Crypto market sees subdued movement; Bitcoin trades above $29,100

Crypto charts have been quite uneventful in the last 24 hours, with all major cryptocurrencies recording no major price rise or decline. Bitcoin continued to stay above 29,100, recording a minor increase, however, other tokens recorded subtle declines. 

While talking about the crypto market movement in the last 24 hours with Republic, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “The crypto market continues to be range-bound. The global crypto market capitalisation, down 0.17 per cent, continues to be below $1.2 trillion. The crypto fear and greed index, however, has jumped 5 points and continues to remain in the neutral zone with a score of 54/100.”

Crypto Fear and Greed Index | Image credit: Alternative.me

Shubham also highlighted some other significant movements in the blockchain space. While talking about ETH’s layer-2 solution – Optimism, he said, “Optimism has been rising mostly because Coinbase’s own layer-2 solution BASE is also based on the open source OP stack. BASE, because of a lack of its own token, will be using Optimism’s native token for governance. OP is also the settlement layer behind the new famous but controversial coin, WorldCoin.” 

Sudeep Saxena, Co-Founder, CoinGabbar, also emphasised the absence of any significant market movement. Sudeep said Bitcoin's movement reflects a fierce battle between bullish and bearish forces, each vying for control. Despite significant news from PayPal expanding into the cryptocurrency space, Bitcoin formed a low of $28,700.

In another major update, PayPal recently revealed that it will be partnering with Paxos to launch PYUSD stablecoin on the Ethereum blockchain, aiming to expedite worldwide settlements. 

Prices listed were last checked at 10:00 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Bitcoin, along with other prominent cryptocurrencies, again recorded a restricted movement in the last 24 hours, maintaining its price above the mark of $29,100. The price and market cap of Bitcoin showed a minor increase, increasing by 0.14 per cent and 0.15 per cent respectively. Currently, Bitcoin is trading at $29,177.98. 

Ethereum (ETH) 

Ethereum has also shown subtle movements in the chart, moving within a tight range. Presently, ETH is trading at $1,829.69 with an overall decline of 0.44 per cent in the last 24 hours. The market cap of the ETH also fell by 0.53 per cent and currently hovers just below the mark of $220 billion.

Dogecoin (DOGE)

Dogecoin continued its downtrend, falling by 1.93 per cent in the last 24 hours and currently trades at  $0.07379. The trade volume of dog-based meme crypto tokens also fell by 2 per cent, however, the overall volume increased by over 9 per cent.

Litecoin (LTC) 

Falling by over 15 per cent in the last 30 days, LTC does not look like it could encash its halving enough. Adding to its fall, LTC is presently trading at $82.83 after falling by 0.32 per cent in the last 24 hours. 

Solana (SOL)

Solana is currently trading at  $23.21 with a market cap of $9.4 billion. The price of Solana also showed a minor decline in its price, falling by 0.35 per cent while the market volume has seen a 1.03 per cent spike. 

Ripple (XRP) 

Ripple is currently trading at $0.6241 recording a 0.36 per cent decline in the last 24 hours. The market cap of XRP also fell by 0.41 per cent, however, trading volume has increased by a whopping 68.88 per cent, indicating a strong increase in trading activities.