Tron leads a top-10 cryptocurrency decline

Tron leads a top-10 cryptocurrency decline

Bitcoin and Ether, along with the other top 10 non-stablecoin cryptocurrencies based on their market capitalization, all experienced a decline in their value on Monday afternoon in Hong Kong, according to industry experts who spoke to Forkast about the topic. 

The BNB token, on the other hand, stood out as an exception because it did not slip like the rest of the tokens. In general, it would appear that the cryptocurrency markets are expected to continue to be relatively stable and uninteresting during the following month.

As of 5:15 p.m. local time in Hong Kong, the value of one bitcoin remained relatively unchanged at around $29,363 U.S. dollars. This was the case during the afternoon trading session in Asia. It is interesting to note that since the previous Monday, the price of the cryptocurrency that is considered to be the most valuable in the world has remained consistently lower than $30,000.

Ether’s value dropped by 0.21% during the trading session that took place in the afternoon in Asia, bringing it to a total of $1,866 in US Dollars.

During a recent conversation with Forkast, Lachlan Feeney, who is the founder and CEO of the blockchain development company Labrys, mentioned that the current market is going through a phase of consolidation. 

As a result, he does not believe that there will be any significant or dramatic changes in the near future.

“I’m expecting maybe a little bit of a boring market overview. The boring markets price-wise are often the most exciting phase of the market development and technology-wise.”

Despite the fact that the price of Tron’s TRX token fell by 4.52% to reach US$0.07848 and that the price of Polygon’s Matic token fell by 1.41% to reach US$0.7021, the Tron network experienced a significant increase in the number of average daily transactions during the second quarter of 2023, which surpassed 9 million. 

According to a report by Coin98 Analytics that was published on July 19, this increase in daily volume contributed to a yearly growth of 91.24%. This information was presented in the report.

Over the course of the previous twenty-four hours, the overall cryptocurrency market saw a marginal increase of 0.08%, bringing the total market capitalization up to $1.19 trillion USD. According to the data provided by CoinMarketCap, the overall market volume experienced a significant increase of 53.92%, bringing it to a total of US$27.43 billion.

In the period of 24 hours ending at 4:30 p.m. local time in Hong Kong, the Forkast 500 NFT index experienced a drop in value of 0.86%, bringing the total number of points to 2,551.57. This represents a new all-time low for the index. 

The index went down by an even greater amount throughout the course of the week, falling by 4.46%. It reached a new all-time low of 2,550.09 points earlier today.

In the case of Bitcoin’s non-fungible token sales, they continued to fall, displaying a 19.53% drop to US$537,410 within the 24-hour period. This represents a decrease from the previous level. According to CryptoSlam, as a direct consequence of this, the Bitcoin network has fallen to the seventh largest blockchain in terms of the volume of NFTs sold in a single twenty-four hour period.

The Forkast 500 NFT index reached a new all-time low, continuing its downward trend over the course of a week and 24 hours. 

During this time, non-fungible token (NFT) sales for Bitcoin were also significantly lower, which resulted in the network falling further down the rankings for NFT sales volume among blockchains.

The price of Ethereum’s non-fungible tokens (NFTs) has reached a total of $11 million, marking a 13.03% decrease from the previous week’s level. It is interesting to note that despite this general decrease, sales for the Bored Ape Yacht Club, which is the largest NFT collection that is native to Ethereum, increased by 23.63% to reach over $1 million in total. 

CryptoPunks’ sales increased significantly by 45.60 percent, reaching US$139,600 in total.

Reddit has introduced its Gen 4 NFT avatar series, which is called Retro Reimagined. This series includes NFTs that were previously available only in collections such as Cool Cats PFP and Micah Johnson’s Aku NFTs.

According to Yehudah Petscher, the NFT Strategist at Forkast Labs, Reddit Avatars are quietly attracting millions of NFT holders and will continue to play a crucial role in introducing more people to the Web3 space. This is something that Petscher believes will continue to be the case.

However, certain collections, such as Bored Ape Yacht Club and CryptoPunks, showed increased sales despite Ethereum’s overall NFT sales having a downward trend. During this time, Reddit launched its Gen 4 NFT avatar series, which is anticipated to have a significant influence on the number of people who join the Web3 world.

Every Forkast Labs NFT index was negative for the day.

As inflation declines, Asian equities, the majority of U.S. stock futures, and Europe’s DAX 40 reach all-time highs.

As of 5:15 p.m. local time in Hong Kong, major Asian equities saw an increase in their values. This was largely due to a strong performance on Wall Street earlier in the day. Several important indices, including the Nikkei 225 of Japan, the Hang Seng Index of Hong Kong, the Shenzhen Component, and the Shanghai Composite, all showed upward movement.

In the afternoon session of trading that took place on Monday in Hong Kong, U.S. stock futures demonstrated overall strength, with both the Dow Jones Industrial Average futures and the S&P 500 futures index achieving gains. However, the exception to this rule was the tech-heavy Nasdaq-100 futures, which did not experience an increase.

Following the most recent increase in interest rates by 25 basis points, Federal Reserve Chair Jerome Powell gave a speech in which he alluded to the possibility of an end to the cycle of interest rate hikes. 

Despite this, investor confidence remained high. On September 19-20, the Federal Reserve is planning to hold its next meeting to discuss monetary policy. At this meeting, they will deliberate and decide on the appropriate level of interest rates. 

The interest rates are currently between 5.25% and 5.5%, which represents their highest level since January of 2001. 

According to the CME FedWatch Tool, there is an 80.5% chance that the Fed will leave interest rates unchanged in September, while there is a 19.5% chance that the Fed will increase rates by another 25 basis points.

The successful performance of major equities on Wall Street contributed to a rise in the value of major Asian equities. A majority of U.S. stock index futures saw gains during the afternoon session of trading in Hong Kong, with the exception of Nasdaq-100 index futures. 

After Federal Reserve Chair Jerome Powell dropped some hints about a possible end to the process of interest rate hikes, investors are feeling optimistic. Rates, which are currently at their highest level in years, will remain where they are until the next meeting of the Federal Reserve, which will take place in September. 

According to the predictions, there is a strong possibility that the interest rates will not change at all.

This week in the U.S. includes second-quarter earnings from tech heavyweights such as Amazon and Apple. The S&P Global’s U.S. manufacturing purchasing manager’s index (PMI) is out Tuesday and the July employment report on Friday, with all offering more peeks into the health of the economy.

In Europe, Frankfurt’s benchmark DAX 40 hit a new all-time high of 16,540 points, while the pan-European STOXX 600 also remained near its highest since February 2022. Investor morale received a boost as inflationary pressures slowed, with headline Eurozone inflation falling to 5.3%, the lowest since January 2022. But core inflation remained at 5.5%, well above the European Central Bank’s target of 2%.



About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.

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