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

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.

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).

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.

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