Bitcoin, Ether see marginal gains as altcoins see varied moves amid rising selling pressure


The crypto market is undergoing a period of price correction due to several macro-economic factors that are bringing volatility to the market. On Wednesday, July 10, Bitcoin showed a gain of over two percent, taking its value to $59,304 (roughly Rs. 49.5 lakhs) on international exchanges such as CoinMarketCap. Meanwhile, on Indian exchanges, BTC managed to reflect similar gain percentages to trade between $57,906 (roughly Rs. 48.3 lakhs) and $63,577 (roughly Rs. 53 lakhs).

“The crypto market has shown early signs of recovery as the market has started to digest the impact of the massive issuance of BTC by the German government, which has increased the selling pressure. Bitcoin has increased by about three percent in the last 24 hours. We can expect the market to remain volatile in the coming weeks. If Bitcoin crosses the $60,000 mark and stays above it for at least two weeks, we can expect this momentum to continue,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Ether showed a slightly different trend on national and international exchanges on Wednesday. The asset is trading at $3,115 (roughly Rs. 2.6 lakhs) with a gain of 1.06 percent on international exchanges. According to Gadgets360’s crypto price tracker, ETH price is hovering above the $3,313 (roughly Rs. 2.76 lakhs) mark after a marginal decline of 1.7 percent in India.

“Caution prevails as the market will absorb 75,000 to 118,000 BTC worth $4.3 billion (roughly Rs. 35,902 crores)-6.8 billion (roughly Rs. 56,776 crores) from Saxony and Mt. Gox customers. The Fed’s inflation response with rate hikes is a cloud on the horizon, but controlled inflation can bring price increases,” commented Pi42 co-founder and CEO Avinash Shekhar on Wednesday’s crypto market situation.

Tether, Binance Coin, Solana, Dogecoin, Shiba Inu, Litecoin, and Chainlink were seen declining on the crypto charts on Wednesday.

However, several cryptocurrencies saw marginal gains on Wednesday. These include Cardano, Avalanche, Polkadot, Near Protocol, Polygon and Uniswap.

The total crypto market cap has increased by 2.73 percent in the last 24 hours. With this, the sector is now valued at $2.17 trillion (roughly Rs. 1,81,18,089 crores), according to CoinMarketCap.

Market analysts, meanwhile, are closely monitoring the market movement of TonCoin – the native token of the Telegram-linked TON blockchain.

“After hitting a low of $7.09 (roughly Rs. 0.085), TON is now trading at $7.28 (roughly Rs. 0.087). An increase in whale activity is evident, with nine major transactions totaling 359,000 TON taking place in the last 24 hours, reflecting investor optimism,” Rajagopal Menon, vice president at WazirX, told Gadgets360. “TON’s price resilience and strategic buying during dips is reflected by its ability to maintain above key support levels, with the 50 EMA and 100 EMA acting as important indicators.”

Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any losses arising from any investment based on any purported recommendation, forecast or any other information contained in the article.

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