Crypto market update: Despite the sharp fall last week, the crypto market stabilised and was rangebound over the weekend.

The global crypto market capitalisation is currently $1.1 trillion, up 0.5 per cent in the last 24 hours. 

The crypto fear and greed index is up by a point from yesterday and is currently in the fear zone with a score of 38/100.

Crypto fear and greed index | Image credit: Alternative.me

While talking to Republic about the current crypto market conditions, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “After sliding almost 11 per cent over the past 7 days, BTC and ETH have stabilised near around $26,000 and below $1,700, respectively. Searching for concrete reasoning, the market seems to be inclined towards believing that the fall of BTC, and thereby, the crypto market last week came from a correction as sentiments around BTC ETFs cool off.”

“However, there could be other reasons too, including the low volume and volatility of BTC, the current state of China’s economy, and a rise in US treasury yields,” Chaturvedi added. 

Sudeep Saxena, Co-Founder, CoinGabbar said, “As the US moves closer to introducing a Bitcoin (BTC) spot exchange-traded fund (ETF), supporters are considering the advantages it could bring. If the spot ETF gets the green light, it would validate Bitcoin and other virtual currencies, potentially attracting substantial institutional investment.”

XRP led the gainers even though the SEC challenged the June court ruling in favour of Ripple Labs.

Prices listed were last checked at 9:30 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Bitcoin is trying to recover from its steep decline last week and currently hovers above $26,000.

Image credit: Unsplash

The current price of Bitcoin marks a minor correction of 0.18 per cent, however, its weekly returns have crossed -11.27 per cent. 

Ethereum (ETH) 

Ethereum gained 0.46 per cent in the last 24 hours and currently trades at $1,676.32. But despite a minor recovery, ETH could not cross the $1,700 mark and faced resistance at $1,692.

Image credit: Unsplash

ETH has also witnessed a -9 per cent decline in its price in the last 7 days. 

Dogecoin (DOGE)

With high volatility in its prices in the last 24 hours, Dogecoin is currently trading at $0.06364 with a 0.67 per cent decline.

Image credit: Unsplash

Dogecoin has recorded substantial losses in price with -14.95 returns in the last 7 days. 

Litecoin (LTC) 

After a month of constant decline in its price, Litecoin has shown some improvement by gaining 2.76 per cent in the last 24 hours. Litecoin is presently trading at $66.17 with its market cap also increasing by over 3.3 per cent. 

Solana (SOL)

Solana is currently trading at $21.46 recording a loss of 1.43 per cent in the last 24 hours.

Image credit: Unsplash

Solana’s market cap has also fallen by over 1.39 per cent.

Ripple (XRP) 

XRP has recorded a 1.6 per cent hike in its price after a steep fall last week. It is currently trading at $0.5282 with its market cap hovering above $27 billion. 

Image credit: Unsplash