Despite showing an overall recovery, the crypto market continues to be affected by market volatility. Bitcoin traded down 1.15 percent to $24,979 (roughly Rs. 20 lakh) on Friday, August 19, according to Indian exchange CoinSwitch Kuber. The top-ranking cryptocurrency also failed to see gains on international exchanges. According to data from Binance and Coinbase, BTC saw a loss of up to 2.53 percent to trade at $22,823 (roughly Rs. 18 lakh). Investors can breathe a sigh of relief as clearly, despite these losses, BTC has maintained a healthy price-point both nationally and internationally.
Ether fell 1.64 percent following BTC’s move, crypto price tracker by Gadgets 360 showed.
“Crypto asset prices were sideways last week as they rallied after US inflation data showed signs of cooling, but much of the gains were pared over the course of the week. ETH’s market capitalization dominance is now 19 percent higher than BTC’s market capitalization dominance, which has fallen to ~38 percent. ETH has also gained DeFi TVL market share compared to other Layer 1s,” Partha Chaturvedi, Crypto Ecosystem Lead at CoinSwitch Kuber, told Gadgets 360.
Binance Coin, Ripple, Cardano, Solana, and Polkadot suffered losses on the crypto price chart.
Even Dogecoin and Shiba Inu slipped down the price ladder with minor, but significant losses.
“DOGE and SHIB clearly outline that ‘risky/speculative’ capital is finding its way back into crypto assets, although the DogeChain launch can be attributed to most of the hype at DOGE,” noted Chaturvedi.
Explaining the reasons behind this market decline, Chaturvedi said, “Sentiments towards DeFi in general have been negatively impacted by the sanctions against Tornado Cash, and related tokens have seen strong selling pressure in the past week.”
The global crypto market cap currently stands at $1.09 trillion (roughly Rs. 86,53,720 crore), down 2.98 percent from the previous day. CoinMarketCap,
Entering the closing phase in August, some cryptocurrencies such as Tether, USD Coin, Status, Dogefi, and Bitcoin Hedge made small gains.
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