The cryptocurrency market experienced mixed results, with popular cryptocurrencies seeing profits while underdog altcoins faced losses. However, Bitcoin managed to generate profits on Wednesday, July 26, albeit a small gain of 0.38%. Currently, BTC is trading at $29,151 (approximately Rs. 23.8 lakh), marking the fifth consecutive day that the most expensive cryptocurrency has traded below $30,000 (approximately Rs. 24.5 lakh).
Edul Patel, CEO of Mudrex crypto investment firm, mentioned that despite starting the week at a one-month low, Bitcoin has shown signs of a slow recovery. Although its value has decreased by 56% from its all-time high, it still demonstrates an impressive increase of 76% in the year-to-date cycle.
Similar to Bitcoin, Ether also experienced gains on Wednesday, with a profit of 0.40%, bringing its value to $1,853 (approximately Rs. 1.51 lakh). Additionally, several other commonly traded and popular altcoins, including Tether, Ripple, USD Coin, Dogecoin, Solana, Tron, and Litecoin, also reflected profits.
Furthermore, Shiba Inu, Avalanche, Binance USD, Leo, and Uniswap saw gains in their prices. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, emphasized that BTC’s current price action compared to its historical performance during the last bull run suggests a longer period of stability around the current price levels. Additionally, he mentioned that DOGE, with its continuous strength and trading around 8 cents, could experience growth due to Elon Musk’s influence.
The overall crypto market valuation increased by 0.66% in the past 24 hours, reaching a total capitalization of $1.18 trillion (approximately Rs. 96,62,017 crore). The crypto fear and greed index slightly rose by one point and currently sits in the neutral zone, with a score of 51/100.
However, several altcoins experienced losses, including Binance Coin, Cardano, Polygon, Polkadot, and Bitcoin Cash. Underdog cryptocurrencies such as Aave, Elrond, EOS Coin, Decentraland, and Bitcoin SV also faced losses.
The decline in these cryptocurrencies was primarily driven by concerns regarding a potential interest rate hike from the Federal Open Market Committee (FOMC) meeting. The FOMC is expected to raise interest rates by 25 basis points, leading investors to closely monitor the market dynamics and make informed decisions amid the uncertainty surrounding the meeting, according to the CoinDCX research team.
Despite ongoing volatility and regulatory uncertainty, Japan’s Prime Minister expressed support for Web3’s potential to shape the future of the Internet. Binance, the world’s largest international exchange, has also announced its return to operating in Japan after previously shutting down operations in 2018.
In conclusion, while the cryptocurrency market experienced a mix of profits and losses, Bitcoin and Ether showed gains. Additionally, various altcoins also saw positive price movements, while others faced losses. The market remains cautious due to the upcoming FOMC meeting and the potential interest rate hike. Nevertheless, there are positive developments, such as Japan’s Prime Minister endorsing Web3 and Binance’s return to Japan.
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