The crypto market sentiment, as per the analysts, is extremely fearful at the moment, driven by political conflicts, geopolitical tensions, and other macroeconomic factors fueling volatility. Most cryptocurrencies reflected losses on Monday, August 12. Bitcoin, the most expensive of all cryptocurrencies, reflected a minor gain of 0.91 percent on the price chart that brought its trading value to range between $58,502 (roughly Rs. 49 lakh) to $63,321 (roughly Rs. 53 lakh) on national as well as international exchanges.
“Over the weekend, the crypto market experienced a decline. Bitcoin is currently in a five-month-long consolidation phase, suggesting that a significant breakout could be on the horizon. BTC has to break above $67,000 (roughly Rs. 56.2 lakh) to push towards a range high at $71,000 (roughly Rs. 59.6 lakh). This week is expected to be volatile, particularly with the release of the US PPI and CPI data,” the CoinDCX market desk told Gadgets360.
Ether saw a small profit of 1.50 percent in the last 24 hours. The value of ETH, at the time of writing, stood at $2,420 (roughly Rs. 2.03 lakh) as shown by the crypto price tracker by Gadgets360.
Only a few cryptocurrencies managed to tail behind BTC and ETH on the green side of the chart on Monday. These include Solana, USD Coin, Dogecoin, Tron, and Shiba Inu.
In conversation with Gadgets360, Avinash Shekhar, Co-Founder and CEO, Pi42 said, “The broader market is under pressure with the crypto marking seeing liquidations worth $156.5 million (roughly Rs. 1,313 crore) in the last 24 hours. We advise caution and reduced leverage for traders as the market usually goes through such corrections before a bigger rally.”
That said, most cryptocurrencies reflected losses on Monday. These include Tether, Binance Coin, Ripple, Cardano, Avalanche, Polkadot, and Chainlink.
In the last 24 hours, the overall market cap of the crypto sector dropped by 4.17 percent. With this, the market capitalisation of the sector has reached $2.05 trillion (roughly Rs. 1,72,11,513 crore), showed CoinMarketCap.
Analysts say that market sentiment will not remain dull for a long time.
“US spot Bitcoin ETFs have recently attracted substantial capital, with over $192 million pouring into these funds. This influx underscores the increasing confidence and interest from institutional investors in crypto, even amid the sector’s volatility. Such a trend could be pivotal in driving further adoption and potentially stabilising Bitcoin’s price in the long term,” the CoinSwitch Markets Desk told Gadgets360.
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