Bitcoin (BTC) price remains relatively unchanged on the 24-hour chart, down 0.56% and trading at $ 33,200 at the time of writing.
The entire cryptocurrency market traded flat on July 2nd with the approach of the July 4th holiday weekend in the United States. The lackluster trading volume coincided with a slight drop in the total market capitalization of cryptocurrencies by $ 5 billion to its current value of $ 1.378 trillion.
Despite the difficulties facing the market as a whole, data from Cointelegraph Markets Pro has identified bullish developments in Axie Infinity (AXS) and Waves (WAVES) thanks to recent developments related to non-fungible tokens.
Axie Infinity (AXS)
Axie Infinity is a blockchain-based trading and fighting game that enables players to collect, breed, raise, battle, and trade token-based creatures known as Axies. Since hitting a swing low of $ 2.85 on June 22, when the price of BTC fell below $ 29,000, the price of AXS has soared 125% to an intraday high of $ 6.40 on July 2nd as demand for Axie’s continues to grow.
Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for AXS on June 29, ahead of the recent price surge.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graphic above, the VORTECS ™ Score for AXS was in the green for the first time on June 26th, when the price of AXS slowly began to rise, and finally on the 29th for the next three days.
At the time of writing, the VORTECS ™ Score for AXS had climbed to a new high of 86, suggesting that the price of Axie Infinity could be higher based on the previous price movement of the token.
Waves was also identified as a strong performer by Cointelegraph Markets Pro after its VORTECS ™ Score went bullish in late June.
As seen in the graph above, market conditions for WAVES were favorable last month of June, with the VORTECS ™ Score reaching a high of 83 on June 27, just four hours before the price rose 35% over the next three days started rising from $ 13.31 to a high of $ 17.75.
The VORTECS ™ Score for WAVES rose again to 83 on July 2nd, suggesting that the bullish fall for WAVES may still be intact.
Bitcoin hovers near $ 33,500
The general weakness in the altcoin market is due to the fact that the price of Bitcoin struggled below $ 33,400 as many traders appear to have started their vacation weekend early.
connected: 44% of Investors Expect Bitcoin to Fall Below $ 30,000 in 2021: CNBC Survey
Data from Cointelegraph Markets Pro and TradingView show that the price of BTC was trading in a narrow range between $ 32,650 and $ 34,000 on July 2nd as traders wait for a major news event or development in the chain to see the significant price move for initiate the top cryptocurrency.
The current sentiment in the market is one of uncertainty, as demonstrated by the following tweet from Filbfilb, an independent market analyst and co-founder of the Decentrader trading suite, who is “undecided as to what happens next” and “is on the lookout for blood. ”
Long weekend in the USA.
Opportunity to move the market to where people want to be filled.
Given the position we are most likely in.
Lots of liquidity nearby.
I am undecided what will happen next. The yellow trail would be pretty fun, I’ll wait for what happens and keep an eye out for blood. pic.twitter.com/VbIRiI32xz
– f i l ₿ f i l ₿ (@filbfilb) July 2, 2021
The total market cap of the cryptocurrency is now $ 1.373 trillion and the dominance of Bitcoin is 45.5%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.