Cryptocurrency Price Today: SEI Gains Over 2,600 Percent, Bitcoin Remains Below $30,000
Cryptocurrency price on August 16 quick take: The global market cap dipped to $1.16 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, remained below the $30,000 mark, trading sideways early Wednesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the baord. The SEI token, following its beta launch, emerged to be the biggest gainer of the lot, with a massive 24-hour jump of over 2,600 percent. ApeCoin (APE), on the other hand, became the biggest loser, with a 24-hour dip of nearly 12 percent.
The global crypto market cap stood at $1.16 trillion at the time of writing, registering a 24-hour loss of 1.10 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $29,202.73, registering a 24-hour dip of 0.48 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25.31 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,827.74 marking a 24-hour loss of 0.77 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.59 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 4.57 percent, as per CoinMarketCap data, currently priced at $0.07101. As per WazirX, Dogecoin price in India stood at Rs 6.18.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 3.04 percent. At the time of writing, it was trading at $79.21. LTC price in India stood at Rs 6,875.
Ripple (XRP) Price Today
XRP price stood at $0.6078, seeing a 24-hour dip of 3.53 percent. As per WazirX, Ripple price stood at Rs 52.37.
Solana (SOL) Price Today
Solana price stood at $23.76, marking a 24-hour loss of 4.70 percent. As per WazirX, SOL price in India stood at Rs 2,050.01.
Top Crypto Gainers Today (August 16)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Sei (SEI)
Price: $0.2206
24-hour gain: 2,661.55 percent
THORChain (RUNE)
Price: $1.62
24-hour gain: 2.69 percent
Toncoin (TON)
Price: $1.48
24-hour gain: 2 percent
XDC Network (XDC)
Price: $0.06238
24-hour gain: 1.64 percent
Gemini Dollar (GUSD)
Price: $0.9989
24-hour gain: 1.19 percent
Top Crypto Losers Today (August 16)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
ApeCoin (APE)
Price: $1.83
24-hour loss: 11.54 percent
Terra Classic (LUNC)
Price: $0.00007006
24-hour loss: 10.20 percent
Compound (COMP)
Price: $50.06
24-hour loss: 9.59 percent
Pepe (PEPE)
Price: $0.000001258
24-hour loss: 9.46 percent
Conflux (CFX)
Price: $0.1735
24-hour loss: 8.74 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has been trading above $29,000. This might be because July's US retail sales report demonstrated a growth of 0.7 percent over the anticipated rise of 0.4 percent. Furthermore, Amsterdam witnessed Europe's inaugural Spot Bitcoin ETF listing just yesterday. Meanwhile, Ethereum's trading range remains stable, fluctuating between $1,800 and $1,900.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “The crypto market at large has traded sideways in the last 24 hours. As per CoinGecko, the global crypto market capitalization has dropped by 1% and continues to be just above $1.2 trillion. The crypto fear and greed index, too, fell by a point and is currently in the neutral zone with a score of 52/100.”
Rajagopal Menon, Vice President, WazirX, offered his take, “A potential high GDP growth in the US has boosted the sentiment of users in the traditional market with anticipated rate hikes in the near future. Bitcoin remained steady at $29,000 even as major altcoins dipped. The first-ever crypto rules by the G20 in collaboration with the IMF and FSB can mark a huge step in regulations of VDAs and play a key role in the adoption of Crypto in the upcoming bull market.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Anticipation surrounds Bitcoin ETF approval in grayscale, with a likely decision expected in August based on historical timelines. Figures like Cathie Wood and Nate Geraci support Grayscale against the SEC. Bitcoin's recent movement has been between $29,500 and $29,200, indicating volatility. A breach could dictate its price trajectory. A break below $29,200 could lead to support at $29,000 and $28,750, which would maintain the bearish trend. Conversely, a break above $29,600 could push it to $29,800, with $30,000 and $30,200 providing significant resistance. Traders should watch $29,250 and $29,600 for potential trends.”
Shivam Thakral, the CEO of BuyUCoin, said, “The total trading volume for all cryptocurrencies over the previous 24 hours has risen to an incredible $30.72 billion, representing a remarkable rise of 16.33 percent, in the dynamic world of cryptocurrencies. Considering the fact that this morning's US retail sales report for July came in much better than anticipated, perhaps some macro concerns impacted cryptocurrency. Cryptocurrencies are declining as the bond market selloff picks back up, driving up global bond rates as the possibility of further central bank tightening increases. Despite the fact that cryptocurrency prices and trade activity seem to have at least slightly stabilised in 2023, bear market conditions persist.”
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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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