Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.
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.
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.
Bitcoin (BTC) stood on tiptoes earlier and took a swipe at US$20k for the first time in five days. 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…
— whalemap (@whale_map) July 4, 2022
“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…
— Michaël van de Poppe (@CryptoMichNL) July 4, 2022
The words of another trader we regularly tune into remind us to remain cautious, however…
No signs of reversal. Still expecting a breakdown.
Both PA and MACD look like a breakdown is coming. IF we get an upward move it should be faded.
— Roman (@Roman_Trading) July 3, 2022
No matter what the price action is in the short to medium term … whenever the #Bitcoin chart looks like this (-75%+ with continuous downside on the weekly chart) historically it is indeed a great area of accumulation.
Happy 4th of July
— Kevin Svenson (@KevinSvenson_) July 4, 2022
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.
• 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.
— The Sandbox (@TheSandboxGame) July 4, 2022
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).
Thorchain mainnet has launched, so the retiring of non-native RUNE has begun.
If you own non-native RUNE (ERC20 or BNB versions) you need to upgrade to native RUNE very soon. Links to instructions in this post. https://t.co/vTafxq15sd
— Erik Voorhees (@ErikVoorhees) July 4, 2022
• NEM (XEM), (market cap: US$375 million) -6%
Around the blocks
To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse.
Gold fixes thi-
Wait no.#Bitcoin fixes this
— Benjamin Cowen (@intocryptoverse) July 4, 2022
My on-chain indicator (purple) flipped from bearish to bullish in June. Not saying this is it, and it would be nice if RSI would confirm, but I watch it like a hawk. Be ready. pic.twitter.com/O57BdN7J1y
— PlanB (@100trillionUSD) July 4, 2022
As you celebrate the 4th tomorrow, remember our President's inspiring words about this great nation. pic.twitter.com/EcNoXNuY8l
— Bill D'Agostino (@Banned_Bill) July 3, 2022
#Bitcoin is a Declaration of Independence.
— Michael Saylor (@saylor) July 4, 2022