Crypto market update: After a significant decline in BTC in the last few days, Bitcoin’s price is just managing to keep up above the $26k mark, and the market seems to have found psychological support just over the 1 trillion dollar market capitalisation.
Furthermore, the crypto and fear index continues to remain in the fear zone with a score of 37/100.
Crypto Fear and Greed Index 22 August | Image credit: Alternative.me
Talking to Republic about the recent market conditions, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “While the larger market sentiment currently looks bearish, one may identify the market’s pulse by looking at how LTC has been doing after the recent halving. It had risen close to 2.7 per cent yesterday, highlighting that maybe all is not lost for the crypto market bulls.”
Interestingly a new decentralised app on Coinbase’s layer 2 BASE, called friend.tech, has now been generating close to $1 million in 24 hours duration – making it the third most valuable Dapp within weeks of launching.
The app lets Twitter or X.com users create an exclusive community where they can buy “keys” of famous celebrities to get exclusive chat access with these celebrities. The price of these keys increases almost exponentially as more users come in. Traders are now speculating on the governance token of the open source Optimism (OP) stack, on which the BASE chain is built, making the token OP jump 2.36 per cent in the last 24 hours, outperforming the majority of the market.
Prices listed were last checked at 9:30 am today according to Coinmarketcap.com
Bitcoin (BTC)
The price of Bitcoin remained highly volatile in the last 24 hours, moving in the range of $25,860 to $26,200. However, no significant recovery was observed in its prices.
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Currently, Bitcoin is trading at $26,027.75 with a 0.1 per cent decline compared to yesterday’s prices.
Ethereum (ETH)
With the caution in the crypto market continuing this week, ETH along with other altcoins remained volatile in the last 24 hours.
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ETH moved in the $30 range and currently trades at $1,662.40 with a 0.75 per cent decline.
Dogecoin (DOGE)
Like all other meme tokens, Dogecoin as well as Shiba Inu have suffered significant outflows in the recent crypto market mayhem.
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Dogecoin again lost around 1.65 per cent in the last 24 hours and currently trades at $0.06253.
Litecoin (LTC)
Despite high volatility in the market, Litecoin has been able to gain 0.59 per cent in the last 24 hours and currently trades at $66.46 with its market cap moving up by 0.6 per cent.
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Litecoin’s market volume has also recorded a 26 per cent spike.
Solana (SOL)
Solana is currently trading at $21.10 with a 1.48 per cent decline in the last 24 hours and the chart depicts no substantial support nearby.
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Despite having a strong value proposition, Solana has remained highly volatile in the recent market decline.
Ripple (XRP)
XRP has also bled 1.35 per cent in the last 24 hours while losing another 1.37 per cent in its market cap.
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Ripple is currently trading at $0.5221 with a market cap just above $27 billion.
