Bitcoin, the world’s oldest and most valued crypto, failed to rise above the $30,000 mark early Tuesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw a minor dips across the board. The market fear and greed index stood at neutral, scoring 50 (out of 100). The Hedera (HBAR) token emerged to be the biggest gainer, with a 24-hour jump of nearly 6 percent. The XDC Network (XDC), on the other hand, turned out to be the biggest loser, with a 24-hour dip of over 7 percent.
The global crypto market cap stood at $1.16 trillion at the time of writing, registering a 24-hour loss of 0.23 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $29,179.72, registering a 24-hour gain of 0.26 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25.11lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,827.77 marking a 24-hour dip of 0.44 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.56 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 1.80 percent, as per CoinMarketCap data, currently priced at $0.07373. As per WazirX, Dogecoin price in India stood at Rs 6.31.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.03 percent. At the time of writing, it was trading at $82.21. LTC price in India stood at Rs 7,002.13.
Ripple (XRP) Price Today
XRP price stood at $0.6202, seeing a 24-hour loss of 0.75 percent. As per WazirX, Ripple price stood at Rs 53.20.
Solana (SOL) Price Today
Solana price stood at $23.05, marking a 24-hour dip of 0.72 percent. As per WazirX, SOL price in India stood at Rs 1,931.24.
Top Crypto Gainers Today (August 8)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 5.83 percent
24-hour gain: 2.25 percent
Bitcoin Cash (BCH)
24-hour gain: 2.23 percent
24-hour gain: 2.06 percent
Trust Wallet Token (TWT)
24-hour gain: 1.74 percent
Top Crypto Losers Today (August 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
XDC Network (XDC)
24-hour loss: 7.86 percent
24-hour loss: 6.40 percent
24-hour loss: 5.57 percent
Frax Share (FXS)
24-hour loss: 5.21 percent
24-hour loss: 5 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Presently, Bitcoin’s trading value has surpassed the $29,000 mark. During the preceding night, it briefly fell below $29,000 but quickly rebounded. This phenomenon could potentially find its roots in the recent launch of PayPal’s stablecoin, PYUSD, a digital asset pegged to the US dollar. Additionally, the surge in Bitcoin’s price might be attributed to bullish traders closely observing the impending US July Consumer Price Index report to identify consistent inflation trends. Historically, the Federal Reserve’s approach of monetary tightening triggers market expectations of impending rate reductions, causing Bitcoin’s price to fluctuate. In contrast, Ethereum’s trading range remains steady, fluctuating between $1,800 and $1,850.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “The crypto market continues to be range-bound. The global crypto market capitalization, down 0.2 percent, continues to be above $1.2 trillion. The crypto fear and greed index, however, has jumped 5 points and continues to remain in the neutral zone with a score of 54/100.”
Rajagopal Menon, Vice President, WazirX, offered his take, “Bitcoin edges towards $30,000, driven by positive sentiment. The push beyond $30,000 hinges on the US July Consumer Price Index (CPI) report, reflecting inflation trends. The value of Bitcoin has historically been intertwined with market sentiments surrounding the Federal Reserve’s monetary tightening and the anticipation of rate cuts. On WazirX, Dodo (DODO) and Dusk Network (DUSK) have been the top gainers in the last 24 hours.”
Shivam Thakral, the CEO of BuyUCoin, said, “In the middle of the digital revolution, the cryptocurrency sector is booming. Its volume increased by a startling 49.70 percent over the previous day to a stunning $32.34 billion. The giant of global payments, PayPal, has announced its entry into the cryptocurrency space with the launch of PayPal USD (PYUSD), an Ethereum-based stablecoin. The action is historic because it is the first time a big financial institution has released its own stablecoin.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “As of Monday, Bitcoin (BTC/USD) is trapped in a tight trading range with the $30,000 and $29,000 resistance and support levels respectively. Technical indicators such as RSI and MACD indicate a neutral outlook in the current situation. The price chart shows an ongoing downtrend and reaches $29,100. This downtrend may persist and potentially push Bitcoin towards the $28,700 level where some support could be found. However, a break of the support below $28,700 could lead to a further decline towards the $28,200 level. The market remains uncertain and investors should closely monitor Bitcoin price movements for signs of a possible reversal or further decline.”
CoinDCX Research Team told ABP Live, “Bitcoin (BTC) price has been consolidating between $28,900 to $29,280 for the past few weeks, with no clear direction. Overall, Bitcoin is seeing its volumes suppressed, leading volatility to head back to its lowest-ever levels. On the positive side, whales appear to be holding back from selling compared to previous bear markets. This suggests that they are confident in the long-term prospects of Bitcoin.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.