BitDAO, Maker, Bitcoin SV, SNX Prices Jump as BTC Retreats

Bitcoin price dropped below $30,000 once again on Wednesday as its open interest dropped. The coin dropped to $29,886, signaling that demand for the coin is waning. Other altcoins like 1inch Network, Toncoin, Sui, and Render Token also dropped. At the same time, the crypto fear and greed index remained at a neutral level.

On the other hand, several altcoins did well. BitDAO, a governance platform for Web3, saw its token jump. BIT price jumped after Mantle Network launched on the mainnet. This is an important move since BitDAO and Mantle merged in May and created a $2.5 billion DAO ecosystem.

Stellar (XLM) and Ripple (XRP) also staged a strong recovery as their open interest jumped. Ripple’s open interest jumped to over $1.1 billion, the highest level since January this year. Similarly, Stellar’s open interest soared to $72 million, the highest level since October last year.

Other top performers in the crypto market were MakerDAO’s MKR, Bitcoin SV (BSV), Synthetix (SNX), and XDC Network (XDC). Similarly, well-known blockchains like Optimism (OP), Hedera, and Solana (SOL) rose.

On the other hand, many cryptocurrencies were in the red. Among the top losers were tokens like Render Token, Gala, Frax Share, and Uniswap.

The biggest risk for cryptocurrencies is that Bitcoin failed to cruise above the year-to-date high even after last week’s news. Ripple prevailed against the Securities and Exchanges (SEC) and the country’s inflation dropped to 3.0%, pushing the US dollar index (DXY) below $100.

Other recent numbers have been a bit weak as well. Retail sales numbers dropped while the manufacturing and industrial production and housing numbers were modestly weak.