Cryptocurrency Price Today (August 7): Bitcoin Remains Above $56,000, Akash Network Becomes Biggest Loser

Cryptocurrency price on August 7 quick take: The global market cap dipped to $2.30 trillion.

Bitcoin price stood at $56,936.13 on Wednesday.

Source : Mohamed Hassan/Pixabay

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remained above the $56,000 mark early Wednesday. 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 osses across the board as the overall Market Fear & Greed Index stood at 43 (Neutral) out of 100, as per CoinMarketCap data. Akash Network (AKT), which was the biggest gainer yesterday, turned out to be the biggest loser today, with a 24-hour dip of nearly 5 percent. Memecoin dogwifhat (WIF) became the biggest loser, with a 24-hour gain of nearly 20 percent. 

The global crypto market cap stood at $2.01 trillion at the time of writing, registering a 24-hour jump of 1.34 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $56,936.13, registering a 24-hour jump of 1.65 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 46.82 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,507.21, marking a 24-hour dip of 0.84 percent at the time of writing. Ethereum price in India stood at Rs 2.09 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour dip of 0.86 percent, as per CoinMarketCap data, currently priced at $0.09903. Dogecoin price in India stood at Rs 8.26.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour gain of 0.80 percent. At the time of writing, it was trading at $58.98. LTC price in India stood at Rs 4,849.80.

Ripple (XRP) Price Today

XRP price stood at $0.5132, seeing a 24-hour loss of 0.58 percent. Ripple price in India stood at Rs 42.95.

Solana (SOL) Price Today

Solana price stood at $153.88, marking a 24-hour gain of 7.15 percent. SOL price in India stood at Rs 11,106.55. 

Top Crypto Gainers Today (August 7)

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

dogwifhat (WIF)

Price: $1.70
24-hour gain: 20.15 percent

cat in a dogs world (MEW)

Price: $0.005981
24-hour gain: 18.44 percent

Zcash (ZEC)

Price: $33.23
24-hour gain: 11.93 percent

Flare (FLR)

Price: $0.01713
24-hour gain: 8.82 percent

Pyth Network (PYTH)

Price: $0.2895
24-hour gain: 8.10 percent

Top Crypto Losers Today (August 7)

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

Akash Network (AKT)

Price: $2.56
24-hour loss: 4.54 percent

Maker (MKR)

Price: $1,912.44
24-hour loss: 4.26 percent

Worldcoin (WLD)

Price: $1.70
24-hour loss: 2.27 percent

Kaspa (KAS)

Price: $0.1643
24-hour loss: 1.88 percent

Injective (INJ)

Price: $16.51
24-hour loss: 1.15 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is holding steady at the $56,000 level as the broader market shows signs of recovery, with many taking advantage of the dip to buy in. Monday experienced significant losses not only in the crypto space but also across global stock markets. Institutional investors offloaded their spot BTC exchange-traded fund (ETF) holdings amid high trading volumes. The U.S.-listed products recorded $168.4 million in net outflows, bringing net withdrawals to over $300 million this month. Presently, market participants are carefully assessing the situation and proceeding with caution. Ethereum, meanwhile, is expected to take a bit more time to see a sharp movement.”

CoinSwitch Markets Desk noted, “Market volatility persists as Bitcoin (BTC) rebounded with a 5% gain today, following four consecutive days of significant losses. On-chain data indicates that crypto whales are buying the dip, although Bitcoin ETF data shows net outflows from ETF buyers. Solana (SOL) leads with an 8% increase in the past 24 hours, currently trading around the key psychological support level of $150. Solana-based memecoin MEW outperformed, leading the top 100 coins with a 17% gain.”

Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin's price is gradually rebounding, up 3% in the last 24 hours to $57K. However, low trading volume and a bearish market indicate cautious investor sentiment. While retail investors offloaded their BTC holdings during the recent crash, whales accumulated more. The RSI at 49 suggests selling pressure may soon increase.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Analysts are wary of buying Bitcoin despite its recent stabilization. After a significant crash, the price of Bitcoin rebounded to around $56,410.85, recovering from a dip below $50,000. Markus Thielen of 10X Research warns that current market conditions, including slow trading in August and September, make immediate investments risky. It advises prudent risk management and suggests that better opportunities may arise later. Analysts are also focusing on macroeconomic factors such as a potential rate cut by the Federal Reserve and changes in interest rate differentials against Japan. Despite some signs of stabilization, including lower leverage and open interest, further declines remain a concern.”

Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin has shown a positive trend, currently priced at $57,000, reflecting a 2.85% increase over the day. The global cryptocurrency market has also risen to $2.01 trillion, a 2.53% increase. The optimism among investors is fueled by Senator Cynthia Lummis’s proposal for a US strategic Bitcoin reserve and former President Trump’s comment on Bitcoin’s potential as a reserve asset. If the current momentum continues, Bitcoin could reach new records high.” 

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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.