Crypto Market Watch: Bitcoin Hangs on to $30,000 Mark as Solana, Polygon, Tron Join Most Altcoins in Losses

For the second day this week, the crypto price chart reflected more losses than profits on Wednesday, July 19. A loss of 0.28 percent was registered by Bitcoin, the trading value of which barely managed to hang on to the mark of $30,000 (roughly Rs. 24 lakh). At the time of writing, the value of BTC stood at the price point of $30,023 (roughly Rs. 24.6 lakh). With this, the most expensive cryptocurrency has recorded a loss of $134 (roughly Rs. 11,000) over the last 24 hours.

“BTC has experienced a three-day decline today. Despite the bearish pressure aiming to drag BTC down, bullish forces persistently strive to maintain its position above $30,000, keeping its year-to-date gains stand at an impressive 84 percent,” Edul Patel, the CEO of crypto investment firm Mudrex, told Gadgets 360.

Losses recorded by Bitcoin impacted the market movement of several altcoins on Wednesday.

These include Binance Coin, Solana, Dogecoin, Tron, Polygon, and Polkadot.

Other cryptocurrencies to have slipped down the price ladder today include Avalanche, Bitcoin Cash, Shiba Inu, Chainlink, Uniswap, and Cosmos.

Ether, meanwhile, recorded a small profit of 0.24 percent on Wednesday. The second largest cryptocurrency after Bitcoin, ETH is trading at $1,912 (roughly Rs. 1.56 lakh).

Other altcoins rallying with profits include Tether, Ripple, USD Coin, Cardano, and Litecoin.

Small profits were also minted by Binance USD, Stellar, Near Protocol, and Bitcoin SV.

The overall crypto market valuation rose by 0.42 percent in the last 24 hours to sit atop the capitalisation of $1.21 trillion (roughly Rs. 99,34,039 crore), as per CoinMarketCap.

The crypto fear and greed index, down 6 points, has now entered the neutral zone with a score of 50/100.

“Popular altcoins like XRP (+8.3 percent), XLM (+5.68 percent), and SNX (+4.58 percent) have shown some strength at the back of their recent developments. XRP pump can be attributed to the recent SEC lawsuit verdict. In other news, Binance has integrated Lighting Network on Bitcoin withdrawals which has reduced the BTC withdrawal fees by more than 90 percent; from close to a few dollars to a few cents. This may further BTC's adoption as transferring BTC will become cheaper,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.