Crypto Market Watch: Bitcoin, Ether Mint Profits After Days of Laying Low, Losses Strike Underdog Altcoins

The crypto price chart reflected profits next to most of the popular cryptocurrencies, while underdog altcoins settled in losses. After days of stewing in losses, Bitcoin finally managed to mint profits on Wednesday, July 26. With a miniscule gain of 0.38 percent, BTC is trading at the price point of $29,151 (roughly Rs. 23.8 lakh). This marks the fifth day in a row that the most expensive cryptocurrency is trading under the mark of $30,000 (roughly Rs. 24.5 lakh).

“Despite starting the week at a one-month low, BTC has displayed indications of a slow rebound. While its value has declined by 56 percent from the all-time high, it remains impressive with a 76 percent increase in the year-to-date cycle,” Edul Patel, CEO, Mudrex crypto investment firm, told Gadgets 360.

Ether, just like Bitcoin, is trading in the greens today. Ether bagged a profit of 0.40 percent on Wednesday, taking its value to $1,853 (roughly Rs. 1.51 lakh).

With both top cryptocurrencies trading in profits, a bunch of regularly traded and popular altcoins reflected greens on the crypto price chart as well.

These include Tether, Ripple, USD Coin, Dogecoin, Solana, Tron, and Litecoin.

Shiba Inu, Avalanche, Binance USD, Leo, and Uniswap also minted gains.

“If we compare BTC's current price action with its historical performance during the last bull run, BTC found support around the $28-30k levels around May'21 - Jul'21. Studying this comparison, a longer stay around the current price levels can be expected. DOGE on the other hand keeps showing strength and trading around 8 cents. Elon Musk's ‘X' factor can be a real catalyst in DOGE's growth,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

The overall crypto market valuation grew by 0.66 percent in the last 24 hours to sit on the capitalisation of $1.18 trillion (roughly Rs. 96,62,017 crore).

The crypto fear and greed index has jumped by a single point and remains in the neutral zone with a score of 51/100.

Meanwhile, altcoins that registered losses include Binance Coin, Cardano, Polygon, Polkadot, and Bitcoin Cash.

Underdog cryptocurrencies like Aave, Elrond, EOS Coin, Decentraland, and Bitcoin SV are also reeling under losses.

“The decline was primarily driven by concerns about a potential rate hike from the Federal Open Market Committee (FOMC) meeting this week. The FOMC is expected to raise interest rates by 25 basis points. Investors are closely monitoring the market dynamics to make informed decisions amid the uncertainty surrounding the FOMC meeting,” the CoinDCX research team told Gadgets 360.

Despite the ongoing volatility as well as uncertainty on the regulatory front, Japan's Prime Minister has shown support that Web3 can shape the future of the Internet. Binance, the world's largest international exchange, is going back to operating in the country after shutting down operations in 2018.

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.