The global cryptocurrency market cap has reached $1.04 trillion, with various digital assets experiencing fluctuations. Here’s an update on the latest developments in the cryptocurrency world.
Bitcoin (BTC) Dips Below $26,000
Bitcoin, the pioneering cryptocurrency, recently fell below the $26,000 mark. This drop can be attributed to ongoing uncertainties surrounding the potential launch of a Bitcoin spot Exchange-Traded Fund (ETF) in the United States.
Altcoins Follow Suit
Notably, other major altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) have also seen declines in value.
Stellar (XLM) Shines as Top Gainer
Among the cryptocurrencies, Stellar (XLM) stands out as the top performer with a 24-hour gain of nearly 3 percent. On the flip side, GALA recorded the largest loss with a 24-hour dip of nearly 6 percent.
Individual Cryptocurrency Prices (September 5)
- Price: $25,694.23
- 24-Hour Loss: 1.19 percent
- Indian Price (WazirX): Rs 22.63 lakh
- Price: $1,619.53
- 24-Hour Loss: 1.14 percent
- Indian Price (WazirX): Rs 1.43 lakh
- Price: $0.06334
- 24-Hour Loss: 0.17 percent
- Indian Price (WazirX): Rs 5.57
- Price: $63.44
- 24-Hour Loss: 1.63 percent
- Indian Price (WazirX): Rs 5,703
- Price: $0.5063
- 24-Hour Loss: 0.90 percent
- Indian Price (WazirX): Rs 44.31
- Price: $19.24
- 24-Hour Loss: 2.80 percent
- Indian Price (WazirX): Rs 1,741
Top Crypto Gainers and Losers (September 5)
- Stellar (XLM)
- Price: $0.1248
- 24-Hour Gain: 2.98 percent
- SafePal (SFP)
- Price: $0.579
- 24-Hour Gain: 2.71 percent
- Rocket Pool (RPL)
- Price: $23.48
- 24-Hour Gain: 2.44 percent
- Conflux (CFX)
- Price: $0.1233
- 24-Hour Gain: 1.12 percent
- Polygon (MATIC)
- Price: $0.5517
- 24-Hour Gain: 0.70 percent
- Gala (GALA)
- Price: $0.01563
- 24-Hour Loss: 5.69 percent
- Astar (ASTR)
- Price: $0.05262
- 24-Hour Loss: 5.69 percent
- Render (RNDR)
- Price: $1.34
- 24-Hour Loss: 3.83 percent
- KuCoin Token (KCS)
- Price: $3.88
- 24-Hour Loss: 3.63 percent
- GMX (GMX)
- Price: $31.52
- 24-Hour Loss: 3.58 percent
Expert Insights on the Crypto Market
Edul Patel, Mudrex Co-Founder and CEO
Edul Patel expressed that Bitcoin is currently trading around $25,600, likely due to uncertainties surrounding the potential Bitcoin spot ETF launch in the US, indicating bearish sentiment.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk
Shubham Hudda noted that the extended weekend in the US, along with lower trading volumes, affected BTC’s tight trading range. Additionally, he highlighted Ethereum’s partnership with CASIO for NFTs.
Rajagopal Menon, Vice President at WazirX
Rajagopal Menon discussed Bitcoin’s recent surge and subsequent setback due to SEC’s ETF decisions. He also highlighted Ethereum Name Service (ENS) and Tellor (TRB) as top gainers.
Sathvik Vishwanath, CEO and Co-Founder of Unocoin
Sathvik Vishwanath pointed out that ETH/BTC showed a modest gain, while BTC faced challenges and uncertainty, with a potential drop to $22,000 looming.
Shivam Thakral, CEO of BuyUCoin
Shivam Thakral emphasized the crypto market’s inherent volatility, with Bitcoin as a focal point. He also highlighted the emerging role of DeFi in the crypto space.
Readers are reminded that cryptocurrency products and NFTs are unregulated and carry high risk. There may be no regulatory recourse for losses from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Expert advice and careful consideration of investment documents are strongly advised.
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