Its market capitalization has calmed at $1.320 trillion, while its dominance over the alts remains well above 57% on CG.

BTCUSD July 22. Source: TradingView
BTCUSD July 22. Source: TradingView

DeXe Plummets

DEXE’s native token is by far the poorest performer in the past 24 hours. The asset has slumped by almost 90% to $4.50. It’s inches away from falling out of the top 100 alts by market cap, as its own is down to $432 million.

HYPE, NEAR, and ZEC have lost the most value from the larger-cap alts, with declines of up to 7%. ETH, SOL, BNB, DOGE, and XLM are also in the red, albeit in a more modest manner. In contrast, RAIN is up by 6% to $0.015, while ONDO has reclaimed the $0.40 level.

The total crypto market cap has retreated by around $40 billion from yesterday’s local peak and is down to $2.3 trillion on CG.

Cryptocurrency Market Overview July 22. Source: QuantifyCrypto
Cryptocurrency Market Overview July 22. Source: QuantifyCrypto

 

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