BTC, ETH Reel-In Small Gains, Most Altcoins See Profits as August 1st Week Comes to End

Bitcoin on Friday, August 5, opened trading with 0.20 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently priced $24,248 (roughly Rs. 19 lakh).

By Radhika Parashar | Updated: 5 August 2022 11:29 IST

BTC, ETH Reel-In Small Gains, Most Altcoins See Profits as August 1st Week Comes to End

Photo Credit: Pexels/ Olya Kobsuseva

The market cap of the crypto sector stands at $1.08 trillion

Highlights

Avalanche saw gains
Profits also in the bag of Uniswap
Shiba Inu, Litecoin saw losses

The crypto price charts reflected greens for most cryptocurrencies as August progressed to the close of its first week. Bitcoin on Friday, August 5, opened trading with 0.20 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently priced $24,248 (roughly Rs. 19 lakh). The oldest cryptocurrency did see losses worth next to nothing on international exchanges. On Binance and CoinMarketCap, for instance, BTC incurred miniscule losses of 0.37 and 0.24 percent to trade at $23,125 (roughly Rs. 18 lakh).

Small gains came to Ether as it proceeded into August. With profits of 0.94 percent, ETH values are currently around $1,741(roughly Rs. 1.38 lakh). As per Gadgets 360's crypto price tracker.

Cardano, Solana, Polkadot, Polygon, Avalanche, and Uniswap reeled-in profits.

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“Recession fears seem to have been shrugged off by equity markets, as they inched higher globally even after the Fed rate increase. In the US, equity prices were further supported by stronger than expected earnings report. The Fed still thinks hiking rates will only cause a mild slowdown, and further suggests that inflation fears are peaking,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Meanwhile, USD Coin, Binance USD, Ripple, Shiba Inu, Litecoin, and Steller are trading in reds on the price charts.

Overall, the market cap of the crypto sector stood at $1.08 trillion (roughly Rs. 85,71,025 crore), having registered a 0.49 percent increase over the last day.

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As per Chaturvedi, crypto asset prices traded sideways this week because of the macro narrative that continues to dictate digital asset markets.

He noted that the subsided enthusiasm around Ethereum's ‘Merge', Bitcoin's narrow range trading, and the Nomad, Solana hack attacks added fear among crypto community members.

“In India, the CRE8 Index was up by 1.96 percent, reflecting the global sentiments. As of 09:00 IST, 5th Aug, the Index Value (sum of crypto asset values of all the crypto assets in the CRE8 Index) stood at Rs. 2,985.99. BTC and ETH were the top assets by market capitalisation. From a weekly perspective, from July 29 to August 5, the CRE8 index was up by 2.08 percent, from Rs. 2909.12 to Rs. 2967.80,” Chaturvedi highlighted.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Cardano, Solana, Polkadot, Polygon, Avalanche, Uniswap, USD Coin, Binance USD, Ripple, Shiba Inu, Litecoin, Stellar

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