Bitcoin, Ether Register Dips Amid Overall Crypto Market Being Sluggish

The crypto price chart showed almost equal proportions of greens and reds next to the listed cryptocurrencies on Tuesday, July 18. Bitcoin registered a loss of 0.65 percent to trade at the price point of $30,157 (roughly Rs. 24.7 lakh). Despite the rather slowed down market momentum, Bitcoin has managed to keep investor’s interest in it alive. In the last 24 hours, the value of the most expensive cryptocurrency dropped by $98 (roughly Rs. 8,036).

Ether reflected a loss of 1.27 percent on Tuesday, following Bitcoin on the loss-making side of the crypto price chart. The price of ETH, at the time of writing, stood at $1,908 (roughly Rs. 1.56 lakh).

“On-chain data indicates a re-accumulation phase among investors. This sentiment hints at an impending significant market move, although its precise direction remains uncertain. This week focuses on the upcoming tech firm earnings and jobless claims announcement slated for July 20. Another major event looms on the horizon: the Federal Reserve’s decision on interest rate hikes, which is still approximately two weeks away. As per the CME FedWatch Tool, 96 percent of the market sentiment remains convinced of an impending rate hike of 0.25 percent,” the CoinDCX team told Gadgets 360.

Several popular cryptocurrencies recorded price dips on Tuesday.

These include stablecoins Tether, Ripple, USD Coin, and Binance USD.

Price dips also struck Cardano, Solana, Dogecoin, Polygon, Litecoin, and Avalanche.

The overall crypto market valuation slipped by 0.86 percent in the last 24 hours to current sit on the mark of $1.2 trillion (roughly Rs. 98,47,344 crore), as per CoinMarketCap. The crypto fear and greed index, on the other hand, is up by two points and has re-entered the greed zone with a score of 56/100.

Meanwhile, Binance Coin, Tron, Polkadot, Chainlink, and Monero managed to mint small profits.

Minor price spikes were also recorded by Near Protocol, EOS Coin, Dash, and Cartesi among others.

“Post XRP and MATIC surge last week, Ethereum Layer 2 scaling solutions have seen significant investor attraction as in the last five days, Arbitrum (ARB) is up by 18 percent and Optimism (OP) is up by 25 percent. Another major altcoin, providing real-world data through its decentralised oracles, Chainlink has launched a cross-chain interoperability protocol aimed to bridge blockchain and traditional finance by using the famous SWIFT’s messaging infrastructure. DeFi protocols like SNX (-2.5 percent) and AAVE (-3.7 percent) can observe a gain in momentum due to this development,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

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