Despite showing an overall recovery, the crypto market continues to be affected by market volatility. Bitcoin on Friday, August 19, slipped by 1.15 percent to trade at $24,979 (roughly Rs. 20 lakh) as per Indian exchange CoinSwitch Kuber. The highest-ranking cryptocurrency failed to see profits on international exchanges as well. According to the data by Binance and Coinbase, BTC saw losses of up to 2.53 percent, to trade at $22,823 (roughly Rs. 18 lakh). Investors can heave a sigh of relief because clearly, despite these losses, BTC has maintained a healthy price-point on both, national and international levels.
“Crypto asset prices traded sideways last week as they rallied after US inflation data showed signs of cooling off, but much of the gains were pared during the course of the week. ETH’s market capitalisation dominance is now >19 percent much of it at the cost of BTC’s market capitalisation dominance, that has fallen to ~38 percent. ETH has been gaining DeFi TVL market share as well, against other Layer 1s,” Parth Chaturvedi, the Crypto Ecosystem Lead at CoinSwitch Kuber told Gadgets 360.
“DOGE and SHIB have been clear outliners suggesting that ‘risky/speculative’ capital is finding its way back into crypto assets, although DogeChain launch can be attributed for much of the hype in DOGE,” Chaturvedi noted.
Explaining the reasons behind this market slump, Chaturvedi said, “the sanctions against Tornado Cash, have negatively impacted the sentiments around DeFi in general and related tokens have seen sharp selling pressure last week.”
The global crypto market cap currently stands at $1.09 trillion (roughly Rs. 86,53,720 crore), down by 2.98 percent over the last day, as per CoinMarketCap.
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