Bitcoin, Ethereum, Dogecoin Remain Muted As Theta Fuel Extends Major Gains 2nd Day In A Row

Major cryptocurrencies remained muted on Tuesday night as the market capitalization of the global cryptocurrency market fell 3.14% to $1.51 trillion but a coin associated with Theta Network continued to surge.

What Happened: The apex cryptocurrency, Bitcoin (BTC), traded 1.42% lower at $33,040.59 at press time over 24 hours. BTC has declined 9.5% over a seven-day trailing period.

Ethereum (ETH) traded 4.11% lower at $2,471.93 at press time in a 24-hour window and 5.64% over a seven-day time frame.

Most large cryptocurrencies traded in the red at press time. Dogecoin (DOGE) traded 4.17% lower at $0.32 over 24 hours. The meme coin traded 2.5% and 0.02% lower against BTC and ETH respectively.

See Also: How to Buy Dogecoin (DOGE)

Theta Fuel (TFUEL) was the top gainer in a 24-hour period as per CoinMarketCap data. The fuel token of Theta Network traded 24.14% higher at $0.63 at press time. TFUEL’s weekly gains stood at 78.55%. Against both BTC and ETH, TFUEL rose 19.08% and 22.11% in a 24-hour period. 

Theta Network’s governance token, THETA (THETA) traded 3.6% lower at $8.66 at press time over 24-hours. THETA was in the green by 13.02% in a seven-day period.

THETA was down 0.94% against BTC but gained 1.57% against ETH in a 24-hour period.

Why It Matters: TFUEL’s upward march continued for the second straight day even as major cryptocurrencies plunged ahead of the associated project releasing the Mainnet 3.0 on June 30.

See Also: As Crypto Market Plunges, Bitcoin, Dogecoin Bulls Preach ‘Keep Calm And Hodl’

A number of upgrades are expected including an update to THETA/TFUEL economics, adjustment to the fee and gas and TFUEL burn.

Theta Network announced the release of scalability and peering upgrades for its Guardian Node GUI for Microsoft Corporation (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) made operating systems on Tuesday in preparation of Mainnet 3.0 launch. 

Meanwhile, CoinShares data points to an increasing bearish stance taken by institutional investors towards Bitcoin. Institutional investors have withdrawn $141 million from investment products linked to the apex coin.

Other major gainers on Tuesday night included Helium (HNT) up 5.56% at $13.61 and Solana (SOL) up 4.81% at $40.73 in a 24-hour window.

See Also: EXCLUSIVE: Solana Says Scaling As ‘One Global State’ Sets It Apart From Ethereum, Polkadot, Other Rivals