Cryptocurrency Price Today (August 16): Bitcoin Remains Stable At $58,000, Fantom Becomes Top Gainer

Cryptocurrency price on August 16 quick take: The global market cap dipped to $2.06 trillion.

Bitcoin price stood at $58,254.36 on Friday.

Source : MichaelWuensch/Pixabay

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remained stable within the $68,000 range early Friday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw a mix of minor gains and losses across the board as the overall Market Fear & Greed Index stood at 41 (Neutral) out of 100, as per CoinMarketCap data. The Fantom (FTM) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 5 percent. PEPE became the biggest loser, with a 24-hour dip of over 6 percent. 

The global crypto market cap stood at $2.06 trillion at the time of writing, registering a 24-hour dip of 0.93 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $58,254.36, registering a 24-hour dip of 0.33 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 49.07 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,601.17, marking a 24-hour loss of 1.67 percent at the time of writing. Ethereum price in India stood at Rs 2.13 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour dip of 1.50 percent, as per CoinMarketCap data, currently priced at $0.1013. Dogecoin price in India stood at Rs 8.53.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour jump of 2.97 percent. At the time of writing, it was trading at $66.39. LTC price in India stood at Rs 5,083.21.

Ripple (XRP) Price Today

XRP price stood at $0.5665, seeing a 24-hour dip of 0.26 percent. Ripple price in India stood at Rs 47.21.

Solana (SOL) Price Today

Solana price stood at $142.97, marking a 24-hour loss of 0.66 percent. SOL price in India stood at Rs 11,966.13. 

Top Crypto Gainers Today (August 16)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Fantom (FTM)

Price: $0.3908
24-hour gain: 5.87 percent

Aave (AAVE)

Price: $110.62
24-hour gain: 3.98 percent

THORChain (RUNE)

Price: $3.78
24-hour gain: 3.34 percent

Litecoin (LTC)

Price: $66.49
24-hour gain: 2.93 percent

Bitcoin Cash (BCH)

Price: $346.07
24-hour gain: 2.36 percent

Top Crypto Losers Today (August 16)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Pepe (PEPE)

Price: $0.000007448
24-hour loss: 6.74 percent

SATS (1000SATS)

Price: $0.0002864
24-hour loss: 6.61 percent

Aptos (APT)

Price: $6.22
24-hour loss: 6.36 percent

dogwifhat (WIF)

Price: $1.47
24-hour loss: 5.86 percent

Starknet (STRK)

Price: $0.3679
24-hour loss: 5.51 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin experienced a pullback to the $58,000 level following the release of US CPI data, which indicated a price rebound in July as anticipated. This dampened hopes for a significant rate cut from the Federal Reserve next month. Geopolitical tensions between Iran and Israel further contributed to market pressure. Additionally, the crypto derivatives market also saw large amounts of liquidations over the past day. Currently, BTC finds support at $56,300, with resistance at $58,660.”

CoinSwitch Markets Desk noted, “Before Bitcoin tests the $58,500 level again, it's worth noting that major US indexes performed well today, with the Nasdaq rising by 2.4% and the S&P 500 increasing by 1.6%. This indicates a bullish macroeconomic outlook. However, despite the positive movement in traditional markets, the cryptocurrency market is currently experiencing a decline.”

Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin's recent price movements underscore its inherent volatility. After nearing $63,000 last week, BTC has retraced to just near $58,000, influenced by macroeconomic factors like the US CPI data release and institutional actions, including reports of a $600 million transfer to Coinbase Prime. This correction has also impacted the broader crypto market, with Ethereum down 4.5%. Moving forward, it’s crucial to monitor whether Bitcoin can hold above the $58,000 support level or if further declines are imminent.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.