Crypto Market Watch: Bitcoin, Ether See Losses as Volatile Crypto Market Continues to Lay Low

Bitcoin, after days of staying above the mark of $30,000 (roughly Rs. 24.6 lakh), slipped down the price ladder on Thursday, July 20. With a loss of 0.23 percent, the value of BTC has reduced to $29,994 (roughly Rs 24.6 lakh). This is the first time in at least twenty days that Bitcoin has seen this kind of price drop. In the last 24 hours, the value of BTC has dipped by $29 (roughly Rs. 2,380).

Ether followed Bitcoin on the loss-making side of the crypto price chart. With a loss of 0.89 percent, the value of ETH currently stands at $1,895 (roughly Rs. 1.55 lakh). The second most valued cryptocurrency, ETH lost $17 (roughly Rs. 1,394) price wise.

“Bitcoin witnessed a dip, trading flat over previous day's price, as altcoin activities captured the market. A total of 61,216 ETH has been shifted to a new address at spot rates which increased the price of Ether before it dropped below $1,900 (roughly Rs. 1.55 lakh). The Congress's extension of support towards Crypto in the US is expected to boost the market sentiment further,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Meanwhile, a plethora of cryptocurrencies tailed behind BTC and ETH on the loss side of the crypto price chart on Thursday.

These include Tether, Binance Coin, USD Coin, Litecoin, and Bitcoin Cash.

Shiba Inu, Binance USD, Chainlink, Uniswap, and Cosmos also met with losses.

The overall crypto market valuation slipped by 0.28 percent in the last 24 hours. At present, the crypto market cap remains unchanged from its last day's valuation of $1.21 trillion (roughly Rs. 99,34,039 crore), as per CoinMarketCap. The crypto greed and fear index has jumped six points to re-enter the greed zone with a score of 56/100.

“In the last 24 hours, Ripple (+6.18 percent) continued to be amongst the top performers in terms of volumes and price change alongside its fork XLM (+27 percent). Interestingly, XRP has surpassed the trading volumes of BTC on a majority of exchanges ever since the court ruling against SEC fell in its favour. The crypto market continues to perform in a tight range,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

Among a small number of profit-making cryptocurrencies, Cardano, Solana, Dogecoin, Tron, and Polygon emerged on the green-side of the crypto chart.

Avalanche, Stellar, Leo, Monero, and Cronos also managed to print small gains.

As the markets remain volatile, the funding into the Web3 ecosystem has dropped significantly between June 2022 and June 2023.

A recent report by Crunchbase said that in the first half of last year, projects and startups related to Web3 had managed to raise $16 billion (roughly Rs. 1,31,404 crore) in funding. On the other hand, up until June this year, only $3.6 billion (roughly Rs. 29,568 crore) have been invested by venture capital firms in Web3 initiatives.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.