Bitcoin Price Stays Below $30,000 Mark, Most Cryptocurrencies Remain Volatile

Bitcoin has stepped into the third week of trading under the price mark of $30,000 (roughly Rs. 24.6 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 7 August 2023 11:57 IST

Bitcoin Price Stays Below $30,000 Mark, Most Cryptocurrencies Remain Volatile

Photo Credit: Unsplash/ Jonathan Borba

The valuation of the crypto market cap stands at $1.16 trillion

Highlights

Cosmos recorded small profit
Cronos also minted minor gains
Dogecoin recorded losses

Bitcoin on Monday recorded a miniscule profit of 0.31 percent to trade at the price point of $29,085 (roughly Rs. 24 lakh). With this, Bitcoin has stepped into the third week of trading under the price mark of $30,000 (roughly Rs. 24.6 lakh). Since last Friday, the value of Bitcoin has dropped by $48 (roughly Rs. 3,970). Experts have highlighted that BTC's volatility rating hit an all-time low of 34.02 percent, lower than gold and Nasdaq last week.

Ether joined Bitcoin on the profit-making side of the crypto price chart on Monday. With a small gain of 0.19 percent, ETH is currently trading at $1,835 (roughly Rs. 1.5 lakh), showed the crypto price tracker by Gadgets 360.

“Bitcoin starts the week above $29,000 (roughly Rs. 24 lakh), with a surge in new addresses suggesting rising on-chain demand. The recent non-farm payroll report had minimal impact on its price, but the upcoming July CPI reports from the US and China could bring changes. Ethereum continues to trade within the $1,800 (roughly Rs. 1.3 lakh) to $1,850 (roughly Rs. 1.4 lakh) range,” Edul Patel, Co-Founder and CEO, Mudrex crypto exchange, told Gadgets 360.

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Among other cryptocurrencies trading in profits, USD Coin, Solana, Polygon, and Polkadot marked their names.

Wrapped Bitcoin, Avalanche, Stellar, Cosmos, and Cronos also recorded minor gains.

“Shiba Inu (SHIB) surged by more than 20 percent over the weekend. The rally was sparked by news that Binance would be adding SHIB as collateral for flexible loans. SHIB is also benefiting from optimism over the launch of the Shibarium blockchain, which is expected to reduce transaction fees and improve the scalability of the SHIB ecosystem,” The CoinDCX research team told Gadgets 360.

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In the last 24 hours, the overall crypto market valuation rose by 0.09 percent to stand at the capitalisation of $1.16 trillion (roughly Rs. 95,96,088 crore), showed CoinMarketCap.

The crypto fear and greed index continues to be in the neutral zone but fell by a point over the weekend and is currently at 49/100.

“The crypto market has been range-bound over the weekend. The market seems to be waiting for new signals which will determine future price action. On the macro front, inflation data (CPI) for July is slated to come out this week on Thursday (August 10). This may have an impact on markets at large which are expecting a rise of 0.3 percent,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

A bunch of altcoins also recorded losses on Monday. These include Tether, Binance Coin, Ripple, Dogecoin, Cardano, and Tron.

Litecoin, Bitcoin Cash, Chainlink, Leo, and Uniswap also recorded losses.

From the launch of the Infinix GT 10 Pro to Amazon's latest mega-sale, we discuss the most noteworthy technology news events of the week on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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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