Crypto Market Watch: Bitcoin Slips Slightly Despite Most Altcoins Rallying With Profits Behind Ether

The crypto price chart by Gadgets 360 reflected profits next to most cryptocurrencies on Friday, July 21. Bitcoin, however, was not among profit-making cryptocurrencies on the day. With a minor loss of 0.21 percent, Bitcoin continued to trade below the mark of $30,000 (roughly Rs. 24.6 lakh) for the second consecutive day. At the time of writing, BTC was trading at $29,878 (roughly Rs. 24.5 lakh). In the last 24 hours, the value of Bitcoin dropped by $116 (roughly Rs. 9,515).

“Bitcoin remained below the $30,000 (roughly Rs. 24.6 lakh) mark, influenced by factors such as investors capitalising on profits and the strengthening US dollar. At one point, BTC even dipped to its lowest level in a month, touching $29,500 (roughly Rs. 24.1 lakh). Presently, BTC faces immediate resistance at the $30,000 level, while support lies at $29,600 (roughly Rs. 24.2 lakh),” Edul Patel, CEO of the Mudrex crypto investment firm, told Gadgets 360.

Tether, Ripple, and Cardano were found amongst the fewer cryptocurrencies that settled in losses today.

Minor price dips also struck Solana, Avalanche, Wrapped Bitcoin, Stellar, Monero, and Elrond.

“The current market sentiment has not been much impacted by how the Fed's rate hikes will pan out in the next few weeks,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360, weighing in on the fact that except for these aforementioned altcoins, most other cryptocurrencies have seen profits today. “The recent price decrease of Bitcoin hasn't quite affected the sentiment among users either, although the initial enthusiasm for Bitcoin's ETF might have diminished, but investors remain optimistic,” Menon added.

Dogecoin and Shiba Inu, both memecoins, which have been reeling under losses for a while now, emerged on the profit-making side of the crypto chart today.

Ether registered a small gain of 0.5 percent to trade at the price point of $1,896 (roughly Rs. 1.55 lakh).

Binance Coin, Dogecoin, Tron, Polygon, Polkadot, and Litecoin also minted small gains.

The overall crypto market cap dipped by 0.19 percent in the last 24 hours to touch the valuation of $1.2 trillion (roughly Rs. 98,43,000 crore), as per CoinMarketCap.

The crypto fear and greed index has swung back into the neutral zone after shedding six points; the current score is at 50/100.

“BTC, for another day, traded flat while altcoins registered some significant developments. LINK (+17.3 percent) is making a big move after launching its CCIP (Cross-Chain Interoperability Protocol). Good moves in other prominent DeFi tokens like MKR (+8.38 percent), SNX (+5.96 percent), and COMP (+5.29 percent) underline that the current market interest is around accumulating quality DeFi protocols before Bitcoin coves out of its tight range of trading. On the other hand, Polygon's native token, MATIC (+1.39 percent), continues to fundamentally become more solid as it has surpassed its parent blockchain—Ethereum—and another popular layer 1 protocol—Solana, in terms of daily active users,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

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