Bitcoin Continues to Stick to $20,300 for the Third Consecutive Day, While Altcoins Manage Minor Ups

The global crypto market cap saw a rise of 1.15 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 7 July 2022 15:00 IST

Bitcoin Continues to Stick to $20,300 for the Third Consecutive Day, While Altcoins Manage Minor Ups

Photo Credit: Unsplash/ Viktor Forgacs

The global cryptocurrency market cap was trading higher on the day.

Highlights

Bitcoin continues to hold above the $20,300 mark for the third day
Ether has continued to inch closer to the $1,200 mark
Major altcoins saw little price movement on the day

The price of the most valuable crypto by market value has been hovering around the $20,500 (roughly Rs. 16.2 lakh) mark over the past day, staying above the key support level of $20,000 (roughly Rs. 15.8 lakh) for the third consecutive day. Before a late weekend surge, Bitcoin had dropped below the psychologically significant milestone of the previous week. As things stand, the price of the world's largest cryptocurrency by market value is hovering around the $20,300 (roughly Rs. 16.05 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $20,801 (roughly Rs. 16.45 lakh), up by 0.55 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,323 (roughly Rs. 16.08 lakh) while CoinGecko data shows that BTC's value is currently down up 1.3 percent week-to-day.

Ether, meanwhile, witnessed a minor rise in value too. At the time of publishing, Ether is valued at $1,173 (roughly Rs. 92,800) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,174 (roughly Rs. 93,000), where the cryptocurrency has gained 3.03 percent over the past 24 hours.

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Ether's price movement over the past few days has pushed the cryptocurrency's value to a 7.1 percent upside when compared to last week, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that a number of better-known altcoin marked gains over the past day although a few have witnessed some dips too — as the global crypto market capitalisation saw a rise of 1.15 percent in the last 24 hours.

BNB, Solana, Polygon, Stellar, Avalanche, and Cardano all marked gains while Polkadot, TRON, Uniswap, and Cosmos marked minor dips on the day.

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Memecoins Shiba Inu and Dogecoin have also witnessed minimal ups on the day. Dogecoin is currently valued at $0.06 (roughly Rs. 5.5) after gaining some 0.61 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000848), up by 0.59 percent over the past day.

The biggest story in the crypto industry this week so far has been Voyager Digital's Chapter 11 bankruptcy filing, which will allow the company to restructure with the goal of repaying at least some of its creditors.

Just a few days after cryptocurrency hedge fund Three Arrows Capital, Voyager Digital filed for chapter 15 protection in conjunction with an ongoing liquidation operation that was ordered by a court in the British Virgin Islands.

The crypto industry has been shaken by a series of collapses in recent months including the failure of algorithmic stablecoin TerraUSD, large US-based lender Celsius network pausing withdrawals, and Singapore-based crypto hedge fund Three Arrows Capital entering into liquidation.

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