Crypto market witnesses high volatility, Bitcoin fell below $29,300

Most of leing cryptocurrencies recorded a noticeable decline in ir prices in last 24 hours. However, this period of consolidation under $30,000 could be an indicator of a pre-bull market cycle, experts suggest.

crypto fear and greed index, too, fell by a point and is currently in neutral zone with a score of 52/100.

Fear and Greed Index 16 August 2023 | Image credit: Alternative.me

While talking to Republic about crypto market movement in last 24 hours, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “Yesterday saw a major decline in a lot of altcoins even as BTC mostly tred flat with a modest decline of 0.5 per cent and remained above $29,000. It seems like market has come to a point where BTC dominance (50.48 per cent) can increase sharply which should imply that altcoins will continue to underperform compared to Bitcoin.”

Sudeep Saxena, Co-Founder, CoinGabbar, said, “In a period of low volatility, Bitcoin's price action is likely to unfold, while trers' sell-off sentiment grows due to SEC's ETF application approval delay.” 

“Moreover, upcoming release of Federal Reserve's Wednesday minutes fosters anticipation, providing insights into potential outcomes for September meeting,” Sudeep ded. 

Prominent losers in last 24 hours include PEPE, MATIC, and DOGE. recent CPI data suggests a little higher inflation than before, leing to a risk-off sentiment amongst retail investors and volumes exiting market. However, market still considers BTC and ETH as safe havens.

Europe yesterday launched its much-awaited spot Bitcoin ETF in Amsterdam enabling institutions to get exposure to BTC through well-established regulated channels. While US ETF is now expected in 2024, se developments could work as a short-term bullish catalyst in BTC’s positive price action.

Prices listed were last checked at 9:30 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Bitcoin is currently tring at $29,186.08 recording a 0.53 per cent decline in both its prices as well as market cap.

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Despite positive news coming from Europe about Bitcoin ETF, no positive impact was visible on BTC charts.

Ereum (ETH)

ETH also received a steep decline in last 24 hours, falling as low as $1,817, but it h shown some recovery and currently moving between marks of $1,824 to $1,832.

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ETH is presently tring at $1,825.86. 

Dogecoin (DOGE)

last 24 hours h been terrible for Dogecoin during which it fell more than 4.5 per cent and currently tring at $0.07101.

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market cap of Dogecoin also fell by over 4.5 per cent. 

Litecoin (LTC) 

Like all or cryptocurrencies, Litecoin has also shown a substantial decline, falling by over 3.26 per cent in last 24 hours.

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Litecoin is currently tring at $72.92. 

Solana (SOL)

Solana is currently tring at $23.55, recording a 5.59 per cent decline in last 24 hours.

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With this, Solana’s long-term returns continue to be negative. 

Ripple (XRP) 

Falling below mark of $0.6, XRP quickly recovered and currently tring at $0.6112.

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However, this price is still a 2.72 per cent decline with an equal loss in market cap.