Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, failed to surpass the $56,000 mark over the weekend. Other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), all saw smaller declines overall, with the market-wide Fear and Greed Index hitting 36 out of 100 (Fear), according to CoinMarketCap data. Notcoin (NOT) was the so-called biggest gainer, up about 4% in 24 hours. Meme coin PEPE was the biggest loser, down about 11% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization was $2.3 trillion, down 3.91% in 24 hours.
Bitcoin (BTC) Price Today
According to CoinMarketCap, the price of Bitcoin was $55,337.98, down 4.07% in 24 hours. According to Indian exchange WazirX, the price of BTC was Rs 52.02 lakh.
Ethereum (ETH) Price Today
The ETH price is at $2,912.76, down 3.71% in 24 hours at the time of writing. According to WazirX, the Ethereum price in India is at Rs 2.73 lakh crore.
Dogecoin (DOGE) price today
According to data from CoinMarketCap, DOGE has lost 15.19% in 24 hours and is currently priced at $0.07953. According to WazirX, the price of Dogecoin in India is Rs 9.99.
Litecoin (LTC) price today
Litecoin fell 3.28% in 24 hours. It was trading at $62.43 at the time of writing. The LTC price in India was Rs 5,756.09.
Ripple (XRP) Price Today
The price of XRP was at $0.4198, down 5.12% in 24 hours, while Ripple was at Rs 39.11, according to WazirX.
Solana (SOL) Price Today
Solana was priced at $132.51, down 5.16 percent in 24 hours. According to WazirX, the price of SOL in India was Rs 12,256.64.
Top cryptocurrency gainers today (July 8th)
According to data from CoinMarketCap, the top five cryptocurrencies that have increased in value over the past 24 hours are:
Notcoin (NOT)
price: $0.01529
24 hour increase: 3.58 percent
Starknet (STRK)
price: $0.5551
24 hour increase: 0.95 percent
UNUS SED LEO (LEO)
price: $5.82
24 hour increase: 0.40 percent
Quant (QNT)
price: $81.14
24 hour increase: 4.60 percent
Mantra (OM)
price: $0.8233
24 hour increase: 4.33 percent
Today's Biggest Crypto Losers (July 8th)
According to data from CoinMarketCap, the top five cryptocurrencies that fell in the last 24 hours were:
Pepe
price: $0.000008329
24 hours lost: 10.38 percent
Dogwif Hat (WIF)
price: $1.66
24 hours lost: 9.76 percent
Manufacturer (MKR)
price: $2,090.02
24 hours lost: 9.73 percent
Jupiter (JUP)
price: $0.6879
24 hours lost: 9.70 percent
Etena (ENA)
price: $0.3673
24 hours lost: 8.99 percent
What Crypto Exchanges are saying about the current market scenario
Edul Patel, co-founder and CEO of Mudrex, told ABP Live: “Bitcoin traded at $55,000 over the weekend after dropping to as low as $53,000 last week. There is a tough battle going on between the bulls and bears, with the bulls trying to keep the price in the $56,000-$70,000 range and the bears trying to drag the price down. However, the lower levels have attracted dip buying from Bitcoin Spot ETF investors. The next support lies at $53,400 and resistance at $56,500. Meanwhile, Ethereum continued to trade below $3,000 levels. Both BTC and ETH have not yet gained enough strength to make a sharp move.”
CoinSwitch Markets Desk said, “The Crypto Fear and Greed Index fell to 29, its lowest since January 2023, as Bitcoin's price fell below $54,000. The drop is mainly due to selling pressure from the German and US governments selling seized BTC and Mt. Gox refunding users. These factors could lead to Bitcoin falling further to $50,000. Over the past week, Bitcoin has already fallen more than 10%, falling below its 200-day moving average. Analysts are warning of the possibility of further declines, but also highlighting potential buying opportunities if the selling pressure subsides sooner than expected.”
Rajagopal Menon, Vice President at WazirX, said: “Bitcoin, currently trading at $55,513, was down 5.05%. Despite this, Bitcoin has shown a remarkable price recovery, quickly reaching pre-halving highs just 17 months after the FTX crash. This rapid move contrasts with the 2022 bear market, where Bitcoin lacked a significant price upside. This recovery may be a 'dead cat bounce,' meaning a temporary rebound leading to further declines. Historical data shows potential similarities to previous bear markets.”
Sathvik Viswanath, CEO and Co-founder of Unocoin, said, “The cryptocurrency market has seen significant volatility recently, with Bitcoin, Ethereum, Solana, Cardano and Dogecoin experiencing significant declines leading to the liquidation of over $580 million. Factors including activity in Bitcoin wallets linked to Mt. Gox, concerns about oversupply due to government Bitcoin remittances and broader macroeconomic uncertainty led to the sell-off. Despite these challenges, we have seen signs of recovery, most notably as Bitcoin rallied back above $57,000 and increased accumulation by large holders. Technical analysis indicators such as bullish reversal candlesticks point to the potential for Bitcoin to recover and drive prices higher, suggesting the underlying resilience of the market amid the recent turmoil.”
Shivam Thakral, CEO, BuyUcoin, said, “Bitcoin is finding good support at the $55,000 levels but may face selling pressure in the coming weeks. Bitcoin supply from Mt. Gox and the German government may heat up exchanges and the increased supply may lead to a drop in BTC price. If selling pressure increases, Bitcoin may find lower support levels around the $50,000 mark. Miners are expected to hold BTC which may ease the selling pressure. A rate cut by CME is highly likely and is scheduled for September 2024 and this news will definitely increase sentiment among traders globally.”
CoinDCX research team told ABP Live: “The crypto market faced continued downward pressure due to BTC moves from Mt Gox and mixed macro data. BTC lost key support levels and is hovering just above $55,000. Closing prices over the next few days will determine the market direction and a period of sideways consolidation is expected. US CPI data this week will be crucial. ETH underperformed BTC as ETF frenzy shifted to Solana. It bounced off strong support at $2,800 and is hovering above that level. With BTC's increasing dominance, we expect ETH to underperform BTC over the next few days.”
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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.
