The cryptocurrency market experienced a mixed performance during the second weekend of July, with more cryptocurrencies seeing declines than gains. Bitcoin, however, managed to secure a profit of 0.14 percent on Monday, July 17, with a value of $30,255 (roughly Rs. 24.8 lakh) at the time of writing. One upcoming development that could potentially impact Bitcoin’s performance is the anticipated review of BlackRock’s spot BTC ETF application by the SEC. If approved, this application could lead to a positive price movement in BTC.
Ether, on the other hand, witnessed a decrease in value of 0.30 percent according to the crypto price tracker by Gadgets 360. The current value of ETH is approximately $1,924 (roughly Rs. 1.58 lakh).
With Bitcoin and Ether taking divergent paths, the crypto price chart is clearly divided into two sides.
Bitcoin was joined by Ripple, USD Coin, and Solana on the profit-making side of the crypto price chart.
Other cryptocurrencies such as Stellar, Uniswap, Elrond, Bitcoin SV, Iota, and Zcash also managed to generate small profits.
“The market has been reaching a resistance level for the past few weeks. The approval of Bitcoin’s spot ETF application could propel it upwards and allow it to reach projected levels for this year, potentially seeing an increase of approximately 20 percent. Ripple’s recent victory against the SEC has provided a bullish sentiment towards the future of crypto,” shared Rajagopal Menon, Vice President of WazirX, with Gadgets 360.
On the flip side, Tether, Binance Coin, Cardano, Dogecoin, and Polygon experienced losses.
Tron, Litecoin, Polkadot, Avalanche, and Bitcoin Cash also recorded minor declines, significant enough to turn the crypto price chart red.
Indicating a subtle correction in the market and investor sentiment, the crypto fear and greed index has dropped three points from the previous day, placing it in the neutral zone with a current score of 54/100.
The overall valuation of the crypto market saw a 0.26 percent gain in the last 24 hours, resulting in a total market cap of $1.21 trillion (roughly Rs. 99,43,864 crore) at the time of writing.
Despite these fluctuations, there are promising developments in the crypto pipeline that could potentially trigger advancements in the Web3 space. These developments have industry experts feeling optimistic about the future of crypto.
“From a tokenomics standpoint, CLabs, the entity behind the Celo blockchain, is planning to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution. This move is expected to positively affect developers and improve security without impacting users. This news has led to an upward price trend for CELO, with a 13.59 percent increase,” explained Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, to Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other form of advice or recommendation endorsed by NDTV. NDTV shall not be held responsible for any losses incurred from investments based on perceived recommendations, forecasts, or any other information contained in this article.
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Deepak Sen is a tech enthusiast who covers the latest technological innovations, from AI to consumer gadgets. His articles provide readers with a glimpse into the ever-evolving world of technology.
