Crypto Market Watch: Bitcoin, Ether Retain Risen Prices Despite Minor Losses, Stablecoins Reflect Gains

Bitcoin is trading at $30,790 (roughly Rs. 25 lakh) after incurring a small loss of 1.36 percent.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 5 July 2023 11:27 IST

Crypto Market Watch: Bitcoin, Ether Retain Risen Prices Despite Minor Losses, Stablecoins Reflect Gains

Photo Credit: Unsplash/ Josh Appel

The crypto market cap stands at the mark of $1.21 trillion

Highlights

Stellar saw losses
Bitcoin Cash recorded price slips
Uniswap, Cosmos saw profits

The crypto price chart reflected profits next to stablecoins and a number of underdog cryptocurrencies, but Bitcoin and Ether did not make the cut. Bitcoin on Wednesday, July 5, incurred a small loss of 1.36 percent. Despite the minor price slip, Bitcoin is trading at $30,790 (roughly Rs. 25 lakh), having recorded only a minor difference over its last day's pricing. The most expensive cryptocurrency, in the last 24 hours, dropped by $436 (roughly Rs. 35,800). Industry analysts believe as long as BTC is trading above the mark of $30,000 (roughly Rs. 24.5 lakh), chances of it spiking even higher remains feasible.

Ether recorded a price slip of 0.75 percent on Wednesday, to trade at $1,938 (roughly Rs. 1.5 lakh). Over the last day, the second most valued cryptocurrency dropped in value by $19 (roughly Rs. 1,559).

“Bitcoin and Ether prices have decreased slightly after a weekend of low market activity in the US. However, Bitcoin still holds strong at above $30,000, with moving averages indicating at a strong buy sentiment,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

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Binance Coin, Cardano, Litecoin, Polkadot, Polygon, and Bitcoin Cash joined BTC and ETH in recording losses.

Shiba Inu, Avalanche, Chainlink, Monero, and Stellar also failed to see profits on Wednesday.

In the last 24 hours, the overall crypto market valuation fell by 0.88 percent to currently stand at the mark of $1.21 trillion (roughly Rs. 99,33,192 crore).

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The crypto fear and greed index also dipped by three points but remains within the greed zone with a score of 61/100.

On the other side of the crypto chart, cryptocurrencies that managed to record profits include Tether, Ripple, and Binance USD.

Small gains also added to the values of Dogecoin, Solana, Tron, Leo, Cosmos, and Uniswap.

“Polygon's co-founder Sandeep Nailwal announced that a Polygon-based startup Airchain has partnered with the West Bengal Government to digitally track and record land ownership. This is a step further in blockchain's real-world adoption and long-term bullish news for Polygon's native token MATIC (-2.95 percent),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Meanwhile, Liquid staking tokens (LSTs) have begun to pick up momentum this month as the second half of the year edges closer toward a highly anticipated Ethereum upgrade.

“LST platforms and protocols like Lido and Rocketpool have so far accrued $20 billion (roughly Rs. 1,64,225 crore) in total value locked, representing around 10.3 million ETH,” the CoinDCX research team noted.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More