Bitcoin Slips for the Third Consecutive Day While Altcoins See Minor Dips Over the Weekend

The global crypto market cap saw a dip of 3.03 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 11 July 2022 15:07 IST

Bitcoin Slips for the Third Consecutive Day While Altcoins See Minor Dips Over the Weekend

Photo Credit: Pixabay/ Petre Barlea

More pain follows for the crypto market after a reasonably good start to July

Highlights

Bitcoin has dropped closer to the $20,500 mark to begin the week
Ether continues to struggle to close in on the $1,200 mark
Major altcoins saw minor dips through the weekend barring a few

Crypto markets weakened over the weekend, with Bitcoin sliding for a third straight day. The price has been falling towards $20,600 (roughly Rs. 16.3 lakh) with the bears being successful in bringing down the BTC price. The support at $20,000 (roughly Rs. 15.8 lakh) may be tested as the short-term rally stumbles. As things stand, the price of the world's largest cryptocurrency by market value is hovering around the $20,580 (roughly Rs. 16.28 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $21,606 (roughly Rs. 17.1 lakh), down by 1.67 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,587 (roughly Rs. 16.3 lakh) while CoinGecko data shows that BTC's value is currently up 6.4 percent week-to-day.

Ether, meanwhile, hasn't had a good run through the weekend either. At the time of publishing, Ether is valued at $1,219 (roughly Rs. 96,555) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,154 (roughly Rs. 91,358), where the cryptocurrency has lost roughly 3.43 percent over the past 24 hours.

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Ether's dip over the past three days sees the cryptocurrency's value rise to a 6.3 percent upside when compared to its value last Monday, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reflects much of what we see with BTC and ETH at the moment with almost all of better-known altcoins marking losses over the weekend — as the global crypto market capitalisation saw a dip of 3.03 percent through Sunday and early Monday.

BNB, Solana, Polygon, Stellar, Avalanche, and Cardano all marked losses while Monero, Chainlink, Uniswap, and Cosmos managed to hold on to levels they were at on Saturday.

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Memecoins Shiba Inu and Dogecoin have also witnessed minimal dips over the past few days. Dogecoin is currently valued at $0.07 (roughly Rs. 5.6) after losing some 0.77 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000908), down by 2.26 percent over the past day.

"Despite the decline, BTC has gained 8 percent over the past week. If bulls can keep the price above the $21,000 (roughly Rs. 16.62 lakh) level, we might see upward moves. But if BTC falls below that level, we might see a bearish trend this week. While the second-largest cryptocurrency, Ethereum, with the price falling, the revenue of projects based on the network is also plunging drastically. DeFi industry, one of the fueling agents for Ethereum fees, has shown a drastic fall over the past quarter as the total value locked on Ethereum tumbled from $153 billion (roughly Rs. 12,10,913 crore) to $47 billion (roughly Rs. 3,71,979 crore). ETH is currently trying to gain a foothold above the $1,200 (roughly Rs. 95,000), but if buyers lose control to sellers, we might see Ethereum falling to the $1,000 (roughly Rs. 79,150) zone soon," says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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