While media attention has largely shifted to stories concerning record setting stock markets and volatile ‘meme stocks’ (a term now as meaningless as ‘hipster’ and ‘Karen’), the Crypto market has settled into its own subdued rhythm.
A far less interesting rhythm in the Crypto market
The Crypto market is still thriving, but without the media attention that it enjoyed a couple of months ago. Admittedly, the price of many top digital assets practically halved in value from their peaks a couple of months ago. Although taken in the grand scheme of things, their respective present values are basically unchanged from where they were before Elon Musk lent his influence to Bitcoin and Dogecoin and kicked off the crypto bull run.
As of July 2021, the top crypto assets have achieved a more ‘natural’ price, as evidenced by relative stability in their respective prices.
Trading the Crypto market becomes less exciting
Stability entered the Crypto market about a month ago. Consequently, opportunities when trading digital assets has contracted slightly. Take, for example the past seven days, Bitcoin has moved less than 4.4% in price, while Litecoin has moved 5.2%.
With this being so, the crypto space is vast, and many projects can still experience the volatility that traders are interested in taking advantage of.
Let’s explore some of the more volatile crypto assets of the past week. Coincidently, at the time of writing, more examples cropped up. Perhaps this is a sign of an uptick in volatility.
Dogecoin, down but not out
Dogecoin is still in a precarious position. The fanfare it generated earlier in the year hasn’t exactly dissipated, but its aura of excitement has definitely dimmed. Still, Dogecoins trade at US$0.20 per coin at the time of writing, which is at a price in an order of magnitude larger than where it was when, seven months ago, the calendar ticked over into 2021.
In the past seven days, Dogecoin has moved -15% in price.
Ethereum, potentially straying further from $2,000
I hadn’t originally intended for this Ethereum to be included in this article, as it was moving sub-10% in the week. However, volatility has picked up recently. In the past seven days, Ethereum has moved -16.5%. Ethereum is currently trading at ~US$1,950.
Other notable movers in Crypto market in the past 7 days:
Internet Computer, down by 15.1%
Shiba Inu, down by 18.4%
Compound, down by 19.8%
