BTC, ETH Open With Losses, Crypto Market Cap Slips Below Trillion Dollar Mark

As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $19,808 (roughly Rs. 15.80 lakh).

By Radhika Parashar | Updated: 29 August 2022 11:33 IST

BTC, ETH Open With Losses, Crypto Market Cap Slips Below Trillion Dollar Mark

Photo Credit: Pixabay/ Sergei Tokmakov

Currently, the valuation of the crypto industry stands at $954.11 billion (roughly Rs. 76,35,042 crore)

Highlights

Cardano, Solana saw gains
Monero, Bitcoin Cash saw losses
DOGE, SHIB saw dips

The month of August elevated the base prices of several cryptocurrencies, however, majority cryptocurrencies saw losses as the month inches closer to its end. Bitcoin on Monday, August 29, opened with a minor price loss of 0.74 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $19,808 (roughly Rs. 15.80 lakh). On international exchanges as well, BTC failed to see any profits. As per CoinMarketCap and Binance, BTC prices are hovering around the similar mark of $19,830 (roughly Rs. 15.80 lakh).

Ether conventionally trailed behind BTC to see losses. As per Gadgets 360's crypto price tracker, ETH is presently priced at $1,450 (roughly Rs. 1.16 lakh) after incurring a loss of 2.70 percent.

Tether, Ripple, Cardano, Solana, Polkadot, and Polygon saw losses.

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Even Dogecoin and Shiba Inu failed to garner gains amid the prevailing market volatility.

“After the Fed announcement to increase the interest rates, Bitcoin, Ethereum, and most cryptocurrencies were unable to resume gains. Investors are keenly looking for improvement in the market, but there has not been little change. If BTC's price closes below the $19,500 (roughly Rs. 15.60 lakh) level today, we could see it going even lower,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.

Among a handful of gainers, Binance Coin, Binance USD, Litecoin, Monero, and Bitcoin Cash marked their names.

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“Overall, the underlying sentiment suggests a downward trend in the coming week,” Patel noted.

As per CoinMarketCap, the overall market cap of the crypto sector has slipped below the trillion-dollar mark.

Currently, the valuation of the crypto industry stands at $954.11 billion (roughly Rs. 76,35,042 crore), with a 1.29 percent decrease over the last day.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, Ripple, Cardano, Solana, Polkadot, Polygon, Dogecoin, Shiba Inu, Binance Coin, Binance USD, Litecoin, Monero, Bitcoin Cash

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