Bitcoin and Ether are seeing gains again after the losing streak, most Altcoins are seeing gains
Bitcoin price reflected a profitable recovery on Monday after weeks of trading in losses. Up slightly by 0.06 percent, bitcoin is currently priced at $26,093 (roughly 21.7 lakh rupees). Bitcoin, the most valuable asset in the crypto kingdom, fell last week to $26,000 (about 21.6 lakh rupees) for the first time in two months. According to market data, investors recorded $1 billion (about 8,308 crore rupees) in losses in crypto liquidations as a result of the market turmoil on Friday last week.
Ether joined Bitcoin on the profitable side of the crypto price chart. After gaining 0.63 percent on Monday, ETH showed a trading value of $1,678 (about 1.39 lakh rupees).
“This move may reflect widespread selling caused by independent triggers such as a lack of clarity in the Grayscale vs. US SEC case for a bitcoin ETF, SpaceX writing down the value of its bitcoin reserves, and China’s Evergrande filing for bankruptcy “Edul Patel, co-founder and CEO of crypto investment firm Mudrex, told Gadgets 360.
At the start of the last August phase, most cryptocurrencies showed gains on the price chart.
These include Ripple, USD Coin, Cardano and Tron, as well as Polkadot and Polygon.
In addition to Cosmos, Cronos and Near Protocol, other profitable cryptocurrencies include Litecoin, Avalanche, Leo, Stellar, Chainlink and Monero.
According to CoinMarketCap, the overall valuation of the crypto market increased by 0.12 percent over the past 24 hours, reaching a market cap of $1.06 trillion as of Aug. 21.
The crypto fear and greed index is up one point from yesterday and is currently in the fear zone at 38/100.
“After falling nearly 11 percent over the past seven days, BTC and ETH have stabilized. “The market seems inclined to believe that last week’s decline in BTC and therefore the crypto market is due to a correction as sentiment around BTC ETFs cools,” said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, versus Gadgets 360.
“Other reasons could include BTC’s low volume and volatility, the current state of the Chinese economy, and a spike in US Treasury yields. XRP (+3.3 percent) led the gainers despite the SEC appealing the June court ruling in favor of Ripple Labs,” Chaturvedi added.
A small number of cryptocurrencies saw losses today. These include Binance Coin, Dogecoin, Solana, Shiba Inu, Binance USD, Uniswap, and EOS Coin.
“The market faced significant liquidations that coincided with ongoing discussions of potential rate hikes in the United States, contributing to the observed market corrections,” the CoinDCX research team told Gadgets 360, forecasting more stability in the coming days.
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