Welcome to “Crypto Today,” your daily dose of the ever-exciting and ever-changing world of cryptocurrencies! In this edition, we witness a rollercoaster ride as Bitcoin and Ethereum face a slight dip, keeping us at the edge of our seats. But hold tight because the spotlight shines on 1INCH, the thrilling top gainer breaking all barriers!
Let’s delve into the twists and turns of the crypto market, where every moment counts, and fortunes can be made in a flash. Brace yourselves for the captivating journey ahead as we explore the highs and lows of these digital assets in today’s crypto adventure!
Bitcoin and Ethereum Face Challenges Amidst Volatility
The global crypto market has been experiencing a mix of dips and gains, with Bitcoin (BTC) and Ethereum (ETH) facing challenges to maintain their momentum. Over the weekend, both BTC and ETH dipped below key support levels, with BTC falling below $31,000 and ETH slipping below $2,000. This dip departed from the positive streak both cryptocurrencies had exhibited on Friday.
Altcoins Display Resilience
While Bitcoin and Ethereum faced downward pressure, other popular altcoins showed resilience, with some even registering gains. Ripple (XRP), which had experienced a mega rally late last week, slowed down but still managed to register a 5.45 percent gain.
Notable mentions among the altcoins include Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL), which saw a fair mix of dips and gains across the board. The standout performer among the altcoins was the 1INCH token, with a remarkable 24-hour increase of nearly 35 percent.
Top Gainers and Losers in the Crypto Market
As of July 17, the top five crypto gainers over the past 24 hours were as follows:
- 1inch Network (1INCH) – Price: $0.4938, 24-hour gain: 34.84 percent
- Maker (MKR) – Price: $986.07, 24-hour gain: 7 percent
- Optimism (OP) – Price: $1.52, 24-hour gain: 6.08 percent
- Algorand (ALGO) – Price: $0.1197, 24-hour gain: 5.97 percent
- Ripple (XRP) – Price: $0.7535, 24-hour gain: 4.94 percent
On the other hand, the top five crypto losers over the past 24 hours were as follows:
- Pepe (PEPE) – Price: $0.000001545, 24-hour loss: 4.71 percent
- Lido DAO (LDO) – Price: $2.20, 24-hour loss: 3.46 percent
- Injective (INJ) – Price: $9.01, 24-hour loss: 3.37 percent
- Fantom (FTM) – Price: $0.2609, 24-hour loss: 3.02 percent
- Binance (BNB) – Price: $242.82, 24-hour loss: 2.52 percent
Expert Opinions and Market Analysis
Consolidation Phase for Bitcoin
According to Mudrex co-founder and CEO Edul Patel, Bitcoin is currently in a consolidation phase at the $30,200 level following a surge in the previous week due to a favorable US Federal court ruling in favor of Ripple. Bullish investors are working diligently to sustain Bitcoin’s price above $30,000 to prevent a decline. If the bulls are to keep prices over $31,000, they must move swiftly and persistently.
SEC Review and ETH’s Dip
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, mentioned that Bitcoin is back to trading around pre-Ripple ruling levels, and the SEC’s serious review of BlackRock’s spot BTC ETF application could positively impact BTC’s performance if approved. Ethereum dipped below the $2,000 mark before the weekend, trading around sub $1,900 levels.
Bitcoin Price Analysis
Sathvik Vishwanath, CEO and co-founder of Unocoin analyzed Bitcoin’s price action. The cryptocurrency faced resistance at $31,793 and has found support at $30,000, backed by an uptrend line and bullish sentiment. The RSI, MACD, and 50-day EMA show bearish sentiment and resistance near $30,750. A break below $30,000 could lead to further declines, while a break above $30,400 may signal a potential upward movement.
India’s Regulatory Support for Digital Assets
Rajagopal Menon, Vice President at WazirX, stated that India had supported monitoring digital assets against financial crimes, which could foster consumer confidence in the cryptocurrency market.
Positive Market Sentiment
Shivam Thakral, CEO of BuyUcoin, expressed optimism about the crypto market, citing possible SEC approval for a Bitcoin ETF and amplifying demand for robust regulations in the digital asset industry. Additionally, the G20 meeting at Gandhinagar under India’s presidency was expected to pave the way for consensus on digital asset regulations by bringing G20 leaders onto a common platform. Thakral predicted that the market would avoid major fluctuations due to the absence of significant weekly economic data releases.
The crypto market continues to display its characteristic volatility, with Bitcoin and Ethereum facing challenges to maintain their positive momentum. Despite the two major cryptocurrencies’ setbacks, altcoins show resilience and some notable gains. Expert opinions vary, with some predicting potential positive price action if certain regulatory approvals are granted. It is evident that the crypto market’s future remains uncertain, and traders and investors must carefully monitor the developments and market sentiment to make informed decisions.