Cryptocurrency Price Today (August 8): Bitcoin Rises Above $62,000 Overcoming Downward Trend
Cryptocurrency price on August 8 quick take: The global market cap rose to $2.13 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to touch the $62,000 mark for the first time this week early Friday, before settling down within the $60,000 range at the time of writing. It is largely believed that the whale accumulation following BTC’s downward trend led to this recent spike. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — mostly landed in the greens across the board as the overall Market Fear & Greed Index stood at 56 (Neutral) out of 100, as per CoinMarketCap data. The SUI token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 28 percent. AAVE became the biggest loser, with a 24-hour dip of over 3 percent.
The global crypto market cap stood at $2.13 trillion at the time of writing, registering a 24-hour jump of 6.60 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $60,938.60, registering a 24-hour gain of 7.06 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 46.82 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,664.50, marking a 24-hour jump of 9.65 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 jump of 5.36 percent, as per CoinMarketCap data, currently priced at $0.1046. Dogecoin price in India stood at Rs 8.26.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 3.53 percent. At the time of writing, it was trading at $60.19. LTC price in India stood at Rs 4,849.80.
Ripple (XRP) Price Today
XRP price stood at $0.6002, seeing a 24-hour dip of 0.43 percent. Ripple price in India stood at Rs 42.95.
Solana (SOL) Price Today
Solana price stood at $156.92, marking a 24-hour gain of 2.55 percent. SOL price in India stood at Rs 11,106.55.
Top Crypto Gainers Today (August 8)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Sui (SUI)
Price: $0.837
24-hour gain: 28.22 percent
Helium (HNT)
Price: $5.98
24-hour gain: 22.83 percent
Celestia (TIA)
Price: $5.63
24-hour gain: 21.76 percent
Bittensor (TAO)
Price: $306.76
24-hour gain: 15.08 percent
Sei (SEI)
Price: $0.2844
24-hour gain: 14.75 percent
Top Crypto Losers Today (August 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Aave (AAVE)
Price: $98.14
24-hour loss: 3.11 percent
MANTRA (OM)
Price: $0.9817
24-hour loss: 1.10 percent
Akash Network (AKT)
Price: $2.57
24-hour loss: 0.94 percent
Stellar (XLM)
Price: $0.1006
24-hour loss: 0.82 percent
UNUS SED LEO (LEO)
Price: $5.78
24-hour loss: 0.04 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has reclaimed the $61,000 level, driven by whale accumulation following a downward trend earlier this week. This accumulation signals a strong bullish sentiment, with traders now targeting the $62,700 mark. The next significant resistance level is at $65,000, while support is found at $60,000 and $57,700. Overall, the market has shown a robust recovery, with bullish momentum building. If this trend continues, we could see further upward movement, potentially challenging BTC’s previous highs.”
CoinSwitch Markets Desk noted, “Bitcoin is currently trading at $61.27k, reflecting a notable resurgence in the crypto market. This uptick is driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market contends with external influences and shifting dynamics.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin newcomers are currently experiencing significant unrealized losses, with 93% of those losses attributed to short-term holders (STH). This is reminiscent of the distress seen during the FTX collapse. A recent Glassnode report highlights that 97% of the losses are borne by STHs, which were hit hard by the recent BTC price drop to $49,500. STH is currently holding its largest unrealized losses since the FTX crisis, reflecting previous market selloffs. Only 7% of STH holdings are profitable, indicating significant financial stress among recent buyers. Additionally, Indian users can buy, sell and trade XDC Network on the Unocoin exchange.”
Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin and Ethereum surged 7% and 9% respectively, lifting the broader crypto market after a tumultuous week. Bitcoin has stabilized near $61,000 and Toncoin has been the other major gainer among the larger -cap alts. TON is now at $6.3, up about 11% from its previous price. Considering the market's volatile nature, a potential downturn is expected as recent gains may already be priced in.”
Shivam Thakral, CEO of BuyUcoin, said, “In the last 24 hours, global cryptocurrency has shown remarkable resilience, with the market cap surging to an impressive $2.15 trillion, a 7.10% increase. This increase coincides with Bitcoin's resurgence and breach of the $61,000 mark, driven by positive sentiment and an improvement in Asian stocks. Despite a 5.42% decrease in the total trading volume, the surge in market cap reflects that the market is maturing and becoming more mature. The recent announcement of Morgan Stanley’s plan to offer Bitcoin ETFs to its wealthy clients further fuels optimism in the market. The positive momentum in the crypto market is expected to continue with a surge in prices as the market recovers from the recent downturn.”
CoinDCX Research Team told ABP Live, “The crypto market continues to rise alongside a significant uptick in the US market, signalling overall bullishness. BTC has rebounded above $61,000 and looks strong. However, ETH and other altcoins have been slower to follow, as BTC dominance continues to rise. For BTC, immediate resistance levels are at $65,500 and $67,000. For ETH, it's crucial to gain above $2,800 to maintain its momentum.”
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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.
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