Cryptocurrency Price Today: Bitcoin Remains Around $55,000, Memecoin PEPE Becomes Biggest Loser
Cryptocurrency price on July 8 quick take: The global market cap rose to $2.03 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, failed to rise above the $56,000 mark over the weekend. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — saw minor dips across the board as the overall Market Fear & Greed Index stood at 36 (Fear) out of 100, as per CoinMarketCap data. Notcoin (NOT) emerged to be the so-called biggest gainer, with a 24-hour jump of nearly 4 percent. Memecoin PEPE became the biggest loser, with a 24-hour dip of nearly 11 percent.
The global crypto market cap stood at $2.03 trillion at the time of writing, registering a 24-hour dip of 3.91 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $55,337.98, registering a 24-hour loss of 4.07 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 52.02 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,912.76, marking a 24-hour dip of 3.71 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.73 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 15.19 percent, as per CoinMarketCap data, currently priced at $0.07953. As per WazirX, Dogecoin price in India stood at Rs 9.99.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 3.28 percent. At the time of writing, it was trading at $62.43. LTC price in India stood at Rs 5,756.09.
Ripple (XRP) Price Today
XRP price stood at $0.4198, seeing a 24-hour loss of 5.12 percent. As per WazirX, Ripple price stood at Rs 39.11.
Solana (SOL) Price Today
Solana price stood at $132.51, marking a 24-hour dip of 5.16 percent. As per WazirX, SOL price in India stood at Rs 12,256.64.
Top Crypto Gainers Today (July 8)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Notcoin (NOT)
Price: $0.01529
24-hour gain: 3.58 percent
Starknet (STRK)
Price: $0.5551
24-hour gain: 0.95 percent
UNUS SED LEO (LEO)
Price: $5.82
24-hour gain: 0.40 percent
Quant (QNT)
Price: $81.14
24-hour gain: 4.60 percent
MANTRA (OM)
Price: $0.8233
24-hour gain: 4.33 percent
Top Crypto Losers Today (July 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Pepe (PEPE)
Price: $0.000008329
24-hour loss: 10.38 percent
dogwifhat (WIF)
Price: $1.66
24-hour loss: 9.76 percent
Maker (MKR)
Price: $2,090.02
24-hour loss: 9.73 percent
Jupiter (JUP)
Price: $0.6879
24-hour loss: 9.70 percent
Ethena (ENA)
Price: $0.3673
24-hour loss: 8.99 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin traded at $55,000 level over the weekend after falling to $53,000 level the previous week. There is a tough battle between the bulls and the bears where bulls are trying to keep the price between $56,000 and $70,000 range, while bears are trying to pull it down. However, the lower levels attracted Bitcoin spot ETFs investors buying the dip. The next support lies at the $53,400, while the resistance is at the $56,500. On the other hand, Ethereum continued to trade below the $3,000 level. Both BTC and ETH have still not gained enough strength to make sharp moves.”
CoinSwitch Markets Desk noted, “The Crypto Fear & Greed Index has dropped to 29, its lowest point since January 2023, as Bitcoin's price fell below $54,000. This decline is largely attributed to selling pressure from seized BTC sales by the German and U.S. governments, as well as refunds to Mt. Gox users. Bitcoin could further dip to $50,000 due to these factors. In the past week, Bitcoin has already declined by over 10%, falling below its 200-day moving average. Analysts are warning of potential further downside but also highlight potential buying opportunities if the selling pressure subsides more quickly than expected.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin, currently trading at $55,513, has dropped by 5.05%. Despite this, Bitcoin has shown a surprising price recovery, rapidly reaching its former pre-halving high only 17 months after the FTX slump. This swift movement contrasts sharply with the 2022 bear market, where Bitcoin lacked significant price bounces. This recovery could be a "dead cat bounce," a temporary rebound leading to further decline. Historical data indicates potential parallels with previous bear markets.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The cryptocurrency market has seen significant volatility recently, with Bitcoin, Ethereum, Solana, Cardano, and Dogecoin experiencing significant declines, leading to over $580 million in liquidations. Factors such as bitcoin wallet movements linked to Mt. Gox, potential oversupply concerns from government bitcoin transfers and broader macroeconomic uncertainties contributed to the selloff. Despite these challenges, there have been signs of recovery, notably marked by Bitcoin's return above $57,000 and increased accumulation by large holders. Technical analysis indicators such as bullish reversal candlesticks indicate the potential for bitcoin to recover and increase in price, suggesting underlying market resilience amid recent turbulence.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin sits on decent support at $55,000 level but could face selling pressure in the coming weeks. The supply of Bitcoin from Mt. Gox and the German government may hot exchanges which may result in a dip in BTC prices due to increased supply. Bitcoin could find a lower support level of around $50,000 if the selling pressure rises. Miners are expected to hold BTC which may ease out the selling pressure. The possibility of a rate cut by CME is high and is expected in September 2024, the news will definitely lift the trader sentiment across the globe.”
CoinDCX Research Team told ABP Live, “The crypto market faced continued downward pressure, impacted by BTC movements from Mt. Gox and mixed macro data. BTC lost key support levels, hovering slightly above $55,000. The next few daily closings will determine the market's direction, with a period of sideways consolidation expected. This week’s U.S. CPI data will be crucial. ETH underperformed BTC as ETF hype shifted to Solana. It bounced from strong support at $2,800 and is hovering above that level. With rising BTC dominance, ETH is expected to underperform BTC in the coming days.”
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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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