BTC, ETH Trade Healthy Despite Volatility, Crypto Market Cap Stays Over Trillion Dollar

Bitcoin, that incurred a minor loss of 1.6 percent, opened trading at $24,383 (roughly Rs. 19.30 lakh), as per Indian exchange CoinSwitch Kuber.

By Radhika Parashar | Updated: 1 August 2022 10:58 IST

BTC, ETH Trade Healthy Despite Volatility, Crypto Market Cap Stays Over Trillion Dollar

Photo Credit: Pexels/ Alesia Kozik

Currently, the market cap of the crypto sector stands at $1.09 trillion

Highlights

Dogecoin saw losses, SHIB saw gains
Elrond, EOS Coin reeled-in gains
Binance Coin witnessed losses

The crypto charts showed more dips than gains on the first day of August 2022. Bitcoin, that incurred a minor loss of 1.6 percent, opened trading at $24,383 (roughly Rs. 19.30 lakh), as per Indian exchange CoinSwitch Kuber. Small losses also hit Bitcoin on a global level. The price trackers on Binance and Coinbase, for instance, show BTC values down by around 1.80 percent. Despite these slips, however, the oldest crypto currency has maintained its price at around $23,352 (roughly Rs. 18.40 lakh).

Ether price showed a rise of 1.60 percent as it opened trading on August 1, Monday. As per Gadgets 360's crypto price tracker, ETH is presently trading at $1,771 (roughly Rs. 1.40 lakh).

After the US Federal Reserve enacted its second consecutive 0.75 percentage point interest rate increase last week, majority cryptocurrencies witnessed notable fluctuations in their daily trade prices.

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Miniscule losses touched Binance Coin, Ripple, Cardano, Solana, Polkadot, and Polygon among other altcoins.

Meanwhile, Tether, USD Coin, Shiba Inu, Tron, EOS Coin, and Elrond managed to reel-in small, but significant gains.

“If BTC continues this relief rally, we might see it touch the $25,000
(roughly Rs. 20 lakh) level this week. This trend shows how strong buyers are in the market. Overall, the market seems to have turned away from the impacts of bearishness,” Edul Patel, CEO and co-founder of crypto investment firm Mudrex told Gadgets 360.

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Currently, the market cap of the crypto sector stands at $1.09 trillion (roughly Rs. 86,30,808 crore), down by 0.97 percent over the last day, as per CoinMarketCap.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Solana, Cardano, Polkadot, Polygon, Tether, USD Coin, Shiba Inu, Tron, EOS Coin, Elrond

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