Crypto Market Watch: Bitcoin Holds Price Above $30,000, Small Losses Hit Ether and Several Other Altcoins

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The crypto market went through the second weekend of July with more cryptocurrencies registering losses than profits. On Monday, July 17, Bitcoin posted a profit of 0.14%. The value of Bitcoin at the time of writing this article stood at $30,255 (roughly Rs. 24.8 lakh). In the coming days, the SEC will likely review BlackRock’s BTC ETF spot request. The crypto market could see positive price action in BTC performance if the request is approved.

The value of Ether fell by 0.30%, crypto price tracker Gadgets 360 showed. The value of ETH is currently sitting above the price of $1,924 (about Rs. .58 lakh).

With BTC and ETH taking different paths, the crypto price chart is distinctly divided into two parts.

Ripple, USD Coin, and Solana followed Bitcoin on the lucrative side of the crypto price chart.

Stellar, Uniswap, Elrond, Bitcoin SV, Iota and Zcash also managed to generate small profits.

The market has reached a resistance level in recent weeks. Approval of the Bitcoin spot ETF application may help it progress and reach the levels expected for this year with a potential increase of approx. 20 percent. Ripple’s victory against the SEC has given the market an impetus to be optimistic about the future of crypto, Rajagopal Menon, vice president of WazirX, told Gadgets 360.

Meanwhile, on the other hand, losses hit Tether, Binance Coin, Cardano, Dogecoin and Polygon.

Tron, Litecoin, Polkadot, Avalanche, and Bitcoin Cash also recorded minor declines, but large enough to turn the crypto price chart into red.

Hinting at a subtle correction in market and investor sentiment, the Crypto Fear & Greed Index is down three points from yesterday. The index has returned to the neutral zone with the current score of 54/100.

The overall crypto market valuation recorded a gain of 0.26% in the past 24 hours. The crypto market capitalization, at the time of writing, stands at $1.21 trillion (roughly Rs. 99,43,864 crore).

There are, however, a few developments in the crypto pipeline that, in the larger picture, could trigger developments in the Web3 space. These plans keep industry experts hoping for better days for crypto.

From a tokenomics perspective, CLabs, the entity behind the Celo blockchain, aims to return to the Ethereum ecosystem by transitioning from an independent EVM-enabled Layer 1 blockchain to an Ethereum Layer 2 solution. This decision is likely to have a positive impact on developers and allow for increased security, without impacting users. This news led to an upward price trend for CELO (+13.59%), Parth Chaturvedi, chief investment officer, CoinSwitch Ventures, told Gadgets 360.

Will the Nothing Phone 2 serve as a successor to the Phone 1, or will the two co-exist? We discuss the company’s recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music, and wherever you get your podcasts.

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