(Source: ECI/ABP News/ABP Majha)
Cryptocurrency Price Today: Bitcoin, Ethereum Fail To Impress; XDC Becomes Top Gainer
Cryptocurrency price on August 11 quick take: The global market cap dipped to $1.17 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, remained below the $30,000 mark early Friday. Ethereum (ETH), too, failed to clear the $1,900 threshold. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw a mix of minor jumps and dips across the board. The XDC Nework (XDC) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 6 percent. GMX, on the other hand, became the biggest loser, with a 24-hour dip of nearly 7 percent.
The global crypto market cap stood at $1.17 trillion at the time of writing, registering a 24-hour dip of 0.61 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $29,363.64, registering a 24-hour loss of 0.65 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25.02 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,844.43 marking a 24-hour loss of 0.39 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.56 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 0.47 percent, as per CoinMarketCap data, currently priced at $0.07549. As per WazirX, Dogecoin price in India stood at Rs 6.40.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.15 percent. At the time of writing, it was trading at $83.11. LTC price in India stood at Rs 7,050.02.
Ripple (XRP) Price Today
XRP price stood at $0.6342, seeing a 24-hour loss of 0.45 percent. As per WazirX, Ripple price stood at Rs 54.11.
Solana (SOL) Price Today
Solana price stood at $24.76, marking a 24-hour jump of 1.81 percent. As per WazirX, SOL price in India stood at Rs 2,041.
Top Crypto Gainers Today (August 11)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
XDC Network (XDC)
Price: $0.06733
24-hour gain: 6.17 percent
Flare (FLR)
Price: $0.01588
24-hour gain: 4.40 percent
THORChain (RUNE)
Price: $1.06
24-hour gain: 3.12 percent
Shiba Inu (SHIB)
Price: $0.000009944
24-hour gain: 2.30 percent
Maker (MKR)
Price: $1,244.94
24-hour gain: 2.11 percent
Top Crypto Losers Today (August 11)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
GMX (GMX)
Price: $46.41
24-hour loss: 6.52 percent
Arweave (AR)
Price: $4.95
24-hour loss: 5.87 percent
Aptos (APT)
Price: $7.06
24-hour loss: 4.94 percent
Hedera (HBAR)
Price: $0.05704
24-hour loss: 4.11 percent
Conflux (CFX)
Price: $0.1755
24-hour loss: 3.88 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “The price of Bitcoin has stayed above $29,300. Even though the US Consumer Price Index (CPI) rose by 0.2 percent in July, Bitcoin's price didn't change much. Ripple's prices increased by over 6 percent over the last 24 percent, and Shiba Inu's value rose by more than 2 percent. Ethereum continues to trade between $1,800 and $1,900, similar to how it has been trading over the last week.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “The crypto market continued to be rangebound with slight downward pressure in the last 24 hours. As per CoinGecko, the global crypto market capitalization is down 0.6 percent and continues to stay above $1.2 trillion. The crypto fear and greed index has fallen by 2 points and is currently in the neutral zone with a score of 51/100. Except for Solana (SOL, +1.6 percent), others from the top 10 cryptos by market capitalization were trading slightly in the red. BTC (-0.7 percent) and ETH (-0.4 percent) continue to trade around $29,000 and $1,800 levels, respectively. The market at large seems to have shown resilience around the announcement of the latest CPI numbers, which rose by 0.2 percent and were within market predictions.”
Rajagopal Menon, Vice President, WazirX, offered his take, “Bitcoin and Ether open the trading day flat, demonstrating resilience in the face of macroeconomic factors. The cryptocurrency market seems unaffected by the latest Consumer Price Index (CPI) figures, consistent with economists' predictions. Analysts continue to wonder about the reasons behind Bitcoin's struggle to surpass the $30,000 mark. This challenge is often attributed to the uncertainty surrounding SEC approval of a Bitcoin exchange-traded fund (ETF), profit-taking by miners, relatively low retail participation, and resistance in the derivatives market. These factors combine to suppress market volatility.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin is hovering around $29,390 and has experienced a -0.75 percent drop in the last 24 hours due to reduced liquidity in the crypto market. This decline led to the introduction of crypto derivatives. Factors include the registration of Bitcoin ETFs and the SEC's role in influencing market dynamics. Bittrex faced accusations of unregistered securities, which affected spot trading. Bitcoin hovers around $29,400, Ether below $1,850. Traders are looking for volatile meme coins for quick profits. XRP20, an enhanced XRP on Ethereum, offers decentralized benefits and passive income stakes. The project raised $1.87 million, meeting its soft-cap goal and appealing to investors with its innovative features.”
CoinDCX Research Team told ABP Live, “Crypto markets saw a slight dip with Bitcoin falling nearly 1 percent after US CPI print showed inflation rose to 3.2 percent annually in July, compared to the expected 3.3 percent but still significantly higher than the Federal Reserve’s desired 2 percent. Core CPI inflation, which excludes volatile food and energy prices, came in lower at 4.7 percent in July from 4.8 percent in June. The jobless claims data for the last week rose to 248,000, exceeding the consensus projection of 230,000. While inflation remains notably higher than the Fed’s desired 2 percent target, the decelerating prices are expected to take some of the pressure off the Federal Reserve to keep hiking rates.”
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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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