Market review
Last week (7/24-7/30), the cryptocurrency market overall experienced a downturn, with total market capitalization and market sentiment index continuing to decline.
The total market capitalization followed the previous trend and plunged from $1.2 trillion to $1.17 trillion, a 3% decrease. Currently, there has been a slight rebound in total market capitalization, reaching $1.8 trillion.
The market sentiment index hit a new low for July, dropping to a minimum of 51, approaching the neutral value of 50. There are currently no signs of improved market sentiment, gradually entering a subdued state, and the probability of falling below the neutral level in the near future is high.
Cryptocurrency Market Capitalization (yellow) and Fear Greed Index (blue) trend from 2023.1.1 to 2023.7.30; Source: MacroMicro.
Mainstream coins showed relative resilience last week, with equal parts of oscillation and upward movement. Uniswap (UNI) performed the best, rising by 11%, followed by Stellar (XLM) with a 7% increase. On the other hand, Polkadot (DOT) and Chainlink (LINK) performed the worst, although their declines did not exceed 1%.
Bitcoin (BTC) and Ethereum (ETH) prices remained relatively unchanged, oscillating within a narrow range with increases of less than 1%. Their respective market dominance also saw little change, at 48.2% and 19.1%.
Performance of mainstream coins from 7/24 to 7/30; Source: MacroMicro.