Bitcoin Sees Minor Gains Alongside Dogecoin, Cardano as Market Shows Signs of Volatility

The price of BTC on national exchanges is hovering over the mark of $63,857 (roughly Rs. 53.6 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 22 August 2024 13:40 IST

Bitcoin Sees Minor Gains Alongside Dogecoin, Cardano as Market Shows Signs of Volatility

Photo Credit: Unsplash/ Pierre Borthiry

The overall capitalisation of the crypto market stands at $2.13 trillion

Highlights

Underdog, Dash saw profits
Bitcoin SV, Elrond recorded gains
Stellar, Cosmos recorded losses

The crypto price chart reflected signs of volatility after the latest employment growth data in the US showed that the job market from March 2023 to March 2024 was not as robust as initially reported. Bitcoin on Thursday, August 22 showed a minor price hike of 2.21 percent. With this, the price of BTC on national exchanges is hovering over the mark of $63,857 (roughly Rs. 53.6 lakh) whereas the asset is trading at $60,712 (roughly Rs. 50.9 lakh) on international exchanges.

Ether, for a change, did not join BTC on the same side of the crypto chart. At the time of writing, ETH was trading at $2,408 (roughly Rs. 1.02 lakh) after incurring a loss of 2.27 percent in the last 24 hours, as per the crypto price tracker by Gadgets360.

While the US job data was not as positive as expected, the recent FOMC meeting in the US suggested a cut in interest rates in September. These reasons divided the crypto chart into two parts.

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Cryptocurrencies that rallied behind BTC on the profit-side of the crypto charts on Thursday, include, Tether, Binance Coin, Ripple, and Dogecoin.

Cardano, Tron, Avalanche, Shiba Inu, Polkadot, and Chainlink also managed to record gains.

“While the overall market is facing adversity, specific tokens with strong fundamentals or positive news may still provide attractive opportunities for gains. The strong US jobs market through 2023 and early 2024 was a bit less strong than thought, providing a very brief, very modest bump to the sluggish price action,” Avinash Shekhar, Cofounder and CEO, Pi42 told Gadgets360.

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Meanwhile, Solana and Stellar joined ETH on the loss-making side of the crypto chart.

Cosmos, Neo Coin, Zcash, Iota, and Braintrust also failed to register gains on Thursday.

In the last 24 hours, the overall market cap of the crypto sector rose by 1.69 percent to claim the capitalisation of $2.13 trillion (roughly Rs. 1,78,82,265 crore), as per CoinMarketCap.

Market analysts have predicted that the crypto market is expected to see better days owing to foreseeable changes.

“US presidential candidate Kamala Harris's aide has pointed to her positive outlook towards digital assets which expands the global political influence of crypto industry,” said Shivam Thakral, CEO of BuyUcoin as commenting on the situation.

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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