BTC, ETH open with losses, crypto market cap slips below trillion dollar mark

BTC, ETH Open With Losses, Crypto Market Cap Slips Below Trillion Dollar Mark

The month of August pushed up the base value of many cryptocurrencies, however, most cryptocurrencies saw losses as they inch closer to the end of the month. On Monday, August 29, the price of bitcoin opened with a slight drop of 0.74 percent. According to Indian exchange Coinswitch Kuber, BTC is currently trading at $19,808 (approximately Rs 15.80 lakh). Even on international exchanges, BTC failed to see any gains. According to CoinMarketCap and Binance, BTC price is hovering around the same mark of $19,830 (approximately Rs 15.80 lakh).

Ether has traditionally lagged behind BTC to see losses. According to Gadgets 360’s crypto price tracker, ETH is currently priced at $1,450 (about Rs 1.16 lakh) after a loss of 2.70 percent.

Losses occurred in Tether, Ripple, Cardano, Solana, Polkadot and Polygon.

Even Dogecoin and Shiba Inu failed to gain gains amid the current market volatility.

“Bitcoin, Ethereum, and most cryptocurrencies were unable to resume gains after the Fed announced an interest rate hike. Investors are eagerly looking for a market correction, but little has changed. Today, if it closes below the level of $19,500 (approximately Rs 15.60 lakh), we could see it going further lower,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.

Among a handful of gainers, Binance Coin, Binance USD, Litecoin, Monero and Bitcoin Cash marked their names.

“Overall, the underlying sentiment indicates a downside in the coming week,” Patel said.

According to CoinMarketCapThe overall market cap of the crypto sector has slipped below the trillion-dollar mark.

Currently, the valuation of the crypto industry is $954.11 billion (approximately Rs 76,35,042 crore), a decrease of 1.29 percent from the previous day.

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