Bitcoin Sees Small Gains Across Dogecoin, Cardano: Full Details
The crypto price chart has reflected signs of volatility after the latest US employment growth data showed that the labor market from March 2023 to March 2024 was not as robust as initially reported. Bitcoin saw a minor price increase of 2.21 percent on Thursday, August 22. With this, the price of BTC is hovering above the $63,857 (roughly Rs. 53.6 lakh) mark on domestic exchanges, while the asset is trading at $60,712 (roughly Rs. 50.9 lakh) on international exchanges.
Ether, for a change, did not join BTC on the same side of the cryptocurrency chart. At the time of writing, ETH was trading at $2,408 (roughly Rs. 1.02 lakh) after losing 2.27 percent in the past 24 hours, according to Gadgets360’s crypto price tracker.
Although the US jobs data was not as positive as expected, the recent US FOMC meeting suggested a cut in interest rates in September. These reasons split the crypto chart into two parts.
Cryptocurrencies that rose behind BTC on the profitable side of the crypto charts on Thursday include Tether, Binance Coin, Ripple and Dogecoin.
Cardano, Tron, Avalanche, Shiba Inu, Polkadot and Chainlink also managed to make gains.
“While the overall market is facing headwinds, specific tokens with strong fundamentals or positive news could still present attractive profit opportunities. The strong US labor market through 2023 and early 2024 was slightly less strong than expected, providing a very short-lived, very modest boost to the sluggish price action,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Meanwhile, Solana and Stellar joined ETH on the losing side of the cryptocurrency.
Cosmos, Neo Coin, Zcash, Iota and Braintrust also failed to post gains on Thursday.
In the past 24 hours, the total market capitalization of the crypto sector increased by 1.69 percent and touched $2.13 trillion (approximately Rs. 1,788,265 crore), according to MintMarketCap.
Market analysts predict that the crypto market is in for better times due to the expected changes.
“US presidential candidate Kamala Harris’ aide has highlighted her positive outlook on digital assets, increasing the crypto industry’s global political influence,” BuyUcoin CEO Shivam Thakral said in his commentary on the situation.
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.
