- Bitcoin and Ether trade flat while Solana stands out among the top 10 non-stablecoin cryptocurrencies.
- The NFT market faces challenges with a slump in developer royalties and increased caution due to phishing scams.
Bitcoin & Ether Hold Their Ground
The crypto market begins the week in Asia with Bitcoin barely shifting, holding steady above the $29,000 support level. Notably, the token’s volatility rating dipped to an unprecedented low. Similarly, Ether, another market leader, kept a low profile. Despite this stagnancy, Solana, another player in the top 10 non-stablecoin cryptocurrencies, shone brightly. These observations come as investors eagerly await a busy week of corporate earnings reports and U.S. inflation data.
Bitcoin marginally decreased by 0.03% in the last 24 hours, sitting at $29,039.48. Ether, too, experienced a minor dip of 0.48% landing at $1,826. Observers are holding their breath as Bitcoin hovers near a critical juncture – any drop below $28,800 could quickly drag the market down to $28,000 or even $27,000. Conversely, a rise above $29,500 could open a quick path to $30,000 and onward to $31,000.
Solana Shines in a Mixed Market
In a mixed market scenario, Solana led the charge with a 2.51% gain, reaching $23.18. In contrast, Dogecoin suffered the most, falling 1.97% to $0.07418, down 4.92% for the week. Interestingly, the total crypto market capitalization dipped slightly by 0.12% in the past 24 hours to $1.16 trillion, while trading volume registered a marginal increase of 1.42% to $20.62 billion.
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NFT Market Hits a Roadblock
The NFT market also saw interesting movements. The main Forkast 500 NFT index slightly increased by 0.28% in the past 24 hours. However, a report published on Sunday revealed that total NFT royalties received by creators have plummeted from $269 million in January 2022 to a mere $4.3 million in July 2023. With a significant decline in NFT trades and fierce competition between NFT marketplaces OpenSea and Blur, royalty rates have experienced a drastic drop. Adding to this, a recent warning from the FBI regarding NFT phishing scams has added another layer of caution in the market.
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