Cryptocurrency Price Today: Bitcoin Dips Below $57,000, MANTRA Becomes Biggest Gainer
Cryptocurrency price on July 12 quick take: The global market cap dipped to $2.12 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below $57,000 early Friday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board as the overall Market Fear & Greed Index stood at 40 (Fear) out of 100, as per CoinMarketCap data. The MANTRA (OM) token emerged to be the biggest gainer, with a 24-hour jump of over 7 percent. Memecoin BONK became the biggest loser, with a 24-hour dip of over 11 percent.
The global crypto market cap stood at $2.1 trillion at the time of writing, registering a 24-hour loss of 1.16 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $56,985.22, registering a 24-hour dip of 1.25 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 51.20 lakh.
Ethereum (ETH) Price Today
ETH price stood at $3,082.31, marking a 24-hour loss of 0.08 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.79 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 1.41 percent, as per CoinMarketCap data, currently priced at $0.1062. As per WazirX, Dogecoin price in India stood at Rs 9.75.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour jump of 1.58 percent. At the time of writing, it was trading at $68.23. LTC price in India stood at Rs 6,045.38.
Ripple (XRP) Price Today
XRP price stood at $0.4507, seeing a 24-hour gain of 0.25 percent. As per WazirX, Ripple price stood at Rs 40.44.
Solana (SOL) Price Today
Solana price stood at $135.88, marking a 24-hour dip of 3.43 percent. As per WazirX, SOL price in India stood at Rs 12,357.
Top Crypto Gainers Today (July 12)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
MANTRA (OM)
Price: $1.04
24-hour gain: 7.16 percent
NEAR Protocol (NEAR)
Price: $4.88
24-hour gain: 6.05 percent
Maker (MKR)
Price: $2,374.17
24-hour gain: 4.50 percent
Aave (AAVE)
Price: $92.70
24-hour gain: 4.11 percent
Safe (SAFE)
Price: $1.50
24-hour gain: 3.69 percent
Top Crypto Losers Today (July 12)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Bonk (BONK)
Price: $0.00002276
24-hour loss: 11.26 percent
Celestia (TIA)
Price: $6.27
24-hour loss: 10.33 percent
Brett (Based) (BRETT)
Price: $0.1085
24-hour loss: 9.15 percent
Render (RNDR)
Price: $5.85
24-hour loss: 7.89 percent
Ethena (ENA)
Price: $0.3862
24-hour loss: 7.15 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin briefly rose above $59,000 but couldn't maintain that level. It's facing difficulties breaking past the $60,000 resistance due to several factors: investors anticipating Fed interest rate cuts, the German government transferring BTC to exchanges, and the liquidation of leveraged long positions. The next resistance level is at $57,750, while support is at $56,000. Investors are also eagerly awaiting the US SEC's final decision on spot Ethereum ETFs, expected later in July.”
CoinSwitch Markets Desk noted, “Germany has rapidly offloaded its confiscated bitcoin holdings, transferring over 35,000 BTC, valued at $3 billion, to exchanges in the past three weeks. This move might ease concerns among crypto investors about potential supply overhang from large sellers like the U.S. government and the Mt. Gox estate, which have also recently moved substantial amounts of BTC to exchanges.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin is currently trading at $56,923, down 0.89%. The price has declined from the $59,500 resistance zone and is now below the $57,500 mark and the 100 hourly SMA. A key declining channel with resistance at $58,400 is forming. If BTC fails to stay above the $56,500 support, it could continue to move down further. Bears could gain strength below the $56,000 support level.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “In June, Bitcoin opened at $67,741 but closed lower at $61,529, down 15.2%. The Crypto Fear and Greed Index hit an 18-month low, indicating waning investor confidence. Concerns arose from the German sale of more than 27,000 BTC and instalments from Mt. Gox. Despite a brief increase in daily active addresses, overall Bitcoin network activity has decreased. Bitcoin dominance peaked at 52.92% on June 15, the most since April 2021. Immunefi reported a loss of $572.7 million due to hackers in Q2 2024, with significant breaches on Bitcoin DMM and BtcTurk. However, there have been positive signs of adoption, including the expansion of Strike in the UK, the legalization of Bitcoin in Bolivia, and increased activity in Bitcoin ETFs and mining companies.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin crossed the $59,000 mark immediately after June CPI data showed that inflation was negative in June. The news uplifted the market sentiments and resulted in a mini rally across major digital assets. The probability of the US fed going for a reduction in interest rates is at 70% versus less than 50% one month ago. The strong ETF inflows suggest that investors are actively buying the dip in the BTC prices which may be a good sign for the long-term market.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the overall market remained positive ahead of the U.S. CPI announcement. Despite the CPI data being less than expected, which is typically bullish for the market, the market declined afterwards, indicating underlying weakness. Currently, BTC appears weak, while altcoins are showing strength due to falling BTC dominance. ETH is also following BTC's path and could fall further if BTC declines. In the higher time frame, BTC's price action looks strongly bearish; if it loses $57,000, it could drop significantly, with key support levels at $53,600 and $50,700.”
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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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