Bitcoin Corrects to $22,500 as Bear Market Claws Its Way Back to Begin the Month

The global crypto market cap saw a dip of 2.83 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 2 August 2022 13:14 IST

Bitcoin Corrects to $22,500 as Bear Market Claws Its Way Back to Begin the Month

Photo Credit: Unsplash/ Raphael Wild

The latest dip in Bitcoin comes just days after the popular cryptocurrency piqued investor interest

Highlights

Bitcoin price gains have trailed Ethereum over the past month
The upcoming merge may see more interest in Ethereum
Monero was the only major altcoin to move up in value

After a positive showing towards the end of July, Bitcoin has begun displaying some bearish signs underneath the $24,000 (roughly Rs. 19.2 lakh) resistance zone compared to the US Dollar. This development has pushed BTC to slide lower and retest crucial support floors while hinting at a potential for a further move south. The value of Bitcoin witnessed a 2.62 percent dip in the last 24 hours with its price now closer to the $22,500 (roughly Rs. 18 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $24,193 (roughly Rs. 19.35 lakh), down by 0.42 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $22,475 (roughly Rs. 18 lakh) while CoinGecko data shows that BTC's value is currently up by 7.5 percent week-to-day.

Ether, meanwhile, has also witnessed a bit of a retrace. At the time of publishing, Ether is valued at $1,697 (roughly Rs. 1.35 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,559 (roughly Rs. 1.25 lakh), where the cryptocurrency has fallen by 6.60 percent over the past 24 hours.

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Ether's surge over the past few days sees the cryptocurrency's value remain in the green by close to 9.5 percent when compared to its value last Tuesday, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw dips in value alongside the two biggest crypto assets over the last 24 hours — as the global crypto market capitalisation witnessed a 2.83 percent dip through Monday and early Tuesday.

Uniswap, Solana, Polygon, Stellar, Avalanche, BNB, TRON, Cardano, and Chainlink all saw minor dips in price while Monero managed to gain 0.46 percent in the last 24 hours.

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Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with some dips to begin the week. Dogecoin is currently valued at $0.07 (roughly Rs. 5.64) after losing some 2.81 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000013 (roughly Rs. 0.000984), down by 3.05 percent over the past day.

"As Ethereum developers announce August 6 as the initiation of the merge on the Goerli testnet, massive anticipation of the final Merge on Ethereum mainnet has led to Ethereum's aggregated Open interest surpassing that of Bitcoin's for the first time in history with the key expiry date by the end of September in anticipation of the final merge to a Proof of Stake consensus for the first time in Ethereum's history."

Since the markets bottomed in mid-June, ETH has significantly outperformed BTC with the former rallying 60 percent in the same timeframe that BTC rose 16 percent, however it remains to be seen if ETH can maintain this momentum and continue the decoupling from BTC after the merge goes live which is anticipated tentatively around September 19," said the CoinDCX Research Team speaking to Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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