The market value of the crypto market is still above the $250 billion regions, ending July 1 at $255 billion. Tokens have made an impressive performance, recording gains in the 10 percent level.
As of July 2, ERC20-based tokens 0x (ZRX), Status (SNT), Funfair (FUN), and Aion (AION) were the best performers. ZRX recorded the largest gain amongst major digital assets and tokens, recording gains of 14 percent increase in its value against the US dollar and bitcoin.
During the course of the week, with declines from $6,500 to $5,800, the price of 0x dropped less than the 0.00010 BTC mark, experiencing a monthly low. Over the past day, the price of 0x has recovered to 0.000137 BTC, with impressive momentum.
Looking at the other side of the market, at a time when bitcoin, Ether, Bitcoin Cash and other cryptocurrencies are finding it difficult to record any major gains, tokens performed better. The sudden increase in the volume and momentum of tokens also indicates that investors are more at ease with the market now making it more stable compared to the previous week.
The volume of bitcoin has rebounded to $4.6 billion and the volume of Ether has recovered to $1.5 billion, from $3 billion and $1 billion respectively. The rebound of the daily trading volumes of leading cryptocurrencies signals an increased instability in the crypto market.
However, the daily trading volume of Tether (USDT) remains a concern, as the volume of USDT is presently twice as large as the volume of Ether, the second most valuable cryptocurrency in the market.
If the volume of bitcoin and Ether drop in the next couple of hours, the high volume of Tether would indicate that investors are once again comparing the value of major cryptocurrencies to the value of the US dollar, which will initiate the market to enter yet another short-term decline. Therefore, the new 24 hours will possibly determine the short-term price movement of bitcoin throughout the week.
As a result of the volume coming to form Binance, the world’s most used cryptocurrency exchange, Funfair, Status, and Aion managed to record a 10 percent gain in the past day. Yet, with a volume not higher than $5 million, it is doubtful that the short-term trend of Aion and Funfair can be maintained, as opposed to 0x and Status whose volume has supported their corrective rallies.