Cryptocurrencies recorded a session full of market volatility and steep declines in the prices of leading crypto tokens including BTC, ETH, and Dogecoin. However, almost all the tokens are recovering from short-term decline and are expected to record some green candles by the end of the day.
While talking to Republic about the crypto market movement in the last 24 hours, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “The crypto market has traded sideways with downward pressure over the weekend and the last 24 hours. As per CoinGecko, the global crypto market capitalisation is down 0.6 per cent from yesterday but continues to stay above $1.2 trillion.”
“The crypto fear and greed index held steady at 54/100 throughout the weekend. However, we entered the week with a slight dip of 4 points which positioned the index at a score of 50/100, within the neutral zone,” Parth added.
Crypto Fear and Greed Index | Image credit: Alternative.me
The market, overall, seems to be headed toward price stability. BTC and ETH continue to trade within their respective narrow ranges around $29,000 and $1,800. SHIB, which surged ahead of its upcoming layer-2 network launch, also observed some selling pressure in the last 24 hours.
In other news, Sam Bankman-Fried had been trying against the revocation of his bail. However, it has been revoked, and SBF is back in jail before his trial in October.
While Michael Sonnenshein, CEO, Grayscale stated, “If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here.”
Prices listed were last checked at 9:30 am today according to Coinmarketcap.com
After briefly crossing the $30,000 mark on 9th August, Bitcoin continued to remain in a tight price bracket until yesterday when it broke down to $29,100.
Bitcoin | Image credit: Unsplash
However, Bitcoin took no time to recover above the mark of $29,300 and currently trades at $29,376.33 with a 0.7 per cent decline in the last 24 hours.
ETH is currently recovering its yesterday’s decline to $1,834 levels and trading at $1,845.99 with a 0.15 decline in the last 24 hours.
Ethereum | Image credit: Unsplash
The ETH market witnessed some high volatility yesterday with market volume increasing by over 64 per cent however it could not break through the $1,860 mark.
Dogecoin is presently trading at $0.07472 with a 2.21 per cent decline in the last 24 hours.
Dogecoin | Image credit: Unsplash
The market cap of the token also recorded a 2.2 per cent decline and the market volume fell by over 1 per cent.
Litecoin recorded a long red candle in the 24-hour charts by losing more than $2, however, a small recovery is witnessed with LTC moving above $82.
Litecoin | Image credit: Unsplash
Currently, LTC is trading at $82.07 and 1.42 per cent decline while the monthly return of the token recorded a 19.04 per cent fall.
Solana is trading at $24.38 with a 1.85 per decline in the last 24 hours, however, its weekly returns still range above 4.61 per cent.
Solana | Image credit: Unsplash
Solana also witnessed a higher market volume with an 8.08 per cent increase.
Out of the most important crypto tokens, only XRP recorded a positive 24-hour return with a 0.23 per cent spike while the market volume increased by over 42 per cent. Ripple is presently trading at $0.603.
XRP | Image credit: Unsplash