Crypto Market Watch: Bitcoin, Ether See Losses as Volatile Crypto Market Continues to Lay Low

With a loss of 0.23 percent, the value of BTC has reduced to $29,994 (roughly Rs 24.6 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 20 July 2023 11:24 IST

Crypto Market Watch: Bitcoin, Ether See Losses as Volatile Crypto Market Continues to Lay Low

Photo Credit: Pixabay/ WorldSpectrum

The valuation of the crypto sector, as of July 20, stood at $1.21 trillion

Highlights

Litecoin recorded losses
Uniswap, Cosmos also recorded price dips
Polygon, Monero recorded small profits

Bitcoin, after days of staying above the mark of $30,000 (roughly Rs. 24.6 lakh), slipped down the price ladder on Thursday, July 20. With a loss of 0.23 percent, the value of BTC has reduced to $29,994 (roughly Rs 24.6 lakh). This is the first time in at least twenty days that Bitcoin has seen this kind of price drop. In the last 24 hours, the value of BTC has dipped by $29 (roughly Rs. 2,380).

Ether followed Bitcoin on the loss-making side of the crypto price chart. With a loss of 0.89 percent, the value of ETH currently stands at $1,895 (roughly Rs. 1.55 lakh). The second most valued cryptocurrency, ETH lost $17 (roughly Rs. 1,394) price wise.

“Bitcoin witnessed a dip, trading flat over previous day's price, as altcoin activities captured the market. A total of 61,216 ETH has been shifted to a new address at spot rates which increased the price of Ether before it dropped below $1,900 (roughly Rs. 1.55 lakh). The Congress's extension of support towards Crypto in the US is expected to boost the market sentiment further,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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Meanwhile, a plethora of cryptocurrencies tailed behind BTC and ETH on the loss side of the crypto price chart on Thursday.

These include Tether, Binance Coin, USD Coin, Litecoin, and Bitcoin Cash.

Shiba Inu, Binance USD, Chainlink, Uniswap, and Cosmos also met with losses.

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The overall crypto market valuation slipped by 0.28 percent in the last 24 hours. At present, the crypto market cap remains unchanged from its last day's valuation of $1.21 trillion (roughly Rs. 99,34,039 crore), as per CoinMarketCap. The crypto greed and fear index has jumped six points to re-enter the greed zone with a score of 56/100.

“In the last 24 hours, Ripple (+6.18 percent) continued to be amongst the top performers in terms of volumes and price change alongside its fork XLM (+27 percent). Interestingly, XRP has surpassed the trading volumes of BTC on a majority of exchanges ever since the court ruling against SEC fell in its favour. The crypto market continues to perform in a tight range,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

Among a small number of profit-making cryptocurrencies, Cardano, Solana, Dogecoin, Tron, and Polygon emerged on the green-side of the crypto chart.

Avalanche, Stellar, Leo, Monero, and Cronos also managed to print small gains.

As the markets remain volatile, the funding into the Web3 ecosystem has dropped significantly between June 2022 and June 2023.

A recent report by Crunchbase said that in the first half of last year, projects and startups related to Web3 had managed to raise $16 billion (roughly Rs. 1,31,404 crore) in funding. On the other hand, up until June this year, only $3.6 billion (roughly Rs. 29,568 crore) have been invested by venture capital firms in Web3 initiatives.

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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