Skip to content
Home » Bitcoin closes a week in the red; MakerDAO and other cryptocurrencies are decoupling

Bitcoin closes a week in the red; MakerDAO and other cryptocurrencies are decoupling

Bitcoin (BTC) price has been falling for the past seven days. It has traded above $30,300 and is trading near $29,800 at the time of this writing.

Still, despite this drop, the digital currency created by Satoshi Nakamoto sits within its current support zone around $30,000. If the price of this brand fell sharply could start looking for a new support zone around $26,000 or $27,000.

As CriptoNoticias reported this morning, the fear and greed indicator is “neutral” for BTC. This can be interpreted as Investors are waiting for events that could push the price up or down.

In the meantime, Some analysts are speculating about BTC’s next moves. “An upward breakout is most likely,” says Florian Grummes, for example. It uses technical indicators such as Bollinger Bands. On the other hand, there are those who hold opposing opinions, believing that if Bitcoin fails to quickly surpass $31,000, Bitcoin’s next move will be down.

Bitcoin Price Last 7 Days. Source: CoinMarketCap.

Strong bullish momentum for MakerDAO tokens

In general, the cryptocurrency market follows the bitcoin trend, but there are always some exceptions. MakerDAO (MKR) was the prominent exception of the week and its price closed 30% higher than 7 days ago. Today, July 21, 2023, each MKR unit reached a price close to $1,200.

MKR price in the last 7 days. Source: CoinMarketCap.

The main reason behind the MKR award this week was to approve changes to the credit system to offer a more attractive product to its users. On July 19th, CriptoNoticias reported extensively on the executive vote that lowered stability rates and settlement rates.

The “ripple effect” moves the price of XDC

Although XDC is not one of the most well-known cryptocurrencies, it is one of the ones that has seen the greatest increase in value over the last 7 days. The price surged from $0.032 to $0.041, up nearly 28%.

XDC price in the last 7 days. Source: CoinMarketCap.

Since there hasn’t been any news of major relevance to this network or its native cryptocurrency over the past few days, it’s safe to assume that’s the case its price has been dragged down by the “ripple effect”.. Recall that the US court ruled against the US Securities and Exchange Commission (SEC) last week, finding that XRP (cryptocurrency issued by Ripple) is not a security.

Like XRP, XDC is a cryptocurrency that meets the requirements ISO 20022 standard. This is a standard for data exchange between banks and companies on an international level, which is expected to be adopted by all financial institutions worldwide in the medium term.

An alliance strengthens Stellar in Latin America

Another cryptocurrency that complies with the above ISO 20022 standard is XLM from the Stellar network. With this in mind, it is not surprising that it has positioned itself as the third cryptocurrency (within the top 100 by market cap) with the highest price increase in the last week.

As can be seen in the graph below, XLM price is up more than 18% in the last 7 days. The price rose to $0.16 at press time from $0.13 last Friday.

XLM price in the last 7 days. Source: CoinMarketCap

In addition to the “ripple effect,” XLM shone with its own fundamentals over the past week. Thanks to a new business alliance through the Stellar referral system Businesses can send money to Mexico, Brazil, Colombia and Argentina from anywhere in the world using the Bitso exchange.

Leave a Reply

Your email address will not be published. Required fields are marked *