As the crypto market succumbed to the winter, some digital assets refused to be dragged down with it. These cryptocurrencies are fighting harder than even their larger counterparts have been able to keep their heads above water. Two weeks into the new month and most space assets are already in the red. However, Mid Cap cryptocurrencies exploded in the opposite direction.
The Mid Cap index takes the lead
The July market was not favorable to investors. This is evident in the red numbers pasted on all charts. Bitcoin, which has received the most support recently, also couldn’t escape the onslaught, but there is a group of coins that were able to topple it for good.
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The Mid Cap Index is made up of coins ranked 11 to 50 in the market. These coins are the ones that have proven themselves over time and as a result have built an impressive community behind them. Given this, they were able to weather the bear market better than any other cryptocurrency. While other indices had posted negative returns, the Mid Cap Index is up 1.9% in the first two weeks of July.
Mid Cap Index is in the green | Source: Arcane Research
For comparison, bitcoin is down -0.2% since the start of July. The small cap index has done better than bitcoin in this regard but is still in the red with -0.1% so far. As for the index of large caps, it was the most affected in the market. These top 10 tokens recorded -0.9% combined, the largest losses in the market.
Crypto Market Leaders
Although the Mid Cap index maintained the strongest rally during the bear market, the crypto market leaders still maintained their grip on the market. Bitcoin’s market dominance remains high, and stablecoins haven’t given up market share either.
BTC dominance on the rise | Source: Market Cap BTC Dominance on TradingView.com
The drop in bitcoin price had no bearing on its dominance. In fact, bitcoin had added another 0.43% to its market dominance, mostly stealing that dominance from other large caps such as Ethereum and BNB. Its market dominance now stands at 43.78% at the time of this writing.
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Along the same lines, stablecoins maintain a strong grip on their market dominance. They have acted as a safe haven for investors trying to escape the extreme volatility of the crypto market without withdrawing their funds completely. USDT, USDC and BUSD all increased their market dominance over the past week with dominance gains of 0.16%, 0.19% and 0.06% over the same period.
As the week draws to a close, it’s hard to tell which index will win out this week. One thing is certain though, and that is that there are bound to be more losses than gains as the weekend approaches.
Featured image from Inc. Magazine, charts from Arcane Research and TradingView.com
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