- The Fear & Greed Index dropped to 25, reflecting extreme fear despite easing German Bitcoin sales and positive US economic data.
- Arweave (AR) gained 8.5% in 24 hours, continuing a 4.5-day rally on the back of ongoing developments.
- NEAR Protocol saw 8% daily and 22% weekly gains, driven by high activity and positive metrics.
The crypto Fear & Greed Index has returned to extreme fear, sitting at 25, which is down 4 points from yesterday. The unsettled sentiment comes despite good economic data out of the US and selling pressure from German Bitcoin sales slowly easing.
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Meanwhile, BTC is down almost 1%, while TIA and Render lose around 8% – yet some managed to fend off the downtrend and rise against the market movement.
Arweave Takes Lead
Arweave (AR) has booked a solid 8.5% gain on the 24-hour timeframe, trading hands for US$24.66 (AU$36.45) currently. AR has been on a 4.5-day rally gaining over 16% after hitting a low of US$21.50 (AU$31.80) on July 8.
While there is no immediately obvious reason Arweave has rallied, it has always been a strong performer, making it on analyst Miles Deutscher’s portfolio buying list. Arweave rallied 30% in March on news of the launch of the “hyper parallel” testnet.
The network is surrounded by a frenzy of activity, such as hackathons, the new ArConnect dashboard and a machine-learning memecoin (!) – beware though, the developers have issued a stern warning:
LlamaCoin is a fiat simulator — but this time run by a llama onchain LLM. Like all fiat tokens, they are going to zero. Don’t buy them.
Sam Williams NEAR Protocol with Strong Daily and Weekly Gains
Another analyst-favourite is of course NEAR – the protocol gained 8% in the past 24 hours and 22% in the past week. Not bad, considering with those gains it has outperformed larger projects like Bitcoin and Ethereum.
NEAR is one of those networks that sees ongoing buzz and development activity. No wonder then that Near Protocol beat larger and more popular chains on several metrics. According to data from Flipside, NEAR was the protocol with the most active addresses and number of transactions.
Further, Near continues to enjoy ongoing excitement about the AI and crypto cross-sector developments.
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Near also just hosted Chain Abstraction Day in Brussels where prolific figures such as Illia Polosukhin from the NEAR Foundation spoke about the future of chain abstraction.
In a nutshell, chain abstraction simplifies interactions across different blockchain networks, leading to benefits like liquidity defragmentation and easier development.
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