Theta Fuel (TFUEL) and Arweave (AR) post double-digit gains despite Bitcoin’s slump

Theta Fuel (TFUEL) and Arweave (AR) post double-digit gains despite Bitcoin's slump
1 year ago
2 mins read

The world’s most famous decentralized cryptocurrency Bitcoin hit an 8% slump overnight, dropping to $32,942.14 shedding over $53 billion in asset’s market capitalization. 

Yesterday, former U.S. President Donald Trump gave his two cents on Bitcoin and whether he is investing in today’s markets live on Fox News Business. Trump’s comments on bitcoin may have harmed the asset as he stated, “Bitcoin just seems like a scam. I don’t like it because, essentially, it’s another currency competing against the dollar. I want the dollar to be the currency of the world.”

Generally, the investors were expecting BTC to do a breakout from its recent consolidation in the mid 30,000s, and it did a downward breakout. However, Alternative.me’s crypto Fear & Greed Index currently shows an ‘Extreme Fear’ rating. Historically, this potentially signals an upcoming buying power in the short term. 

Fear & Greed Index. Alternative.me data.

Biggest gainers among the top 100

Still, it was not all doom and gloom for the cryptocurrency market as currently the most significant gainers out of the top 100 crypto assets shown on CoinMarketCap.com see the Theta Fuel (TFUEL) show the token being traded at $0.558. The asset is up by 19.68% on the daily chart in the last 24 hours at the time of writing. 

TFUEL price chart. CoinMarketCap.com

It appears that TFUEL, one of the two native tokens on the Theta blockchain, recent new features of the June 30 mainnet launch are exciting token holders and are helping to attract new investors. The second token on the Theta blockchain serves as the utility token in decentralized video and data delivery; it also acts as a gas fee for network transactions.

Another coin that has enjoyed plenty of success in the last 24 hours is Arweave (AR); its current price today is hovering around price levels of $19.91. The decentralized storage network is up 25.27% in the previous 24 hours. The network offers a permanent, decentralized web with several community-driven applications and platforms.

AR price chart. CoinMarketCap.com

The overall market sentiment continues to see negativity as issues concerning BTC’s mining carbon footprint. For example, Elon Musk halted Tesla’s vehicle purchases with bitcoin due to concerns over the increasing use of fossil fuels for bitcoin mining.  

Moreover, growing FUD from regulatory fears in the U.S. due to recent ransomware attacks putting cryptos under lawmakers and politicians’ radars once more.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.