Bitcoin Remains Around $55,000, Memecoin PEPE Becomes Biggest Loser
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, didn’t rise above the $56,000 mark over the weekend. Different well-liked altcoins — together with the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP
XRP), Solana (SOL), and Litecoin (LTC) — noticed minor dips throughout the board as the general Market Worry & Greed Index stood at 36 (Worry) out of 100, as per CoinMarketCap knowledge. Notcoin (NOT) emerged to be the so-called largest gainer, with a 24-hour bounce of almost 4 %. Memecoin PEPE grew to become the most important loser, with a 24-hour dip of almost 11 %.
The worldwide
crypto market cap stood at $2.03 trillion at the time of writing, registering a 24-hour dip of three.91 %.
Bitcoin (BTC) Value At the moment
Bitcoin’s worth stood at $55,337.98, registering a 24-hour lack of 4.07 %, as per CoinMarketCap. In keeping with Indian change WazirX, BTC’s worth stood at Rs 52.02 lakh.
Ethereum (ETH) Value At the moment
ETH worth stood at $2,912.76, marking a 24-hour dip of three.71 % at the time of writing. As per WazirX,
Ethereum worth in India stood at Rs 2.73 lakh.
Dogecoin (DOGE) Value At the moment
DOGE registered a 24-hour lack of 15.19 %, as per CoinMarketCap knowledge, presently priced at $0.07953. As per WazirX, Dogecoin’s worth in India stood at Rs 9.99.
Litecoin (LTC) Value At the moment
Litecoin noticed a 24-hour dip of three.28 %. At the time of writing, it was buying and selling at $62.43. LTC worth in India stood at Rs 5,756.09.
Ripple (XRP) Value At the moment
XRP worth stood at $0.4198, seeing a 24-hour lack of 5.12 %. As per WazirX,
Ripple’s worth stood at Rs 39.11.
Solana (SOL) Value At the moment
Solana’s worth stood at $132.51, marking a 24-hour dip of 5.16 %. As per WazirX, SOL worth in India stood at Rs 12,256.64.
High Crypto Gainers At the moment (July 8)
As per CoinMarketCap knowledge, listed here are the highest 5
Crypto gainers over the previous 24 hours:
Notcoin (NOT)
Value: $0.01529
24-hour acquire: 3.58 %
Starknet (STRK)
Value: $0.5551
24-hour acquire: 0.95 %
UNUS SED LEO (LEO)
Value: $5.82
24-hour acquire: 0.40 %
Quant (QNT)
Value: $81.14
24-hour acquire: 4.60 %
MANTRA (OM)
Value: $0.8233
24-hour acquire: 4.33 %
High Crypto Losers At the moment (July 8)
As per CoinMarketCap knowledge, listed here are the highest 5
Crypto losers over the previous 24 hours:
Pepe (PEPE)
Value: $0.000008329
24-hour loss: 10.38 %
DogWifHat (WIF)
Value: $1.66
24-hour loss: 9.76 %
Maker (MKR)
Value: $2,090.02
24-hour loss: 9.73 %
Jupiter (JUP)
Value: $0.6879
24-hour loss: 9.70 %
Ethena (ENA)
Value: $0.3673
24-hour loss: 8.99 %
What Crypto Exchanges Are Saying About Present Market State of Affairs?
Mudrex co-founder and CEO Edul Patel advised ABP Dwell, “Bitcoin traded at $55,000 stage over the weekend after falling to $53,000 stage the earlier week. There’s a robust battle between the bulls and the bears the place bulls are attempting to maintain the worth between $56,000 and $70,000, whereas the bears are attempting to tug it down. Nonetheless, the decreased ranges attracted Bitcoin spot ETF buyers shopping for the dip. The subsequent assist lies on the $53,400, whereas the resistance is on the $56,500. However,
Ethereum continued to commerce under the $3,000 stage. Each BTC and ETH have nonetheless not gained sufficient power to make sharp strikes.”
CoinSwitch Markets Desk’s famous, “The Crypto Worry & Greed Index has dropped to 29, its lowest level since January 2023, as Bitcoin’s worth fell under $54,000. This decline is attributed to promoting stress from seized BTC gross sales by the German and U.S. governments, in addition to refunds to Mt. Gox customers. Bitcoin may additionally dip to $50,000 on account of these elements. Previously week, Bitcoin has already declined by over 10%, falling under its 200-day transferring common. Analysts are warning of potential additional drawbacks but in addition, spotlight potential shopping for alternatives if the promoting stress subsides more rapidly than anticipated.”
Rajagopal Menon, Vice President, WazirX, stated, “Bitcoin, presently buying and selling at $55,513, has dropped by 5.05%. Regardless of this, Bitcoin has proven a shocking worth restoration, quickly reaching its former pre-halving excessive solely 17 months after the FTX stoop. This swift motion contrasts sharply with the 2022 bear market, the place Bitcoin lacked vital worth bounces. This restoration might be a “useless cat bounce,” a short-lived rebound resulting in additional decline. Historic knowledge signifies potential parallels with earlier bear markets.”
Sathvik Vishwanath, CEO and co-founder of Unocoin stated, “The Cryptocurrency market has seen vital volatility just lately, with Bitcoin, Ethereum, Solana, Cardano, and Dogecoin experiencing vital declines, resulting in over $580 million in liquidations. Elements comparable to bitcoin pockets actions linked to Mt. Gox, potential oversupply considerations from authorities regarding bitcoin transfers, and broader macroeconomic uncertainties contributed to the selloff. Regardless of these challenges, there have been indicators of restoration, notably marked by Bitcoin’s return above $57,000 and elevated accumulation by giant holders. Technical evaluation indicators comparable to bullish reversal candlesticks point out the potential for bitcoin to get better and improve in worth, suggesting underlying market resilience amid latest turbulence.”
Shivam Thakral, CEO of BuyUcoin, stated, “Bitcoin sits on respectable assist at the $55,000 stage however may face promoting stress within the coming weeks. The provision of Bitcoin from Mt. Gox and the German authorities could sizzle exchanges which can end in a dip in BTC costs on account of elevated provide. Bitcoin may discover a decrease assist stage of around $50,000 if the promoting stress rises. Miners are anticipated to carry BTC which can ease out the promoting stress. The potential of a charge minimized by CME is excessive and is anticipated in September 2024, the information will certainly raise the dealer sentiment throughout the globe.”
CoinDCX Analysis Staff advised ABP Dwell, “The Crypto market confronted continued downward stress, impacted by BTC actions from Mt. Gox and blended macro knowledge. BTC misplaced key assist ranges, hovering barely above $55,000. The subsequent few everyday closings will decide the market’s path, with an interval of sideways consolidation anticipated. This week’s U.S. CPI knowledge will likely be essential. ETH underperformed BTC as ETF hype shifted to Solana. It bounced from sturdy assist at $2,800 and is hovering above that stage. With rising BTC dominance, ETH is anticipated to underperform BTC within the coming days.”
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