Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, fell to a low of $50,000 on Monday but quickly recovered to surpass $55,000 early Tuesday morning. For now, the Federal Reserve's decision to keep interest rates high continues to loom as a major concern among investors.According to CoinMarketCap data, popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) were generally positive, with the market-wide Fear and Greed Index scoring 32 out of 100 (Fear). Akash Network (AKT) was the biggest gainer, surging more than 33% in 24 hours. Tether Gold (XAUt) was the biggest loser, dropping roughly 2% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization reached $1.97 trillion, up 4.38% in 24 hours.
Bitcoin (BTC) Price Today
According to CoinMarketCap, the price of Bitcoin was $55,767.42, up 2.53% in 24 hours. According to Indian exchanges, the price of BTC was Rs 4.682 crore.
Ethereum (ETH) Price Today
ETH price is at $2,496.02, up 6.93% in 24 hours at the time of writing. Ethereum price in India is Rs 2.09 lakh.
Dogecoin (DOGE) price today
According to data from CoinMarketCap, DOGE has risen 6.42% in the last 24 hours and is currently priced at $0.099. The price of Dogecoin in India is 8.26 rupees.
Litecoin (LTC) price today
Litecoin has risen by 3.73% in 24 hours. It was trading at $57.89 at the time of writing. The LTC price in India was Rs 4,849.80.
Ripple (XRP) Price Today
The price of XRP was at $0.5121, up 7.77% in 24 hours. The price of Ripple in India was Rs 42.95.
Solana (SOL) Price Today
Solana price was at $139.08, up 8.56 percent in 24 hours. SOL price in India was Rs 11,106.55.
Top cryptocurrency growth rates today (August 6th)
According to data from CoinMarketCap, the top five cryptocurrencies that have increased in value over the past 24 hours are:
Akash Network (AKT)
price: $2.64
24 hour increase: 33.84 percent
Bittensor (TAO)
price: $251.36
24 hour increase: 33.08 percent
Helium (HNT)
price: $4.64
24 hour increase: 20.61 percent
Brett (bass)
price: $0.09428
24 hour increase: 19.25 percent
Mantle (MNT)
price: $0.6127
24 hour increase: 19.24 percent
Today's Biggest Crypto Losers (August 6th)
According to data from CoinMarketCap, the top five cryptocurrencies that fell in the last 24 hours were:
Tether Gold (XAUt)
price: $2,413.62
24 hours lost: 1.25 percent
SEI
price: $0.2941
24 hours lost: 8.09 percent
ORDI
price: $32.41
24 hours lost: 7.72 percent
Dogwif Hat (WIF)
price: $1.90
24 hours lost: 7.21 percent
Beam (Beam)
price: $0.01684
24 hours lost: 7.02 percent
What Crypto Exchanges are saying about the current market scenario
Edur Patel, co-founder and CEO of Madrex, told ABP Live: “Bitcoin has recovered to $55,000 after plummeting to $50,000 yesterday. Several factors are behind the recent decline: the US Federal Reserve's decision to keep interest rates high has raised recession fears, while the Bank of Japan's rate hike has tightened global liquidity. Geopolitical tensions between Iran and Israel have further eroded market confidence. Additionally, significant crypto futures liquidations and uncertainties surrounding the US presidential elections and Mt. Gox distribution have increased market pressure, leading to widespread selling across the crypto space. BTC's next support is at $53,500, with resistance at $58,000.”
CoinSwitch Markets Desk states, “After one of the biggest crashes in crypto history, with BTC losing over $250 billion in market cap in a single day, the world's largest cryptocurrency found support just below $50,000 before recovering over 14% to trade around $56,000. The crash was primarily caused by two factors: the escalation of the Israeli-Iranian war in the Middle East and Japan's stock market, which recorded its biggest one-day crash since 1987. However, after falling 12% yesterday, the Nikkei Stock Average rose over 10% today to recoup most of its losses, which could spark another rally in global stock markets.”
Satvik Viswanath, CEO and co-founder of Unocoin, said: “Polymarket bettors have recently made significant revisions to their outlook for Bitcoin, lowering the chances of the price falling below $45,000 from 5% to 15%. After a sharp drop below $55,000 on August 5, Bitcoin has hovered around $50,000 before recovering to $55,289. This volatility led to more than $1 billion in liquidations within 24 hours. Ethereum has also fallen significantly, with the chances of trading above $3,000 dropping from 75% to just 3%. Analysts predict that Bitcoin may test the $40,000 to $45,000 range, but warn that a sharp reversal is also possible.”
“Bitcoin slumped to a six-month low below $50,000, sparking panic selling across major cryptocurrencies. However, Bitcoin has since recovered towards $56,000, while altcoins such as Ethereum, Dogecoin, BNB and XRP have recovered by over 5%. We saw a surge in trading activity on Pi42 as many investors took advantage of the dip and bought,” said Avinash Shekhar, co-founder and CEO of Pi42.
Shivam Thakral, CEO, BuyUcoin said, “Bitcoin's recovery to the $56,000 levels, recouping significant losses, is a positive sign for the cryptocurrency market. The bounce indicates that investors are actively buying on the dips, signaling their confidence in the long-term potential of digital assets. The global cryptocurrency market has shown resilience in the face of recent volatility, with the market cap reaching $1.97 trillion, representing an increase of 3.37%. This surge in market cap has been accompanied by a 55.53% increase in total trading volume. This recovery indicates that cryptocurrencies are finding support at higher levels. As the market faces challenges, it is essential to maintain a long-term perspective.”
The CoinDCX research team told ABP Live: “Over the past 24 hours, the cryptocurrency market continued to decline during the day, before recovering slightly in the evening. BTC is now down near $56,000 and ETH near $2,500. All global markets have fallen, but it remains to be seen whether the recent moves indicate a dead cat bounce or sustainable upward liquidity before a possible further decline.”
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Disclaimer: Cryptocurrency products and NFTs are unregulated and may be extremely risky. There may be no regulatory remedy for losses from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek professional advice and to carefully read the offer documents and any related material literature before making any type of investment. Cryptocurrency Market forecasts are speculative and any investments are made at the reader's own expense and risk.
