Bitcoin, the veteran and most valuable cryptocurrency, has experienced a recent period of subdued trading. On Tuesday, August 8, Bitcoin showed a marginal uptick of 0.24 percent, reaching a trading price of $29,127 (roughly equivalent to Rs. 29,127). Despite its narrow price range, Bitcoin managed to secure a gain of $42 (approximately Rs. 3,477) within the past 24 hours. Notably, industry experts have observed a slight increase in BTC’s market dominance, which had been under pressure recently, now standing at 50.46 percent.
While Bitcoin’s trading volumes have been constrained, this has resulted in volatility dropping to historically low levels. Encouragingly, significant holders, often referred to as “whales,” have shown restraint in selling compared to previous bearish periods. This suggests a high level of confidence in Bitcoin’s long-term potential, as highlighted by insights from the CoinDCX research team shared with Gadgets 360.
Ether, the second-largest cryptocurrency, experienced a slight decline of 0.47 percent, leading to a value of $1,827 (approximately Rs. 1.51 lakh) on Tuesday. Despite maintaining a resilient stance and hovering around the $2,000 mark for an extended period, Ethereum has not yet surpassed this threshold.
Over the past 24 hours, the entire cryptocurrency market experienced a fractional decline of 0.24 percent, resulting in a current market capitalization of $1.16 trillion (about Rs. 96,05,797 crore), according to data from CoinMarketCap.
Although the crypto fear and greed index has seen an increase of five points, it continues to remain in the neutral range, holding a score of 54 out of 100.
Looking ahead, the upcoming week is expected to be influenced by significant macroeconomic data releases. Notably, the US Consumer Price Index (CPI) data for July is scheduled for release on August 10, accompanied by other key economic indicators such as the July Producer Price Index (PPI) on August 11, as well as earnings reports from firms listed on the S&P 500 throughout the week. Given the potential impact of these releases on the crypto markets, traders are advised to anticipate increased volatility, as suggested by the CoinDCX research team.
In the meantime, certain cryptocurrencies, including Tether, USD Coin, Wrapped Bitcoin, Bitcoin Cash, and Stellar, have witnessed marginal gains. Similarly, Leo, Bitcoin SV, Dogefi, and Bitcoin Hedge have also recorded modest profits.
Experts in the industry maintain an optimistic outlook for digital assets, particularly with the growing involvement of established financial players in the cryptocurrency sphere. A notable example is global financial giant PayPal, which recently announced plans to issue a new stablecoin named PYUSD in partnership with Paxos on the Ethereum blockchain. This initiative aims to facilitate swifter global settlements and has been heralded by Paxos as a pivotal moment for the broader cryptocurrency industry.