Welcome to the latest updates on cryptocurrency prices as of July 28, 2023. We’ll take a look at the current market conditions, notable gainers and losers, and insights from leading experts in the crypto industry.
Market Overview
The global cryptocurrency market cap has experienced a dip, reaching $1.18 trillion.
Bitcoin (BTC)
Bitcoin, the world’s oldest and most valuable cryptocurrency, is currently trading sideways and remains below the $30,000 mark. As of now, Bitcoin is priced at $29,230.02. Experts suggest that it may experience further downward movement if it fails to break through the $29,300 resistance.
Ethereum (ETH)
Ethereum, another popular cryptocurrency, is currently valued at $1,862.31, experiencing a 24-hour loss of 0.82 percent.
Other Altcoins
Various altcoins, including Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), have seen a mix of minor dips and gains. The market fear and greed index indicates a neutral sentiment with a score of 51 out of 100.
Top Gainers and Losers
The ImmutableX (IMX) token is the biggest gainer, showing a 24-hour jump of nearly 13 percent. On the other hand, Maker (MKR) experienced the most significant loss, with a 24-hour dip of nearly 6 percent.
Expert Insights
Several crypto experts have provided their analysis of the current market scenario:
- Edul Patel, Mudrex co-founder and CEO, highlights that Bitcoin is consolidating around $29,200 and could experience a continued downward movement if it fails to break the $29,300 resistance.
- Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, points out that most of the top 10 cryptos are trading in the red, except for Solana, which has been trading below a strong resistance level due to weakening buying strength.
- Rajagopal Menon, Vice President at WazirX, emphasizes Bitcoin’s resilience despite global economic concerns and rate hikes, with experts anticipating significant upward movement in the 2024 halving event.
- Sathvik Vishwanath, CEO and co-founder of Unocoin, discusses Bitcoin’s technical analysis and potential price correction, with support at around $28,850.
- Shivam Thakral, CEO of BuyUCoin, observes a noticeable change in patterns in the crypto market, with the total market volume shrinking and DeFi remaining strong and resilient.
- CoinDCX Research Team reports that Bitcoin remains above $29,000 despite the US Federal Reserve’s interest rate hike, with over 3.4 million Bitcoin addresses buying the dip below $30,000.
The cryptocurrency market continues to be dynamic and highly influenced by global economic factors. Traders and investors should exercise caution and seek expert advice before making any investment decisions. Cryptocurrency prices are subject to market risks and should be treated as speculative assets.
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