The Downward Trend Of Major Cryptocurrencies, AXS And MANA Strengthens

Some of the major cryptocurrencies on the market, their value has decreased. (executium/unsplash photo)

JAKARTA - Most major crypto assets have started to experience a decline, the last few days. Bitcoin is down 6.51% over the last 24 hours. This value confirms the prediction of a slight decline from the previous mid-30s range.

The leading cryptocurrency was trading at $32,628 as of 7:43 a.m. ET (eastern time) according to Coinbase. Ether, which has outperformed bitcoin, was also down by 9.91%. While dogecoin, XRP, polkadot, and uniswap are down more than 7% today.

“Bitcoin continues to trade choppy and although we have seen an upward bias in recent days, it will take some effort for BTC to break above the US$42,000 mark,” wrote Pankaj Balani, CEO of the derivatives platform. Delta Exchange crypto, in a message to Forbes.

According to Bybit, a cryptocurrency futures trading and information platform, funding levels for bitcoin and ether exchanges, on exchanges including Binance, OKEx, Huobi, Bybit and FTX are mostly positive. This, indicates the presence of bullish speculators (price increases) and long-term traders pay short-term traders.

Additionally, the highly anticipated Ethereum upgrade introduced a new fee structure, Ethereum Improvement Proposal (EIP) 1559, went live on the Ropsten testnet on June 24 and is scheduled to launch on the mainnet on August 4.

This update is expected to make Ethereum's transaction fees less volatile and more predictable, while adding an element of deflation to the second largest crypto asset by market cap.

Additionally, major US bank Goldman Sachs issued a note on Tuesday, saying ether "currently looks like the currency with the highest real use potential". This, citing Ethereum's role in the development of smart contract applications, according to an Insider report.

Some assets are actually able to fight the negative trend. One of them is Axie (AXS). Axie, the governance token that powers blockchain-based virtual game Axie Infinity, is up 66% over the past five days. Additionally, MANA, the governance token for the Decentraland virtual world, has increased 30% this week.