It's the 22nd of July 2022 and as you must have checked the crypto market, it is a lot better than it was yesterday. Bitcoin as well as the altcoins have got over the Tesla FUD and climbed a two-digit gain in the last twenty-four hours. So in this article we will look into the crypto market, compare it to yesterday and have a look at one of the trending coins of the day on the CoinMarketCap trending list.
Overview Of Crypto Market
As you are well aware of the Tesla news and how it affected Bitcoin and the cryptocurrency market, it sure does look like the market got over it. Various stats related to the crypto market that has changed in the past twenty-four hours and at the time of writing this article are:
MarketCap: $1.10 Trillion (+4.06%)
Volume: $1.58 Trillion (-1.52%)
BTC Dominance: 40.96%
At the time of writing this article, Bitcoin is standing at $23,422 and is up by 3.08%. This shows that the Bitcoin and entire crypto market is back on the ground where they left before the Tesla FUD break into the public domain. As I have mentioned in my previous article, the crypto community and market got over this in almost no time.
Now as you can see Bitcoin dominance is at 40.96% which is struggling around the 41% level since the last pullback because of Tesla FUD. It has come down a little bit that's why the altcoin market is thriving and putting some serious gains on the chart. In the meantime, Bitcoin dominance does touch down at the lowest point of the day which was around 40.50%, and bounced back from there. And talking about the Fear and Greed Index of Bitcoin it is standing at 33 while yesterday it was at 34 which means there is not any change but traders and investors are trying to put their trust in the market. Now lastly the comparison between the Long and Short positions over the various crypto exchanges. As you can see from the stats at the rightmost part of the picture, there are 55.24% of long trades whereas the remaining 45.76% are in the shorts. This is interesting because the day before yesterday there were more than 50% short positions and that is changed in just one to two days.
Trending Coin Of The Day
In this section of the article, we pick one of the coins from the trending coins list of CoinMarketCap and explore it. Here we go through the goal or mission of the project, what they are going to do and some basic technical things to see how the project is doing.
Grove (GVR)
Grove is the trending coin of the day, it is ranked at #2776 on CoinMarketCap. It is a recently launched project on the 1st of March 2022, probably not a very good time to get into the crypto space looking at the situation. The mission of the Grove is to create a healthier and wealthier future by using an environmentally friendly decentralized cryptocurrency. GroveToken with the ticker GVR is the native token of the Grove project which can be utilized in the ecosystem of Grove. In the future, they are planning to create a wallet called Green Keeper© and an exchange GreenOasis©.
At the time of writing this article, the GVR token is trading at $0.000000002316, and it is up by 61%. As you may see that the price of the token is so small that it becomes very easy to manipulate. Thinking of manipulation, it might be the reason the GVR is on the trending list of CoinMarketCap. So do remember not every trending coin is good, well actually I will say most of the trending coins might not worth at all!
As I told you the project is in a very early stage and has very little community around it. According to the data provided by CoinMarketCap, there are only 967 unique addresses holding GVR tokens, which shows how risky it can be to get into such crypto projects as there is no one around. But one good thing about the unique number of addresses is that they are continuously growing in the last seven days, there is not any drastic change but there is growth which is a good sign for the project.
As we saw that there are only 967 unique addresses holding GVR tokens and now let's see how the tokens are distributed among these holders. According to CoinMarketCap, the top 10 holders of the GVR tokens hold 52.97% of the GVR tokens, and the top 100 addresses hold 89.89% of the GVR tokens. As there are not a lot of people holding GVR tokens so we can assume because the project is in its early stages we do not see much of the token distribution but the sure thing is there is a lot more work to do on the project, token and everything.
Conclusion
Since the overall crypto market is back on its feet after getting a hit from Tesla FUD, it is back on the track to rally but it is still not sure how long this will go as Bitcoin is standing below the $24k level. So it is good to still have your guard on before going into the market to take some positions.
And talking about the trending coin of the day Grove, it really is at its early stages of development and in my personal opinion I won't go for any type of investment in Grove because there is nothing that they are solving, and they are not even a layer 1 blockchain, they work on Binance Smart Chain, which I don't think really fit good what they are supposedly said to solve. If you want to have a look on then do check the links provided above and make your own decisions.
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Hope you found this article informative. Thanks For Your Time!
