Cryptocurrency Price Today: Bitcoin Rises Above $23,000 As US Fed Hikes Interest Rates; Ethereum, Dogecoin, Ripple See Major Gains
Cryptocurrency price on July 28 quick take: The global crypto market cap managed to rise above the $1-trillion mark yet again.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to see major gains on early Thursday morning. The sudden growth could be attributed to the news of the US Federal Reserve raising interest rates by 0.75 percent on July 27. Alongside BTC, most other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and others, saw major gains over the past 24 hours. On the other hand, the Lido DAO token turned out to be the biggest gainer in the last 24 hours, and TerraClassicUSD turned out to be the biggest loser.
At the time of writing, the global crypto market cap stood at $1.06 trillion as per CoinMarketCap data, registering a 24-hour loss of 9.54 percent.
Bitcoin (BTC) price today
At the time of writing, BTC was priced at $23,156.34. As per CoinMarketCap, Bitcoin saw a 24-hour gain of 9.84 percent. As per Indian exchange WazirX, BTC price stood at Rs 19.15 lakhs.
Ethereum (ETH) price today
With a massive 24-hour gain of 15.78 percent, ETH price stood at $1,650.16. As per WazirX, Ethereum price in India stood at Rs 1.32 lakhs.
Dogecoin (DOGE) price today
DOGE saw a 24-hour gain of 7.94 percent as per CoinMarketCap data, currently priced at $0.0668. As per WazirX, Dogecoin price in India stood at Rs 5.45.
Litecoin (LTC) price today
Litecoin registered a gain of 12.89 percent over the past 24 hours. At the time of writing, it was priced at $60.09. LTC price in India stood at Rs 4,900.
Ripple (XRP) price today
XRP price stood at $0.3594, seeing a 24-hour gain of 8.29 percent. As per WazirX, Ripple price stood at Rs 29.28.
Solana (SOL) price today
Solana price stood at $39.87, marking a 24-hour gain of 11.32 percent. As per WazirX, SOL price in India stood at Rs 3,299.99.
Top crypto gainers today (July 28)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Lido DAO (LDO)
Price: $2.04
24-hour gain: 44.64 percent
Bitcoin Gold (BTG)
Price: $27.47
24-hour gain: 35.87 percent
Synthetix (SNX)
Price: $3.92
24-hour gain: 34.78 percent
Qtum (QTUM)
Price: $4.65
24-hour gain: 33.24 percent
Ethereum Classic (ETC)
Price: $32.94
24-hour gain: 31.85 percent
Top crypto losers today (July 28)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
TerraClassicUSD (USTC)
Price: $0.03757
24-hour loss: 2.46 percent
Binance USD (BUSD)
Price: $0.999
24-hour loss: 0.19 percent
What crypto exchanges are saying about the current market scenario
Edul Patel, the CEO and Co-Founder of Mudrex, told ABP Live, “Most cryptocurrencies rose in the past 24 hours, reacting favourably to the US central bank raising the interest rates. Bitcoin has been trading sideways between its support level at $19,000 and resistance at $25,000 since the start of the month. Because of the low volume, BTC trading is unable to break any of these levels. But, if BTC can break through the $23,000 level, it might run towards its resistance level. On the other hand, even though the second largest cryptocurrency, Ethereum, fell below the $1,600 mark, it soon recovered, indicating the buying strength on Wednesday.”
Commenting on the crypto market scenario, Sathvik Vishwanath, CEO and Co-Founder of Unocoin told ABP Live, “The downward streak of falling crypto prices got broken once the news about Feds increasing the interest rate by 0.75 percent got out on Wednesday evening. Instantly the prices of crypto saw an increase by up to 8 percent and more or less the increase continued to sustain for the rest of the day. The same gained support by equity markets increasing by the same percentage as well. Supporting and native blockchain tokens saw even more recovery of up to 12 percent and 16 percent, respectively.”
FiEx Founder and CEO Tushar Gandotra told ABP Live, "Market sentiment for Bitcoin and other cryptocurrencies has been improving, with institutional investors optimistic about a market recovery as inflows into crypto markets climb, with roughly $16 million going into Bitcoin alone over the previous week. The triangle formation is being retested by the trend for Bitcoin on a daily time frame at the breakout levels. BTC's immediate support level is anticipated to be $19,000, while the next significant resistance level is anticipated to be $32,300. In recent days, Ethereum (ETH) has lost ground to Bitcoin as the global cryptocurrency markets saw a small correction. As another slump is anticipated following a bounce-off from the pattern resistance level, the daily chart for ETH-BTC is still moving through a falling triangle pattern with lower highs. At 0.049, the next significant support for ETH-BTC is anticipated."
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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