Bitcoin Joins ETH, SOL, DOGE in Reflective Gains, Surges Past $69,000
On Monday, July 29, Bitcoin saw a gain of 3.16 percent to hit a price of $69,535 (roughly Rs. 58 lakh) on international exchanges like CoinMarketCap. Meanwhile, on domestic exchanges like CoinSwitch, Bitcoin saw a gain of over three percent to hit a price of $72,680 (roughly Rs. 60 lakh). The overall crypto market is seeing a recovery in prices after a period of correction in the past few days.
“Bitcoin is currently riding a wave of positive momentum, fueled by former President Trump’s announcement to establish Bitcoin as a strategic asset of the US at Bitcoin 2024 in Nashville. This development has not only boosted Bitcoin’s supply dynamics but also highlighted its potential role in the global financial landscape,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Ether joined Bitcoin on the profitable side of the cryptocurrency chart. With a gain of almost two percent, ETH is currently trading at $2,986 (roughly Rs. 2.5 lakh).
“Compared to other altcoins, Ethereum has been trading flat after seeing three straight days (July 24-26) of net outflows from its spot ETF funds last week,” Vikram Subburaj, CEO of Giottus, told Gadgets360.
In addition to BTC and ETH, Solana, Dogecoin, Avalanche, Polkadot, Chainlink and Near Protocol also posted gains.
Leo, Polygon, Cosmos, Cronos, Bitcoin SV and ZCash also posted gains.
“The global cryptocurrency market reflects this enthusiasm, with a market cap of $2.47 trillion (approximately Rs. 2,06,81,927 crore). This surge in interest highlights the growing confidence among investors and the broader crypto community,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360. According to MintMarketCapThe crypto market cap increased by 3.23 percent in the past 24 hours. The dominance of BTC and ETH in the market currently stands at 55.5 percent and 16.3 percent, respectively.
Cryptocurrencies that suffered losses on Monday include Tether, Ripple, Cardano, Tron, Shiba Inu, Bitcoin Cash and Litecoin.
Stellar, Cartesi and Braintrust also posted small losses.
In other news, US Senator Cynthia Lummis introduced a proposal for the US government to purchase one million Bitcoin as a strategy to help reduce the national debt. Lummis claims that Bitcoin’s long-term potential as a value-added asset could provide the country with a substantial financial benefit in the long run. Meanwhile, MicroStrategy co-founder Michael Saylor has also predicted good growth for BTC in the coming years – an observation that has contributed to the current ongoing bull run for BTC.
“Saylor predicts that Bitcoin will account for seven percent of global wealth, with the potential to reach a value of $13 million (roughly Rs. 108 crore) per coin within the next 21 years. He attributes this expected growth to Bitcoin’s inherent scarcity and its increasing adoption as a preferred store of value,” the CoinSwitch markets desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
