The cryptocurrency market is currently valued at $1.14 trillion.
This week, it appears like the price of bitcoin is edging closer to the $30,000 threshold. On August 17, bitcoin had a 2.47 percent price decline to trade at $28,554. The price of Bitcoin has decreased by $631 over the past 24 hours. Industry analysts have projected that as other cryptocurrencies begin to experience success in the near future, Bitcoin’s value may steadily increase.
On Thursday, ether had a 1.76 percent decline. The cost of ETH now stands at $1,798.
The values of Bitcoin and Ethereum have reached their lowest levels in nearly a span of two months. According to Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, “Altcoins actually started decreasing before BTC, which caused BTC’s dominance to exceed 50.59 percent before correcting a little.
The price charts for cryptocurrencies today are all red from top to bottom.
As the popular memecoin tried to escape its meme name and announced its ‘Shibarium’ Ethereum layer-2 scaling solution, SHIB experienced a significant fall (-8.91%) yesterday. Prior to the publication of Shibarium, SHIB had been rising in popularity. Yesterday, however, Hudda claims, traders dumped SHIB by using the “buy the rumour, sell the news” trading tactic.
According to CoinMarketCap, the total market capitalization of the cryptocurrency industry is at $1.14 trillion, down 1.97 percent over the last 24 hours.
The cryptocurrency fear and greed index has also lost two points and is now scoring 50/100, which is neutral.
“The current sell-off occurs at the same time that Binance, one of the biggest cryptocurrency exchanges in the world, shuts down Binance Connect, its regulated payment division. As the sideways trading trend persists, data reveals that about 80% of all Bitcoin (BTC) holders are currently profiting (more particularly, those who are keeping the unspent amount). This raises the possibility of a sell-off because holders might be tempted to cash in on the present market’s unpredictability, according to the CoinDCX research team.
In other news, the National Futures Association (NFA) has officially approved Coinbase’s plans to introduce BTC and ETH futures in the US. Around the time of Bitcoin’s all-time high in November 2021, Coinbase had applied to become a Futures Commission Merchant (FCM).