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Axie Infinity and Waves rise above the market’s uncertainty, but Bitcoin remains stuck below $34,000.
On the 24-hour chart, Bitcoin (BTC) stays largely steady, down 0.56 percent and trading at $33,200 at the time of writing.
With the approaching Fourth of July vacation weekend in the United States, the global bitcoin market traded flat on July 2. The low trading volume coincided with a $5 billion drop in overall cryptocurrency market capitalisation to its current value of $1.378 trillion.
Despite the struggles faced by the market as a whole, data from has identified bullish developments in Axie Infinity (AXS) and Waves (WAVES) thanks to recent developments related to nonfungible tokens.
Axie Infinity (AXS)
Axie Infinity is a blockchain-based trading and battling game that allows 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 as the price of BTC crashed below $29,000, the price of AXS has surged 125% to an intraday high at $6.40 on July 2 as the demand for Axie’s continues to rise.
Bitcoin hovers near $33,500
The general weakness in the altcoin market derives from Bitcoin’s price being below $33,400 as many traders appear to have begun their holiday weekend early.
Data from TradingView shows that the price of BTC has traded in a tight range between $32,650 and $34,000 on July 2 as traders wait for a major news event or on-chain development to initiate the significant price move for the top cryptocurrency.
The market’s present attitude is one of uncertainty, as seen by the following tweet from Filbfilb, an independent market analyst and co-founder of the Decentrader trading suite, who is “undecided what happens next” and “watching for blood.”
Long weekend in the US.
Opportunity to move the market to where people want to be filled.
Given where we are max fkery likely..
Lots of liquidity near.
Im undecided what happens next.. the yellow path would be pretty funny, im waiting on what happens, watching for blood. pic.twitter.com/VbIRiI32xz
— f i l ₿ f i l ₿ (@filbfilb) July 2, 2021
The overall cryptocurrency market cap now stands at $1.373 trillion and Bitcoin’s dominance rate is 45.5%.