XRP and others see drawdown as market cools
📉 Altcoin correction: XRP and Stellar (XLM) dropped over 10% as the market cooled off after a strong run.
💰 Bitcoin holds steady - BTC continues to consolidate just below $120K despite broader weakness in alts.
😬 Sentiment check - The Fear and Greed Index still shows “Greed,” hinting that investor confidence remains intact.
🌐 Global tailwinds - Trade progress and looming rate cuts.
Crypto markets pulled back sharply after weeks of strong gains, with altcoins bearing the brunt of the correction. XRP dropped more than 10% overnight, while Stellar (XLM), a top performer earlier this week, saw similar losses. Bitcoin continues to drift, consolidating just below the $120,000 mark. Despite the cooling market, investor sentiment remains in “Greed” territory, according to the Fear and Greed Index.
Meanwhile, broader risk-on markets are showing strength. US equities are in the green following a trade tariff deal between the US and Japan, with progress also reported in talks with the EU ahead of the 1 August deadline. The Federal Reserve’s interest rate decision, set for 30 July, could offer clues on when rate cuts might begin, with many expecting that shift to come in September.
With trade tensions easing and rate cuts potentially on the horizon, could this renewed optimism spark another leg up for Bitcoin and crypto markets? And is the altcoin slowdown just a temporary pause, or a sign of capital rotating back into Bitcoin and other large-caps? Let’s see.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.84 trillion, down 2.8% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $118,876, down 0.86% in the last 24 h
Daily high: $119,179
Daily low: $117,422
📈 S&P 500 ↗️
SPY is currently up about 0.78% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 67/100, indicating Greed among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 46, in neutral territory.
Data is accurate as at 08:31 GMT, 24 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
