BTC, ETH shrinks, most other cryptocurrencies are profitable as the first week of August ends

Cryptocurrency price charts have been in the green for most cryptocurrencies as August approaches the end of the first week. Bitcoin on Friday, August 5 opened trading with 0.20%. According to Indian exchange CoinSwitch Kuber, BTC is currently priced at $24,248 (about Rs 19 lakh). The oldest cryptocurrency has seen undue losses on international exchanges. For example, on Binance and CoinMarketCap, BTC suffered small losses of 0.37 and 0.24% to trade at $23,125 (approximately Rs 18 lakh).

Small profit has come Ether as it continues into August. With a return of 0.94 percent, the ETH value is currently around $1,741 (approximately Rs. 1.38 lakh). According to Gadgets 360’s Cryptocurrency price tracker.

Cardano, Solana, Polkadot, Polygon, avalancheand Uniswap swirling profits.

“Recession concerns seem to have been dismissed by equity markets, as they inched higher globally even after the Fed raised rates. In the US, stock prices were further supported by stronger-than-expected earnings reports. The Fed still thinks rate hikes will only cause a slight slowdown and further shows that inflation concerns are peaking,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Meanwhile, Money USD, Binance USD, Ripple, Shiba Inu, Litecoinand Steller is trading in red on the price chart.

Overall, the crypto sector’s market capitalization stands at $1.08 trillion (approximately Rs 85,71,025), up 0.49% from the previous day.

According to Chaturvedi, crypto asset prices traded sideways this week as the macro narrative continues to dominate the digital asset market.

He noted that enthusiasm had dropped all around Ethereum’s ‘Consolidation’Bitcoin’s narrow trading and Nomad, Solana hack attacks have increased fear among crypto community members.

“In India, the CRE8 Index rose 1.96%, reflecting global sentiment. As of 09:00 IST, Aug 5, Index Value (total crypto asset value of all crypto assets in CRE8 Index) stands at Rs. 2,985.99. BTC and ETH are the top assets by market capitalization. From a weekly perspective, from July 29 to August 5, the CRE8 index rose 2.08 percent, from Rs. 2909.12 to Rs. 2967.80,” Chaturvedi emphasized.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.

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