Crypto Market Watch: Bitcoin Holds Price Over $30,000, Small Losses Strike Ether and Several Other Altcoins

The value of Bitcoin, at the time of writing, stood at $30,255 (roughly Rs. 24.8 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 17 July 2023 11:43 IST

Crypto Market Watch: Bitcoin Holds Price Over $30,000, Small Losses Strike Ether and Several Other Altcoins

Photo Credit: Pixabay/ Dean Crosby

The valuation of the crypto sector stands at $1.21 trillion

Highlights

Iota, Zcash recorded small profits
Dogecoin, Shiba Inu saw losses
Elrond, Bitcoin SV registered gains

The crypto market crossed the second weekend of July with more cryptocurrencies seeing losses than profits. Bitcoin on Monday, July 17, saw a profit of 0.14 percent. The value of Bitcoin at the time of writing, stood at $30,255 (roughly Rs. 24.8 lakh). In the coming days, the SEC is likely review BlackRock's spot BTC ETF application. The crypto market could see a positive price action in BTC's performance if the application is approved.

Ether dropped in value by 0.30 percent, showed the crypto price tracker by Gadgets 360. The value of ETH is presently hovering over the price point of $1,924 (roughly Rs. 1.58 lakh).

With BTC and ETH taking different routes, the crypto price chart is distinctly divided into two sides.

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Ripple, USD Coin, and Solana followed Bitcoin on the profit-making side of the crypto price chart.

Stellar, Uniswap, Elrond, Bitcoin SV, Iota, and Zcash also managed to mint small profits.

“The market has reached a resistance level for the past few weeks. The approval of Bitcoin's spot ETF application can help it move upward and reach the projected levels for this year with a potential increase of approx. 20 percent. Ripple's victory against SEC has given the market an impetus to be bullish about the future of crypto,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

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Meanwhile on the other hand, losses struck Tether, Binance Coin, Cardano, Dogecoin, and Polygon.

Tron, Litecoin, Polkadot, Avalanche, and Bitcoin Cash also registered minor dips, but substantial enough to turn the crypto price chart red.

Hinting towards a subtle correction in the market and investor sentiment, the crypto fear and greed index is down three points from yesterday. The index has re-entered the neutral zone with the current score of 54/100.

The overall crypto market valuation recorded a gain of 0.26 percent in the last 24 hours. The crypto market cap, at the time of writing, stood at the mark of $1.21 trillion (roughly Rs. 99,43,864 crore).

There are some developments in the crypto pipeline however, that, in a wider picture could trigger developments in the Web3 space. These plans are keeping industry experts hopeful about better days coming for crypto.

“From a tokenomics lens, CLabs, the entity behind the Celo blockchain, is aiming to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution. This move is likely to positively impact the developers, and enable increased security, without impacting the users. This news has led to an upward price trend for CELO (+13.59 percent),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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