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China is about to introduce the digital yuan, making the world’s second-leading economy the first to adopt financial technology. After making highs in April and May, Bitcoin and Ethereum prices suffered major corrections. The Chinese ban on crypto mining and the crackdown on the asset class is likely responsible for selling those coins less than halving from their 2021 highs.

The move lower may have shaken the confidence of everyone who joined the asset class as late as possible. However, many consider it an opportunity to download Bitcoin, Ethereum, and many more than 10,700 other cryptocurrencies.

Many of those coins will become dust collectors and get lost in computer wallets as they disappear into cyberspace. However, there will be rough diamonds that provide fantastic returns.

Two cryptocurrencies in the top half of one percent when it comes to market capitalization are Grave (GRT) and Hydra Hashgrave (HBAR). Both have market caps above the $1.5 billion level as of July 1, reflecting their critical mass and status as leading cryptocurrencies.

Leading cryptocurrencies have corrected sharply over the past weeks

While prices have rebounded from recent lows, trends in Bitcoin and Ethereum, the two highest cryptocurrencies, remain lower since the mid-April and mid-May highs.


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bitcoin graph

The chart highlights the drop in July bitcoin futures from a high of $67,010 on April 14 to a low of $28,840 on June 22. Bitcoin futures were trading around $36,090 on June 29, much closer to their lowest level since mid-April.

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Ethereum chart

Ethereum futures for July fell from $4,418 on May 12 to $1,710.75 on June 22. At $2,190 on June 29, the price was less than half the level at the top and not far from the recent dip.

After the equivalent moves in 2021, Bitcoin and Ethereum prices are back on the ground. However, both digital currencies continue to provide incredible returns for investors who have the insight to buy over the past years.

Long filter mark

While the futures market only provides a microcosm of trading activity in Bitcoin and Ethereum, it does provide clues about investor and trader behavior. Open interest is the total number of open long and short positions in the futures market.

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Bitcoin analysis


On April 14, when Bitcoin reached its peak, open interest was 9,448 contracts. As of June 28, the gauge was at 6,770, 28% lower.

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Bitcoin Micro Analysis

While CME’s micro-Bitcoin contract didn’t start trading until early May, open interest dropped from 37,790 contracts on May 24 to a level of 14,743 on June 28, a drop of nearly 61%.

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Ethereum futures contracts

Open interest for Ethereum futures decreased from 3,746 contracts on June 9 to 2,626 as of June 28, or nearly 30%.

The drop in open interest is a sign of a prolonged liquidation of the leading cryptocurrency. Many investors and traders are directed to exit risk positions with price correction. Meanwhile, many other 10,700+ cryptocurrencies fell with the leading coins. However, the growing market continues to search for the next token that will provide returns similar to Bitcoin or Ethereum.

Graph and Hedera Hash Graph are in a group of tokens with a higher market capitalization than more than 99.5% of other cryptocurrencies found in the cyberspace.


Graf: A top-tier cryptocurrency ranked 52

Graph is an indexing protocol for organizing blockchain data which makes it easy to access using Graph QL. The GRT website explains what it means to crawl. Teams had to develop and run proprietary indexing servers, requiring significant engineering and hardware resources, and breaking the security features needed to achieve decentralization. The Graph protocol solves these problems.

As the 52nd leading cryptocurrency on June 29, Graph has a market capitalization of $1.673 billion at 57.76 cents per token.

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graph currency analysis

Since late 2020, Graf has been trading from $0.1205 to $2.7141. The highest level came in February 2021. Although Bitcoin and Ethereum reached their highest levels in April and May, Graph has recorded lower highs and lower lows in a downtrend since their peak in February. Graf was around 57.76 on June 29th.

Hedera Hash Graph (HBAR) is next in line for the GRT grater

Hedera Hash graph is a patented distributed ledger technology that uses acyclic graphs to create an asynchronous Byzantine consensus algorithm. Byzantine error is a state of a computer system where components may fail, and information becomes incomplete if they fail.

Hedera Hash graph uses an algorithm to correct the position. The website states that the protocol “ensures decentralization on a large scale.” Hydra Hashgraph is an energy-saving cryptocurrency that supports a decentralized economy.

Hedera Hash graph was trading at 19.0 cents on June 29 and was the 53rd leading cryptocurrency with a market capitalization of $1.670 billion at the time.

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Hedera hash graph currency analysis

Since trading began in September 2019, Hedera Hash graph has been trading as low as just over 1 cent to 40.89 cents per token in mid-April when Bitcoin reached its peak. At 19 cents, Hydra Hash Graph is trading near the middle of its trading range. The trend was lower than the April high, following the leading cryptocurrency.

Risk reminder

Hedera Hash Graph and Graph retain the critical mass for traders and investors. A market capitalization of over $1.5 billion puts cryptocurrencies at the top of the asset class. While cryptocurrencies with strong market limits are likely to persist and provide traders with a higher level of liquidity, the risks remain. Any investor or trader in the crypto asset class should use only the capital that he is willing to lose. A sudden ban on an asset class by governments, computer hacking or many other factors could result in the loss of all your capital.

Risk always indicates potential reward. While some cryptocurrencies can offer huge returns, most of them are likely to become worthless. So, do not experiment with the asset class unless you have your eyes open about the potential risks.

Facebook: Lebanon Magazine

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