Most of the leading cryptocurrencies recorded a noticeable decline in their prices in the last 24 hours. However, this period of consolidation under $30,000 could be an indicator of a pre-bull market cycle, experts suggest.
The crypto fear and greed index, too, fell by a point and is currently in the neutral zone with a score of 52/100.
Fear and Greed Index 16 August 2023 | Image credit: Alternative.me
While talking to Republic about the crypto market movement in the last 24 hours, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, ‘Yesterday saw a major decline in a lot of altcoins even as BTC mostly traded flat with a modest decline of 0.5 per cent and remained above $29,000. It seems like the market has come to a point where BTC dominance (50.48 per cent) can increase sharply which should imply that altcoins will continue to underperform compared to Bitcoin.’
Sudeep Saxena, Co-Founder, CoinGabbar, said, ‘In a period of low volatility, Bitcoin’s price action is likely to unfold, while traders’ sell-off sentiment grows due to the SEC’s ETF application approval delay.’
‘Moreover, the upcoming release of the Federal Reserve’s Wednesday minutes fosters anticipation, providing insights into potential outcomes for the September meeting,’ Sudeep added.
Prominent losers in the last 24 hours include PEPE, MATIC, and DOGE. The recent CPI data suggests a little higher inflation than before, leading to a risk-off sentiment amongst retail investors and volumes exiting the market. However, the market still considers BTC and ETH as safe havens.
Europe yesterday launched its much-awaited spot Bitcoin ETF in Amsterdam enabling institutions to get exposure to BTC through well-established regulated channels. While the US ETF is now expected in 2024, these developments could work as a short-term bullish catalyst in BTC’s positive price action.
Prices listed were last checked at 9:30 am today according to Coinmarketcap.com
Bitcoin (BTC)
Bitcoin is currently trading at $29,186.08 recording a 0.53 per cent decline in both its prices as well as market cap.
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Despite the positive news coming from Europe about the Bitcoin ETF, no positive impact was visible on the BTC charts.
Ethereum (ETH)
ETH also received a steep decline in the last 24 hours, falling as low as $1,817, but it had shown some recovery and currently moving between the marks of $1,824 to $1,832.
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ETH is presently trading at $1,825.86.
Dogecoin (DOGE)
The last 24 hours had been terrible for Dogecoin during which it fell more than 4.5 per cent and currently trading at $0.07101.
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The market cap of Dogecoin also fell by over 4.5 per cent.
Litecoin (LTC)
Like all other cryptocurrencies, Litecoin has also shown a substantial decline, falling by over 3.26 per cent in the last 24 hours.
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Litecoin is currently trading at $72.92.
Solana (SOL)
Solana is currently trading at $23.55, recording a 5.59 per cent decline in the last 24 hours.
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With this, Solana’s long-term returns continue to be negative.
Ripple (XRP)
Falling below the mark of $0.6, XRP quickly recovered and currently trading at $0.6112.
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However, this price is still a 2.72 per cent decline with an equal loss in market cap.
