BTC, ETH Open With Losses, Crypto Market Cap Slips Below Trillion Dollar Mark
07:14AM Mon 29 Aug, 2022
The month of August elevated the base prices of several cryptocurrencies, however, majority cryptocurrencies saw losses as the month inches closer to its end. Bitcoin on Monday, August 29, opened with a minor price loss of 0.74 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $19,808 (roughly Rs. 15.80 lakh). On international exchanges as well, BTC failed to see any profits. As per CoinMarketCap and Binance, BTC prices are hovering around the similar mark of $19,830 (roughly Rs. 15.80 lakh).
Ether conventionally trailed behind BTC to see losses. As per Gadgets 360's crypto price tracker, ETH is presently priced at $1,450 (roughly Rs. 1.16 lakh) after incurring a loss of 2.70 percent.
Tether, Ripple, Cardano, Solana, Polkadot, and Polygon saw losses.
Even Dogecoin and Shiba Inu failed to garner gains amid the prevailing market volatilit.
“After the Fed announcement to increase the interest rates, Bitcoin, Ethereum, and most cryptocurrencies were unable to resume gains. Investors are keenly looking for improvement in the market, but there has not been little change. If BTC's price closes below the $19,500 (roughly Rs. 15.60 lakh) level today, we could see it going even lower,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.
Among a handful of gainers, Binance Coin, Binance USD, Litecoin, Monero, and Bitcoin Cash marked their names.
“Overall, the underlying sentiment suggests a downward trend in the coming week,” Patel noted.
As per CoinMarketCap, the overall market cap of the crypto sector has slipped below the trillion-dollar mark.
Currently, the valuation of the crypto industry stands at $954.11 billion (roughly Rs. 76,35,042 crore), with a 1.29 percent decrease over the last day.
(Source: NDTV)
Photos
