While Bitcoin and Ethereum have had a quiet week in terms of price, there are a few small altcoins that are putting themselves in the spotlight. In particular, the Origin Protocol and Kyber Network are leading the rise of a group of smaller altcoins. Bitcoin lost ground in July, being outclassed by 112 of the 183 assets within the CoinDesk Market Indices.
With a few days left on the clock, Bitcoin and Ethereum appear to be heading for a decline for the month of July.
Bad month for Bitcoin and Ethereum
It looks like Bitcoin and Ethereum are set to close out the month with drops of 1.59 and 0.81 percent, respectively. As a result, the two largest currencies in the market are currently showing just as little spectacle.
The reason for this seems to lie in the veil of uncertainty that currently hangs over the market. Nobody knows exactly where it’s going. We have BlackRock and the halving as positive developments, but the macroeconomic environment as a major negative force.
According to Coindesk’s trend indicator, Bitcoin is also currently in neutral territory, which means that there is no clear trend. That seems to correspond to reality. The next real trend for the Bitcoin price has yet to develop at this point.
Altcoins are winners of the week
The big winner for this week is the NFT platform Origin Protocol (OGN). This token rose 32 percent over the past week, while the Kyber Network (KNC) and smart contract platform Astar (ASTR) shot up 23 and 22 percent.
However, each of these tokens has a market cap of under $300 million, dwarfing Bitcoin and Ethereum. In theory, that could change one day, but for now these are small projects and are therefore associated with a higher risk.
A higher risk means that you can potentially take more profit, but that the chances of a loss are also greater. In that respect, it is up to you to decide what you choose and how you use your hard-earned savings.
For next week, the market’s focus is likely to be back on the US labor market, which we’re getting a lot of new data on. Will unemployment now increase as a result of the Federal Reserve’s interest rate hikes?
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