While the cryptocurrency market took a beating over the winter, there are some digital assets that have refused to pull it down. These cryptocurrencies are fighting an uphill battle compared to their larger counterparts, being able to keep their heads above water. Two weeks into the new month and most of the properties in the space are already in the red. However, the mid cap cryptocurrency has closed in the opposite direction.
Mid cap index takes the lead
The July market has not been favorable for investors. This is evident from the red colored figures on all the charts. Bitcoin that has seen the most support lately hasn’t even been able to survive the attack, but there are a slew of coins that could change that for good.
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The mid cap index is comprised of coins that are ranked 11 to 50 in the market. These coins are the ones that have proven themselves over time and, as a result, have built up an impressive community behind them. Given this, they have been able to handle bear markets better than any other cryptocurrency. While other indices had seen 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 outperformed Bitcoin in this regard but still remains in the red with a gain of -0.1%. For large cap indices, they have taken the biggest hit in the market. These top 10 tokens have recorded the biggest losses in the market at a combined -0.9%.
crypto market leaders
Despite the mid-cap index maintaining the most recovery during the bear market, the crypto market leaders still maintain their grip on the market. Bitcoin dominance in the market remains high and stablecoins are not letting go of any of their market share.
BTC dominance on the rise | Source: Market Cap BTC Dominance on TradingView.com
The drop in the price of bitcoin did not affect its dominance in any way. In fact, bitcoin had added another 0.43% to its market dominance, mostly stealing this dominance from other large caps like Ethereum and BNB. Its market dominance now stands at 43.78% at the time of writing.
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Similarly, stablecoins are maintaining a firm grip on their market dominance. They have acted as a safe haven for investors who are trying to escape the extreme volatility of the crypto market, while not taking their funds out completely. USDT, USDC, and BUSD all added to their market dominance over the past week with 0.16%, 0.19%, and 0.06% gains in dominance over the same period.
As the week draws to a close, it is difficult to decide which index will win for this week. However, one thing is certain that as the weekend is approaching, there is bound to be more loss than profit.
Featured image from Inc. Magazine, charts from Arcane Research and TradingView.com
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