LAGOS, Nigeria (VOICE OF NAIJA) – Bitcoin, the first and most costly cryptocurrency ever, has been trading at a discount since a few weeks ago.
On Tuesday, August 8, Bitcoin showed a slight increase of 0.24 percent to trade at the price of $29,127 (approximately Rs. 29,127).
Despite its range-bound movement, Bitcoin did manage to increase by $42 (approximately Rs. 3,477) during the past 24 hours.
According to sector analysts, BTC’s dominance has slightly increased after being skewed for days and is currently at 50.46 per cent.
âOverall, Bitcoin is seeing its volumes suppressed, leading volatility to head back to its lowest-ever levels.
“On the positive side, whales appear to be holding back from selling compared to previous bear markets.
“This suggests that they are confident in the long-term prospects of Bitcoin,â the CoinDCX research team told Gadgets 360.
On Tuesday, the price of ether decreased by 0.47 per cent, dropping to $1,827 (approximately Rs. 1.51 lakh).
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The second-largest cryptocurrency after Bitcoin, ETH, has maintained a steady price at the $2,000 (about Rs. 1.63 lakh) barrier for months without being able to cross it.
The majority of the well-known cryptocurrencies are currently trading at a loss.
These include Tron, Ripple, Cardano, Solana, Dogecoin, and Binance Coin.
On Tuesday, reds were also swapped for Polygon, Litecoin, Polkadot, and Shiba Inus.
The value of the whole crypto market decreased by 0.24 percent during the past 24 hours. According to CoinMarketCap, its current capitalization is $1.16 trillion, or around Rs. 96,05,797 crore.
However, the cryptocurrency fear and greed index has also increased by five points and now stands at 54/100, remaining in the neutral range.
Macrodata releases are expected to take centre stage next week, with the US Consumer Price Index (CPI) data for July coming on August 10.
Producer Price Index (PPI) data for July is anticipated on August 11, as are weekly results for S&P 500 companies.
Trading participants may expect volatility as a result of these releases, according to the CoinDCX team.
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Tether, USD Coin, Wrapped Bitcoin, Bitcoin Cash, and Stellar all saw marginal increases in the meantime.
Leo, Bitcoin SV, Dogefi, and Bitcoin Hedge all saw marginal gains.
As more established payment behemoths join the crypto club, industry insiders are still optimistic about the future of digital assets.
For instance, global banking behemoth PayPal has said that it will begin creating a brand-new stable coin called PYUSD in collaboration with Paxos on the Ethereum network.