Crypto Market Watch: Bitcoin, Ether See Profit, Stablecoins See Losses Alongside LEO, SHIB

After two days of seeing losses, Bitcoin managed to mint a small gain of 0.95 percent on Tuesday, July 11. The value of Bitcoin, at the time of writing, stands at $30,499 (roughly Rs. 25 lakh). The most expensive cryptocurrency to exist, BTC recorded a significant gain of $368 (roughly Rs. 30,311). As this week unfolds, investors will be closely watching inflation numbers and jobless claims data for clues about the direction of interest rates. This could impact the market in the coming days.

Ethereum joined Bitcoin on the profit-making side of the crypto price chart. With a profit of 0.64 percent, Ether is trading at the price point of $1,879 (roughly Rs. 1.5 lakh). In the last day, ETH value grew by $27 (roughly Rs. 2,223).

“If inflation continues to rise, the Fed may be forced to raise rates even more aggressively. However, if inflation starts to cool, the Fed may be able to ease off on its rate hikes,” the CoinDCX research team told Gadgets 360.

Binance Coin, Ripple, Cardano, Solana, Litecoin, Polygon, and Polkadot managed to mint small gains.

Bitcoin Cash, Avalanche, Chainlink, Uniswap, Stellar, Cronos, Near Protocol, and Elrond also recorded gains.

In the last 24 hours, the valuation of the crypto sector went up by 1.20 percent to sit at the mark of $1.19 trillion (roughly Rs. 98,00,542 crore), as per CoinMarketCap.

The crypto fear and greed index has also jumped by a point and continues to be in the greed zone with a score of 57/100.

“The top 10 cryptos by market capitalisation are currently trading in the green. After a recent correction in altcoins, traders have finally found some relief in Polygon. The project's native token, MATIC, rallied close to 10 percent in the last 24 hours and recorded its one-month high, regaining almost all of the losses it registered from the delisting announcement on Robinhood. This comes likely on the basis of the recent announcement of Polygon 2.0 and an ever-increasing Total Value Locked (TVL) on its new chain ZkEVM. Broadly, the market is also waiting for important US CPI data for Wednesday,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

Stablecoins meanwhile, recorded small losses on Tuesday. This includes Tether, USD Coin, Binance USD.

Losses also struck Tron, Shiba Inu, Leo, Monero, and Bitcoin SV.

“Bitcoin's price has been hovering around the $30,000 (roughly Rs. 24.7 lakh) level. According to Standard Chartered, the upcoming halving event in April could lead to a price surge as miners hold onto the token, resulting in reduced supply and higher prices,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Standard Chartered Bank has revised its end-of-year BTC targets as they feel BTC can reach $120,000 (roughly Rs. 98 lakh) by the end of 2024, increasing from its target of $100,000 (roughly Rs. 82.3 lakh) The bank also believes that BTC will reach $50,000 (roughly Rs. 41 lakh) by the end of 2023.