Crypto Market Watch: Bitcoin, Ether Mint Profits After Days of Laying Low, Losses Strike Underdog Altcoins
Pubnews: Crypto Market Watch: Bitcoin, Ether Mint Profits After Days of Laying Low, Losses Strike Underdog Altcoins. The crypto price chart reflected profits next to most of the popular cryptocurrencies, while underdog altcoins settled in losses. After days of stewing in losses, Bitcoin finally managed to mint profits on Wednesday, July 26. With a minuscule gain of 0.38 percent, BTC is trading at the price point of $29,151 (roughly Rs. 23.8 lacks). This marks the fifth day in a row that the most expensive cryptocurrency is trading under the mark of $30,000 (roughly Rs. 24.5 lacks).
“BTC, after hitting a one-month low at the start of the week, has demonstrated signs of a gradual recovery, as noted by Edul Patel, CEO of Mudrex crypto investment firm. Although its value has decreased by 56 percent from its all-time high, it still impressively boasts a 76 percent increase in the year-to-date cycle.
Similarly, Ether has joined Bitcoin in trading with gains. On Wednesday, Ether recorded a profit of 0.40 percent, reaching a value of $1,853 (approximately Rs. 1.51 lakh).
The positive trend extends to other popular altcoins as well, with Tether, Ripple, USD Coin, Dogecoin, Solana, Tron, and Litecoin all reflecting gains on the crypto price chart. Shiba Inu, Avalanche, Binance USD, Leo, and Uniswap also experienced growth.
According to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, comparing BTC’s current price action to its historical performance during the last bull run suggests that a more extended period at the current price levels can be expected. As for DOGE, its strength persists, trading around 8 cents, and Elon Musk’s influence could be a significant factor in its growth.
Over the past 24 hours, the overall crypto market valuation has grown by 0.66 percent, reaching a total capitalization of $1.18 trillion (about Rs. 96,62,017 crore). The crypto fear and greed index has increased by one point and now sits in the neutral zone with a score of 51/100.
However, some altcoins have experienced losses, including Binance Coin, Cardano, Polygon, Polkadot, and Bitcoin Cash. Underdog cryptocurrencies like Aave, Elrond, EOS Coin, Decentraland, and Bitcoin SV are also facing declines.
The recent decline in the market is mainly driven by concerns about a potential interest rate hike from the Federal Open Market Committee (FOMC) meeting this week. Investors are closely monitoring market dynamics amid the uncertainty surrounding the FOMC meeting, according to insights from the CoinDCX research team.
Despite ongoing volatility and regulatory uncertainties, Japan’s Prime Minister has expressed support for Web3’s potential in shaping the future of the Internet. Additionally, Binance, the world’s largest international exchange, is set to resume operations in Japan after previously shutting down its services in 2018.”