Bitcoin, the world’s oldest and most valued crypto, managed to remain stable within the $30,000 range as most coins saw a mix of gains and dips early Friday. Popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and Ripple (XRP) — saw minor movements across the board. eCash (XEC) emerged to be the biggest gainer of the lot, with a 24-hour jump of over 17 percent. Fantom (FTM) became the biggest loser, with a 24-hour loss of over 9 percent.
The global crypto market cap stood at $1.17 trillion at the time of writing, registering a 24-hour dip of 1.64 percent.
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Bitcoin (BTC) Price Today
Bitcoin price stood at $30,095.68, registering a 24-hour dip of 1.21 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 26.13 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,854.44, marking a 24-hour dip of 2.99 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.61 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 2.45 percent, as per CoinMarketCap data, currently priced at $0.06527. As per WazirX, Dogecoin price in India stood at Rs 5.63.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 6.05 percent. At the time of writing, it was trading at $96.64. LTC price in India stood at Rs 8,587.95.
Ripple (XRP) Price Today
XRP price stood at $0.4692, seeing a 24-hour loss of 1.88 percent. As per WazirX, Ripple price stood at Rs 40.21.
Solana (SOL) Price Today
Solana price stood at $19.80, marking a 24-hour gain of 2.20 percent. As per WazirX, SOL price in India stood at Rs 1,700.54.
Top Crypto Gainers Today (July 7)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
eCash (XEC)
Price: $0.0000377124-hour gain: 21.06 percent
Maker (MKR)
Price: $1,019.7324-hour gain: 7.14 percent
Bitcoin SV (BSV)
Price: $43.5724-hour gain: 3.17 percent
Bitcoin Cash (BCH)
Price: $282.2724-hour gain: 2.57 percent
Solana (SOL)
Price: $19.9224-hour gain: 2.18 percent
Top Crypto Losers Today (July 7)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Fantom (FTM)
Price: $0.263524-hour loss: 10.67 percent
WOO Network (WOO)
Price: $0.215224-hour loss: 9.32 percent
ApeCoin (APE)
Price: $1.8924-hour loss: 8.90 percent
Lido DAO (LDO)
Price: $1.9124-hour loss: 8.01 percent
UNUS SED LEO (LEO)
Price: $3.6524-hour loss: 6.89 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “On Thursday, most cryptocurrencies experienced a decline as the market continued to react to the FOMC minutes from the June meeting, which revealed uncertainty among central bankers regarding the future of the economy. Additionally, the US ADP report surprised the market. Bitcoin, after reaching a new one-year high the previous day, dropped to the $30,000 mark. The immediate support level is at $29,850, while resistance is anticipated around the $30,280 level.”
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Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “Despite the slight selling pressure in the last 24 hours, the global crypto market capitalisation continues to remain above $1.2 trillion. The crypto fear and greed index, too, continues to remain in the greed zone with a score of 55/100, down 1 point from yesterday. This selling pressure could be attributed to stronger-than-expected employment data in the US ADP private employment report. This could increase the possibility of another interest rate hike by the feds, which is driving the investor sentiment away from risk-on assets.”
Rajagopal Menon, Vice President, WazirX, offered his take, “Bitcoin can expect more TradFi interest, especially from Wall Street in the coming weeks. There has been an almost 15 percent rise in futures trading volumes on exchanges in the last few days. However, spot trading volumes continue to remain low. Asian countries continue moving swiftly on regulations.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The current price of Bitcoin is $30,100. The Bitcoin market hit strong resistance at $30,000, signalling a potential reversal. The double-top pattern and fading bullish momentum suggest a consolidation phase and a possible decline towards the 100-day moving average support at $28,000. Confirmation of the pattern would focus on the static support region at $27,500. Moreover, the bearish divergence between the RSI indicator and the price supports the short-term decline. Overall, the market outlook for Bitcoin suggests challenging resistance, a potential reversal, and the possibility of a consolidation phase with the likelihood of a near-term decline.”
Shivam Thakral, the CEO of BuyUCoin, said, “The overall crypto market remains upbeat as media reports suggest that SEC may approve the Bitcoin ETF application from institutions. The FOMC minutes of the meeting reveal that Fed may go for a rate hike after a pause in June which may restrict the market momentum in the coming weeks. The overall volume of the cryptocurrency market over the previous 24 hours was $46.55 billion, a substantial increase of 45.24 percent. The decentralised finance (DeFi) industry contributes $2.7 billion to this volume or 5.80 percent of the 24-hour volume of the entire crypto market.”
CoinDCX Research Team told ABP Live, “Bitcoin hits new yearly highs as BTC price rebounds to $31,500 following comments from the CEO of the world’s largest asset manager, BlackRock, endorsing Bitcoin as an international asset. The release of the June Fed minutes suggested that all members are willing to keep the interest rates constant and expect a moderate recession may start anytime in 2023. The Fed’s focus on fighting inflation is likely to continue to weigh on cryptos in the near term.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
