Crypto Market Watch: Bitcoin, Ether See Minor Profits Despite Market Remaining Lacklustre Overall

Bitcoin's market cap dominance has soared to its highest level, above 58 percent, since 2021.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 4 July 2023 10:49 IST

Crypto Market Watch: Bitcoin, Ether See Minor Profits Despite Market Remaining Lacklustre Overall

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The market cap of the crypto sector, as of July 4, stands at $1.22 trillion

Highlights

Monero, Elrond saw gains
Stablecoins saw losses
Uniswap, Stellar also recorded price dips

Bitcoin on Tuesday, July 4 reflected a profit of 1.32 percent to trade at the price point of $31,226 (roughly Rs. 25.5 lakh). While the overall crypto market continues to show losses next to every alternate altcoin, Bitcoin has impressively managed to keep trading over the mark of $30,000 (roughly Rs. 24.5 lakh). Bitcoin's market cap dominance has soared to its highest level, above 58 percent, since 2021. This means that Bitcoin now accounts for more than half of the total market capitalisation of all crypto markets owing to the recent decline in altcoin prices and the growing interest from institutional investors like BlackRock and Fidelity into Bitcoin.

Ether tagged behind Bitcoin on the profit-side of the crypto price chart on Tuesday. At the time of writing, ETH was trading at $1,957 (roughly Rs. 1.6 lakh) with a small profit of 0.47 percent.

“Crypto markets have showcased slow upward movement for the second day. The BTC ETF narrative continues to keep the market sentiment and prices afloat. After the SEC deemed the last Bitcoin ETF filing as inadequate, the world's biggest asset management firm BlackRock has reapplied for the famous Bitcoin ETF, moving one step closer to Bitcoin gaining massive institutional adoption,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

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Ripple, Cardano, Dogecoin, Tron, and Polygon recorded gains alongside BTC and ETH.

Shiba Inu, Leo, Cosmos, Monero, and Elrond also reeled-in minor gains.

“Despite getting another delisting announcement from a famous digital banking platform Revoult, MATIC (+3.09 percent), ADA (+0.3 percent) and SOL (-1.08 percent) have seen significant resistance in getting more downside proving that these coins had already factored in these possibilities and were trading at a huge discount. While MATIC has been surging on its recent announcement of Polygon 2.0, any further positive developments in these coins can prove to be bullish,” Hudda added.

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In the last 24 hours, the overall valuation of the crypto sector rose by 0.89 percent with its capitalisation touching $1.22 trillion (roughly Rs. 99,97,680 crore), CoinMarketCap.

The crypto fear and greed index is up by two points, furthering into the greed zone with a score of 64/100.

Tether, Binance Coin, and USD Coin however, reeled-in under losses on Tuesday.

Small losses also struck Litecoin, Solana, Polkadot, and Bitcoin Cash alongside Avalanche, Chainlink, Uniswap, and Stellar.

“Around 79 percent of the BTC circulating supply is in profit, which signals a healthy outlook for the largest crypto asset. This substantial percentage suggests a potential for sustained upward movement in Bitcoin's price cycle,” the CoinDCX research team told Gadgets 360.

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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