The price action of the crypto market hasn't been apparent last week.
This is partly due to the CPI Index's release and bitcoin's behavior. Bitcoin has refused to go below the $18,250 support for the past month and is failing to break the $20,000 resistance simultaneously.
Let's examine several cryptocurrencies and their behavior over the last few days regarding price action, market cap, and other metrics.
It has almost been a month after the much-hyped Vasil upgrade on the Cardano network.
Following the release of the Consumer Price Index and the general liquidations in the crypto market, Cardano followed suit and took a nosedive. Cardano was one of the worst-hit cryptocurrencies on the market, crashing to a low of $0.35 over the last 24 hours.
For perspective, this $0.35 point is the lowest Cardano price since January 2021 (over 21 months ago). Cardano has made a recovery to the $0.38 level in a percentage recovery of 6.53%, according to data from CoinMarketCap.
Cardano has a market cap of $13.1 billion after a 6.53% increase over the last day.
In contrast, the trading volume of the cryptocurrency has dropped 24% in the same timeframe and now sits at $703 million.
In the aftermath of the release of the CPI index, Loopring is one of the cryptocurrencies that has made the healthiest recoveries.
LRC has increased by 4.89% over the last day and has a 6.55% increase in market cap at the time of writing. However, like Cardano, the trading volume of LRC is also low. At press time, the trading volume of Loopring has dropped 31% over the last day to a low of $29.9 million.
However, unlike most of the other cryptocurrencies in the market, the price of Loopring appears relatively unaffected by Thursday's event. The cryptocurrency only dropped about 3%, hitting a low around the $0.24 level.
Like Loopring, the effects of the crypto market's devaluation didn't affect Apecoin so much.
Apecoin only fell by 2%, with its bulls taking special care to ensure that the price action didn't close for the day below the $4.17 support line.
Apecoin has respected this support line since mid-June and has failed to break below it.
After falling to the horizontal support level around the $4.173 level, APE bounced off, correcting most of its losses, and now appears to be gearing up for a move to the upside.
According to data from CoinMarketCap, Apecoin is up by 3.34% over the last day and has a market-cap upsurge of 4.64% at the time of writing
In the grand scheme, Uniswap maintains a healthy price action.
Despite general crypto market devaluation, the cryptocurrency's uptrend has remained valid since mid-June.
Overall, Uniswap seems likely to continue upwards unless bearish momentum arises and pushes the cryptocurrency's price below the $5.2 mark.
According to data from CoinMarketCap, the price of UNI is up by 6.66% over the last day and has a relatively undisturbed trading volume.
The price action on Chainlink has been choppy for months, neither showing signs of strong upward or downward momentum.
The release of the CPI index only brought the price of chainlink to a retest of the $6.2 level.
However, Chainlink has done well for itself over the last day, according to data from CoinMarketCap.
The cryptocurrency is up by 7.04% over the last day, with an interesting correlation in its market cap. At press time, the market cap of Chainlink experienced an upsurge of 7.04% as well, making it one of the cryptocurrencies with the best response to the market devastation.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)