Cryptocurrency Price Today: Most Altcoins Recover After Slump, While Bitcoin Continues to See Losses
On Wednesday, August 7, the price of bitcoin fell 3.25 percent to trade at $57,261 (about Rs. 48 lakh) on foreign platforms such as CoinMarketCap.
Geopolitical concerns erupting in various regions of the world, along with the continuous instability in Japan's stock market, are keeping earnings in the cryptocurrency sector low. On Wednesday, August 7, the price of bitcoin fell 3.25 percent to trade at $57,261 (about Rs. 48 lakh) on foreign platforms such as CoinMarketCap. Bitcoin saw losses even on Indian markets. For example, the asset is currently trading at $61,733 (about Rs. 5.18 lakh) on CoinDCX following a 1.54% decline. Experts in cryptocurrency expect that the price of bitcoin may rise as more whales purchase the dip.
"Bitcoin domination has significantly increased, reaching a level not seen since 2021 of over 57 percent. Bitcoin whales amassed around 30,000 BTC during this week's market drop, which was worth $1.6 billion (about Rs. 1,34,294 crore). According to Vikram Subburaj, CEO of Giottus, "the crypto market is showing signs of recovery and this momentum is driven by increased whale activity and substantial institutional inflow," he told Gadgets360.
According to Gadgets360's cryptocurrency price tracker, Ether outperformed Bitcoin on Wednesday. On Wednesday, ether saw a 4.37 percent gain, increasing its trading value to $2,415 (about Rs. 2 lakh) on both domestic and foreign markets.
Over the previous seven days, ETH's price followed a "Lower High Lower Low" pattern, moving in the red. On August 5, ETH's price dropped to slightly over $2,100, or about Rs. 1.76 lakh, its lowest point in eight months. The ZebPay trade desk told Gadgets360 that the reduction in ETH transfers was caused by jump trading, rising geopolitical tensions, and worries about the state of the world economy. These factors also contributed to a wider market correction. "Network activity has decreased along with the price of Ether, with a decline in the quantity of new and active addresses."
On the losing side of the cryptocurrency chart on Wednesday, Binance Coin, USD Coin, Dogecoin Iota, Augur, and Circuits of Value were among the cryptocurrencies that trailed Bitcoin.
A number other cryptocurrencies, however, lagged behind ETH in terms of profitability on Wednesday. These include Tether, Solana, Ripple, Cardano, Tron, Avalanche, Shiba Inu, and Polkadot.
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