Bitcoin Price Fails to See Big Movement Over Weekend, Ether Sees Dip with Most Altcoins

Over the weekend, the value of Bitcoin dropped by $147 (roughly Rs. 12,199).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 August 2023 12:00 IST

Bitcoin Price Fails to See Big Movement Over Weekend, Ether Sees Dip with Most Altcoins

Photo Credit: Reuters

The overall crypto market valuation stands at $1.17 trillion as of August 14

Highlights

Shiba Inu, Dogecoin recorded losses
Stablecoins registered price dips
SushiSwap, Cartesi managed to mint small gains

Bitcoin is currently trading at $29,205 (roughly Rs. 24.3 lakh) with a small loss of 0.76 percent on the crypto chart on Monday, August 14. Over the weekend, the world's largest cryptocurrency did not manage to see any change in its pricing, owing to seemingly slowed down trading activities. For the fourth week now, the price of BTC has continued to stay under the price mark of $30,000 (roughly Rs. 24.6 lakh). With BTC seeing losses, most cryptocurrencies are also trading lowly on the price charts.

“Bitcoin futures trading volumes are at their lowest levels since December 2022. This shows that traders may have been avoiding making moves at the current levels,” the CoinDCX research team told Gadgets 360.

Ether slipped 0.45 percent in value on Monday. ETH, at the time of writing, was trading at the price of $1,840 (roughly Rs. 1.52 lakh).

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“BTC and ETH continue to trade within their respective narrow ranges. The crypto market has traded sideways with downward pressure over the weekend and the last 24 hours. The market, overall, seems to be headed toward price stability,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

Following Bitcoin and Ether, majority altcoins registered losses on Monday.

These include stablecoins such as Tether, Ripple, USD Coin, Binance USD alongside memecoins Shiba Inu and Dogecoin.

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Price dips also struck Cardano, Solana, Tron, Polygon, Polkadot, Litecoin, and Avalanche among other altcoins.

The overall crypto market valuation, in the last 24 hours, slipped by 0.10 percent to sit at the mark of $1.17 trillion (roughly Rs. 97,09,209 crore), showed CoinMarketCap.

Meanwhile, the crypto fear and greed index held steady at 54/100 throughout the weekend. The new week, however, did start with a slight dip of four points, which positioned the index at a 50/100, still within the neutral zone.

Among profit-minting cryptocurrencies, Binance Coin, Wrapped Bitcoin, Monero, Near Protocol, and Zcash marked their presence.

SushiSwap, Cartesi, Spell Token, and BrainTrust also saw small gains.

In other news, Coinbase unveiled its Base blockchain on Ethereum over the weekend.

The weekend also saw an exploit targeting Libbitcoin, which resulted in over $900,000 (roughly Rs. 7.4 crore) worth of Bitcoin being stolen from users' wallets.

Sam Bankman-Fried had been trying against the revocation of his bail. However, it has been revoked, and SBF is back in jail before his trial in October.

Edul Patel, the CEO of Mudrex crypto investment platform also highlighted, “Hedera also experienced a remarkable price increase of roughly 15 percent within the past 24 hours, potentially attributed to the launch of their social networking platform, Calaxy.”

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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