Bitcoin, the oldest and most expensive cryptocurrency in existence, has been trading at low prices for the past few weeks. Bitcoin edged up 0.24 percent to trade at $29,127 (roughly Rs 2.4 lakh) on Tuesday, August 8. Despite the range-bound action, Bitcoin did gain $42 (roughly Rs 3,477) in the last 24 hours. Industry analysts said BTC’s dominance has seen a slight increase, now at 50.46%, after several days of losses.
“Overall, Bitcoin’s trading volume has been subdued, causing volatility to return to record lows. On the positive side, whales seem reluctant to sell compared to previous bear markets. This shows their long-term interest in Bitcoin. The outlook is full of confidence.” CoinDCX research team told Gadgets 360.
Ether prices fell 0.47 percent to $1,827 (roughly Rs 1.51 lakh) on Tuesday. ETH, the second-largest cryptocurrency after Bitcoin, has held firm near $2,000 (Rs 1.63 lakh) for months but has been unable to break through it.
Today, most popular cryptocurrencies are in the red.
These include Binance Coin, Ripple, Dogecoin, Cardano, Solana, and Tron.
Additionally, Polygon, Litecoin, Polkadot, and Shiba Inu were also trading in the red on Tuesday.
Over the past 24 hours, the valuation of the entire cryptocurrency market has dropped by 0.24%. shows that its current capitalization is $1.16 trillion (approximately Rs 9,605,797 crore) coin market cap.
However, the Crypto Fear and Greed Index also jumped 5 percentage points and remains in neutral territory with a score of 54/100.
“The week ahead is likely to be dominated by macro data releases, with US July consumer price index (CPI) data due on Aug. 10. Other macro data releases in the coming days include July producer price index (PPI). 8 11, as well as S&P 500 company earnings reports throughout the week. These releases can also have a significant impact on the crypto market, so traders can predict volatility,” the CoinDCX team added.
Meanwhile, Tether, USD Coin, Wrapped Bitcoin, Bitcoin Cash, and Stellar all posted modest gains.
Leo, Bitcoin SV, Dogefi and Bitcoin Hedge also recorded small profits.
With more and more existing payment giants joining the cryptocurrency club, industry experts remain hopeful about the future of digital assets.
For example, global financial giant PayPal announced that it will begin issuing a new stablecoin called PYUSD in partnership with Paxos on the Ethereum blockchain. The aim is to enable faster global settlements. Paxos called this a “watershed moment” for the broader crypto industry.
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