Ethereum (CRYPTO: ETH) and Binance Coin (CRYPTO: BNB) were among the gainers on Tuesday night as the global crypto market capitalization rose 1.63% to $1.44 trillion.
What Happened: ETH, the second-largest cryptocurrency by market cap, traded 2.68% higher at $2,306.02 over 24 hours. The cryptocurrency was up 5.5% on a seven-day trailing period.
Bitcoin (CRYPTO: BTC), the apex cryptocurrency, traded in the red on the other hand at press time. BTC was down 0.36% at $34,036.54 over 24 hours and declined 5.49% for the week.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) traded 0.65% lower at $0.23. DOGE has declined 11.16% over the last seven days.
See Also: How To Buy Dogecoin (DOGE)
The top gainer on Tuesday night was KuCoin Token (CRYPTO: KCS) as per CoinMarketCap data. KCS traded 36.29% higher at $12.97 over 24 hours at press time. The cryptocurrency soared 75.61% over seven days.
Other notable gainers included THORChain (CRYPTO: RUNE), PancakeSwap (CRYPTO: CAKE), and Stacks (CRYPTO: STX).
Over 24 hours, RUNE traded 14.88% higher at $7.10, CAKE was up 8.69% to $15.42 and STX edged up 8.32% to $0.9.
Why It Matters: Despite the prediction of the unwinding of monetary stimulus by central banks and rising treasury yields, risky assets continue to be supported by accommodative monetary policies.
“Retail investors are increasingly confident in the potential of crypto assets, despite this quarter’s market correction,” as per eToro, an investment platform, reported CoinDesk.
Arcane Research’s weekly report indicates that the seven-day average of BTC daily price volume touched its lowest level since December, a fact that could be partly explained by the Fourth of July weekend.
“The appetite for trading bitcoin is certainly not very high in this range-bound environment,” wrote Arcane Research, as per CoinDesk.
Katie Stockton, managing director of Fairlead Strategies, reportedly expects immediate-term oversold conditions to “give way to a relief rally and would expect buyers to step in above the 50-day moving average around $36,000.”
A profitable turnaround is already in progress for miners as BTC’s great shift from China takes place.