Bitcoin recorded a nominal profit of 0.31 percent on Monday, reaching a price of $29,085 (approximately Rs. 24 lakh). This marks the third consecutive week that Bitcoin has traded below the $30,000 (approximately Rs. 24.6 lakh) mark. Over the past week, the value of Bitcoin has dropped by $48 (approximately Rs. 3,970). Experts note that BTC’s volatility rating plummeted to an all-time low of 34.02 percent, lower than that of gold and Nasdaq last week.
Ether also experienced a slight increase in its price on Monday, with a gain of 0.19 percent. It is currently trading at $1,835 (approximately Rs. 1.5 lakh), according to the crypto price tracker provided by Gadgets 360.
According to Edul Patel, Co-Founder and CEO of Mudrex crypto exchange, the week begins with Bitcoin trading above $29,000 (approximately Rs. 24 lakh), accompanied by a surge in new addresses indicating increasing on-chain demand. Although the recent non-farm payroll report had minimal impact on its price, potential changes may arise from the upcoming July CPI reports from the US and China. Ethereum, on the other hand, continues to trade within the range of $1,800 (approximately Rs. 1.3 lakh) to $1,850 (approximately Rs. 1.4 lakh), as stated by Patel to Gadgets 360.
Other cryptocurrencies that are trading in profits include USD Coin, Solana, Polygon, and Polkadot. Wrapped Bitcoin, Avalanche, Stellar, Cosmos, and Cronos also witnessed marginal gains.
Over the weekend, Shiba Inu (SHIB) experienced a surge of more than 20 percent. This rally was triggered by the news that Binance would be accepting SHIB as collateral for flexible loans. SHIB is also benefiting from optimism surrounding the launch of the Shibarium blockchain, which is expected to reduce transaction fees and enhance the scalability of the SHIB ecosystem, according to The CoinDCX research team.
In the past 24 hours, the overall crypto market valuation has increased by 0.09 percent, reaching a capitalization of $1.16 trillion (approximately Rs. 95,96,088 crore), as reported by CoinMarketCap.
The crypto fear and greed index remains neutral but decreased by one point over the weekend, currently standing at 49/100.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, explained that the crypto market has remained range-bound over the weekend and is awaiting new signals to determine future price action. On the macro level, inflation data (CPI) for July is scheduled to be released this week on Thursday (August 10), which may impact the overall markets expecting a 0.3 percent increase.
Several altcoins experienced losses on Monday, including Tether, Binance Coin, Ripple, Dogecoin, Cardano, and Tron. Litecoin, Bitcoin Cash, Chainlink, Leo, and Uniswap also recorded losses.
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