Bitcoin Price Surges on International Exchanges
Bitcoin witnessed a notable price gain of 3.15 percent on Wednesday, August 14, reaching a value of $61,060 (roughly Rs. 51 lakh) on international exchanges. CoinSwitch, an Indian exchange, listed BTC trading at around $64,576 (roughly Rs. 54 lakh). Market analysts attributed this price surge to favorable political developments and an uptick in institutional interest. The rally in BTC’s price also boosted the majority of cryptocurrencies in the market.
Ethereum Faces Minor Losses
Meanwhile, Ethereum (ETH) experienced a minor loss of two percent over the past 24 hours, with its price settling at $2,452 (roughly Rs. 2.05 lakh). However, analysts regarded this dip in ETH’s price as negligible within the broader context of its price trajectory.
Market Insights and Ethereum Price Analysis
The crypto market saw positive momentum as the U.S. PPI data reported lower-than-expected figures, signaling bullish sentiment in the market. Attention now turns towards the upcoming release of US CPI data, following a significant market upturn during the last CPI data release. Market experts highlighted the resilience and strength of Bitcoin, with its dominance climbing to 56.29 percent, a 0.35 percent increase from the previous day.
Cryptocurrency Market Overview
Several cryptocurrencies including Binance Coin, Ripple, Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu recorded gains, showcasing a broader market uptrend. Notable tokens like Chainlink, Leo, Near Protocol, Polygon, and Stellar also reported profits. Investors capitalized on support levels, strategically purchasing during market dips.
Overall Market Cap and Losing Cryptocurrencies
Over the last 24 hours, the overall crypto market cap rose by 2.50 percent, reaching a valuation of $2.14 trillion (roughly Rs. 1,79,55,349 crore), as per CoinMarketCap data. However, some cryptocurrencies such as Tether, Solana, Polkadot, Litecoin, Cosmos, and Uniswap faced minor losses amidst the market’s upward trajectory.
Market Analysis and Expert Opinion
The Crypto Fear and Greed Index remained in the fear zone at 30, while the RSI for Bitcoin stayed in the neutral territory. Bitcoin’s dominance consolidating above 57% reflected the likelihood of altcoins lagging in the near term, according to Vikram Subburaj, CEO of Giottus crypto platform.
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