Cryptocurrency Price Today: Bitcoin Dips Under $29,000 As Reds Dominate Charts

Cryptocurrency price on August 17 quick take: The global market cap dipped to $1.14 trillion.

Bitcoin price stood at $28,634.79 on Thursday.

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, slid below the $29,00 mark, lending a gloomy outlook to the overall market early Thursday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the board. The SEI token, following its beta launch, emerged to be the biggest gainer on Wednesday with a massive 24-hour jump of over 2,600 percent, but as is the case with most new tokens, turned out to be the biggest loser 24 hours later. Rocket Pool (RPL), on the other hand, became the biggest gainer, with a 24-hour jump of over 4 percent. 

The global crypto market cap stood at $1.14 trillion at the time of writing, registering a 24-hour loss of 1.95 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $28,634.79, registering a 24-hour dip of 1.96 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25 lakh.

Ethereum (ETH) Price Today

ETH price stood at $1,798.35 marking a 24-hour loss of 1.63 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.57 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour dip of 3.95 percent, as per CoinMarketCap data, currently priced at $0.06823. As per WazirX, Dogecoin price in India stood at Rs 5.90.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour loss of 5.08 percent. At the time of writing, it was trading at $75.24. LTC price in India stood at Rs 6,511.06.

Ripple (XRP) Price Today

XRP price stood at $0.5915, seeing a 24-hour dip of 2.73 percent. As per WazirX, Ripple price stood at Rs 51.04.

Solana (SOL) Price Today

Solana price stood at $23.32, marking a 24-hour loss of 1.75 percent. As per WazirX, SOL price in India stood at Rs 2,021.52. 

Top Crypto Gainers Today (August 17)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Rocket Pool (RPL)

Price: $27.29
24-hour gain: 4.41 percent

Gemini Dollar (GUSD)

Price: $0.9999
24-hour gain: 0.08 percent

Tether USDT (USDT)

Price: $0.9989
24-hour gain: 0.01 percent

Top Crypto Losers Today (August 17)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Sei (SEI)

Price: $0.193
24-hour loss: 11.23 percent

Bitcoin SV (BSV)

Price: $31.23
24-hour loss: 8.82 percent

Shiba Inu (SHIB)

Price: $0.000009206
24-hour loss: 8.78 percent

Conflux (CFX)

Price: $0.1591
24-hour loss: 8.54 percent

GMX (GMX)

Price: $39.79
24-hour loss: 8.35 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is priced above the $28,500 level. This movement could potentially be attributed to the devaluation of the Russian Rouble and Argentina's Peso against the US Dollar. In a parallel development, Ethereum has deviated from its established pattern of trading within the $1,800-$1,900 range, instead now trading slightly below $1,800.”

Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “The crypto market has seen a sharp decline in the last 24 hours. As per CoinGecko, the global crypto market capitalization is down 2 percent and fell below $1.2 trillion for the first time in close to 60 days. The crypto fear and greed index is also down 2 points and is currently in the neutral zone with a score of 50/100.”

Rajagopal Menon, Vice President, WazirX, offered his take, “A series of anticipated regulatory developments have subdued the enthusiasm around crypto in the US, dipping the price of Bitcoin to $28,000. Additionally, the prolonged waiting period for ETF approval by the SEC is adding to the negative sentiment. William's percentage indicator has also pointed to an increase in the selling of Bitcoin by investors, most likely due to the recent downward price trajectory. Binance pulling the plug on its payments arm may have also contributed to the overall uncertainty in the market.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Shibarium aims to attract users to its low-fee ecosystem with a focus on finance and gaming. The Ethereum Layer 2 network will use BONE, TREAT, SHIB, and LEASH tokens for blockchain applications, potentially increasing their prices. This improves the Shiba Inu ecosystem by enabling fast transactions with minimal gas fees. Previously on Ethereum, SHIB had security and access but suffered from high fees and slow speed. Shibarium supports $SHIB, $LEASH, $BONE, Shiboshi NFT, ShibaSwap DEX, Shiba Metaverse and more. Crucial support for Bitcoin is around $29,000; a break below could target $28,750. A break above $29,250 could face resistance at $29,400 and $29,600.”

CoinDCX Research Team told ABP Live, “At present, crypto markets struggle to find any directional momentum with Bitcoin (BTC) declining close to 1 percent in the last 24 hours to stay close to $29,000. Major altcoins like Solana, Dogecoin, and Polygon were each down between 4 percent and 6 percent over the past 24 hours as the period of stagnation among most digital assets continues. The current sell-off coincides with Binance, one of the largest crypto exchanges in the world, shutting down its regulated payment arm Binance Connect. As the sideways trading trend continues, data shows that around 80 percent of all Bitcoin (BTC) holders (specifically holding the unspent amount) are currently in a state of profit. This increases the risk of a sell-off, as holders may be looking to take profits amid the current market uncertainty.”

Shivam Thakral, the CEO of BuyUCoin, said, “With a $36.8 billion trade volume over the last 24 hours, the cryptocurrency market has been rather active. There is an impressive rise of 19.72 percent from the day before. The Securities and Exchange Commission (SEC) of the United States is now examining a number of applications for spot BTC ETFs, including one from traditional finance behemoth BlackRock. Low levels of leverage, exceptionally low volatility, and speculative activity characterise the current price movement. The Atlanta Fed's GDPNow model has been updated with the most recent economic data, and it now projects third-quarter US GDP growth of 5.8 percent. Up from the previously predicted 5 percent, which was already fast.”

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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.