29 July Crypto Prices: BTC Hits $24K; UNI and MATIC Gain Up to 12%

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Excluding the USD-tied stablecoins, top crypto assets traded higher today. Uniswap gained 12%, while Polygon surged approximately 9%. Also, Solana soared by 8%, and Avalanche attained a 5% increase. 

The crypto market maintained upside actions on Friday as investors trusted the worst about inflation had ended. And markets would witness quick recoveries. Bitcoin exploded past the $24K mark even as the U.S GDP contracted more than anticipated. Risk appetite seems to roar back, though analysts trust it’s early to conclude. 

Excluding the USD-tied stablecoins, leading digital assets traded higher today. Uniswap led the pack with a 12% jump, while Polygon soared around 9%. Also, Solana and Avalanche gained 8% and 5%, respectively. 

The global crypto market capitalization hovered sharply highs around the $1.10 trillion level, gaining approximately 3% over the last 24 hours. Meanwhile, the overall trading volume noted a more than 17% uptick to nearly $104.14 billion. 

El Salvador BTC Strategy Update

It’s almost a year since El Salvador adopted BTC as a legal tender. Though the move met massive critics, the Salvadorian finance head Alejandro Zelaya confirmed on 28 July that their $BTC bet has been ‘fine’ for the nation.

He added that BTC helped El Salvador ensure financial inclusion to the largely unbanked citizens while inviting investments and tourism. Nevertheless, Zelaya confirmed BTC’s usage as a mode of exchange remained low. Meanwhile, he stated that the Salvadorian government is steady on issuing BTC-back bonds via blockchain technology. 

Salvadorian BTC Reserves & Future Strategy 

El Salvador had bought 2,381 BTCs within the previous year. Nevertheless, they have experienced a 50% loss considering average purchase prices. The US NBER (National Bureau of Economic Research) research discovered most citizens prefer hard currency over BTC. However, Zelaya trusts digital assets are crucial for the future of money.

Zelaya disclosed that the Salvadorian authority plans to issue BTC bonds worth $1 billion. However, they will come after improved market conditions. The government seems dedicated to the crypto, working on its BTC City and planning more $BTC projects in the upcoming months.

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