The overall crypto chart reflected recoveries for majority altcoins, that seem to have bounced back into profits over the weekend. Bitcoin on Monday, July 18, opened trading with small, but significant gains. As per Indian exchange CoinSwitch Kuber, BTC is currently priced at $21,848 (roughly Rs. 17.40 lakh) after seeing profits of less than one percent. This is the first time in days that BTC has been able to cross the mark of $20,000 (roughly Rs. 16 lakh) on the price charts. While BTC incurred miniscule losses of around 0.24 percent on international exchanges, its value still touched $21,321 (roughly Rs. 17 lakh) on Binance showing recovery.
Ether values also climbed above the mark of $1,254 (roughly Rs. 1 lakh) after days of recovering lowly on the crypto ladder. As per Gadgets 360’s crypto price tracker, ETH is up by 3.16 percent, taking its value to $1,442 (roughly Rs. 1.15 lakh).
With the top two cryptocurrencies showing improvement in their prices, other altcoins also rallied behind on gain trail.
Stablecoins such as Tether, USD Coin, and Binance USD reeled-in profits.
Similarly, other cryptocurrencies like Solana, Ripple, Cardano, Binance Coin, Polkadot, and Polygon also registered profits.
On a positive note, both popular memecoins DOGE and SHIB witnessed small gains.
Only a few altcoins remained impacted by losses. These include Uniswap, Chainlink, Stellar, Monero, and Elrond.
Speaking to Gadgets 360, Edul Patel, the CEO and Co-founder of Mudrex noted that cryptocurrencies were quick to bounce over market volatility even though the past week started on a bearish note, with increased selling pressure followed by the Euro falling to its lowest against the US dollar. Mudrex is crypto investment platform.
“Most cryptocurrencies bounced back on Thursday after tracking gains in the US stock market. Despite the slight fluctuations, Ethereum led the rally in the past week despite BTC’s dominance over the market. ETH gained 17 percent over the past week, trading above the mark of $1,254 (roughly Rs. 1 lakh) for the first time in a month as the launch of its eco-friendly update called the Merge draws nearer. Despite the slight declines, most cryptocurrencies have retained their gains over the weekend, indicating that the selling volume has come down,” Patel said.
The overall market cap of the crypto sector stands closer to the trillion-dollar mark at over $977 billion (roughly Rs. 77,97,638 crore), as per CoinMarketCap.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
