Although the market for crypto assets has given up, some digital assets have not been beaten down by it. This cryptocurrency is fighting harder than their bigger counterparts to stay afloat. Just two weeks in, most of the assets are in the red. The Mid Cap cryptocurrency has moved in the other direction.
Mid Cap Index Leads
Investments are not enjoying the July market. The charts are littered with red numbers. Bitcoin has been the currency with the highest support, but it is not the only one that has been affected by the current wave of attacks. There are however a number of other coins that have managed to stand out.
Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided| Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided
Mid Cap Index is a group of coins ranked between 11 and 50 on the marketplace. These coins have been around for a long time, and they have an admirable community. This has allowed them to weather bear markets better than most other cryptos. The Mid Cap Index has seen positive returns while other indexes have been experiencing negative returns. However, it is now up 1.9% over the first two weeks in July.
Source: Arcane Research| Source: Arcane Research
Comparatively, bitcoin has fallen -0.2% in the first seven months of July. Although the small cap index is doing better than bitcoin, it remains at -0.1%. Large Cap Index took the greatest hit. This group of top 10 tokens has suffered a total loss of -0.9%.
Crypto Market Leaders
The Mid Cap Index saw the greatest recovery in the bear market. However, crypto market leaders remain dominant. Bitcoin’s dominance over the market remains high and stablecoins have not been letting go of any of their market share either.
BTC dominance in the ascendance | Source: Market Cap BTC Dominance on TradingView.com
The decline in bitcoin’s price did not in any way impact its dominance. Bitcoin had actually added 0.43% more to its market dominance. This was mainly because it snatched the dominance from other large caps like Ethereum and BNB. As of the writing, bitcoin’s market dominance was 43.78%.
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Stablecoins also maintain a strong grip on market dominance. Stablecoins are a safety haven for those investors looking to avoid extreme volatility in the crypto market, but not move their entire capital out. USDT, USDC and BUSD added to their market dominance over the past week, with 0.16% and 0.06% respectively.
It is difficult to predict which index will be the winner this week as week winds down. It is clear that the weekend will bring more losses than wins.
Featured Image from Inc. Magazine. Charts from Arcane Research and TradingView.com.
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