Bitcoin Price Fails to Reach $30,000, Popular Altcoins Such as DOGE, ADA Saw Losses

Bitcoin, the oldest and most expensive cryptocurrency to exist, has been trading lowly for the last few weeks. On Tuesday, August 8, Bitcoin reflected a minor gain of 0.24 percent to trade at the price point of $29,127 (roughly Rs. 24 lakh). Despite its rangebound movement, Bitcoin did manage to gain $42 (roughly Rs. 3,477) in the last 24 hours. As per industry analysts, BTC's dominance has seen a small uptick after having been bent for days and is now at 50.46 percent.

“Overall, Bitcoin is seeing its volumes suppressed, leading volatility to head back to its lowest-ever levels. On the positive side, whales appear to be holding back from selling compared to previous bear markets. This suggests that they are confident in the long-term prospects of Bitcoin,” the CoinDCX research team told Gadgets 360.

Ether price slipped by 0.47 percent taking its value to $1,827 (roughly Rs. 1.51 lakh) on Tuesday. The second largest cryptocurrency after Bitcoin, ETH has held firm ground in terms of keeping its price close to the mark of $2,000 (roughly Rs. 1.63 lakh) for months, but it has not been able to breach the point.

Most of the popular cryptocurrencies are trading in losses today.

These include Binance Coin, Ripple, Dogecoin, Cardano, Solana, and Tron.

Furthermore, Polygon, Litecoin, Polkadot, and Shiba Inu also traded in reds on Tuesday.

In the last 24 hours, the valuation of the overall crypto market dipped by 0.24 percent. Its current capitalisation stands at $1.16 trillion (roughly Rs. 96,05,797 crore), showed CoinMarketCap.

The crypto fear and greed index, however, has also jumped five points and continues to remain in the neutral zone with a score of 54/100.

“The week ahead is likely to be dominated by macro data releases, with the US Consumer Price Index (CPI) data for July due on August 10. Other macro data due in the coming days includes the July Producer Price Index (PPI) print on August 11, as well as S&P 500 firm earnings throughout the week. These releases could also have a significant impact on crypto markets, so traders could anticipate volatility,” the CoinDCX team added.

Meanwhile, Tether, USD Coin, Wrapped Bitcoin, Bitcoin Cash, and Stellar managed to mint minor gains.

Leo, Bitcoin SV, Dogefi, and Bitcoin Hedge also recorded small profits.

Industry experts remain hopeful about the future of digital assets, as more existing payment giants are joining the crypto club.

Global financial giant PayPal, for instance, has announced that it will start issuing a fresh stable coin called PYUSD in association with Paxos on the Ethereum blockchain. The aim is to enable faster global settlements. Paxos has gone ahead and called this a “watershed moment” for the wider crypto industry.