Bitcoin’s price holds above $30,000, but Ether and several other altcoins suffer minor losses – The second weekend of July came to a close with more cryptocurrencies struck with more losses than profits. On Monday, July 17, Bitcoin, gained a profit of 0.14 percent. At the time of writing, the value of Bitcoin was $30,255. The SEC is likely to review BlackRock’s spot BTC ETF application in the coming days of this week. If the application is approved, the crypto market may see a rise in the price of BTC.
Ether’s value fell by 0.30 percent, according to Gadgets 360’s cryptocurrency market tracker. The price of ETH is currently revolving around $1,924
With BTC and ETH adopting opposing paths, the crypto price chart is clearly separated into two halves.
“The market has reached a resistance level for the past few weeks. The approval of Bitcoin’s spot ETF application can help it move upward and reach the projected levels for this year with a potential increase of approx. 20 percent. Ripple’s victory against SEC has given the market an impetus to be bullish about the future of crypto,” Vice President, Rajagopal Menon stated.
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Tether, Binance Coin, Cardano, Dogecoin, and Polygon, on the other side, also suffered losses.
Tron, Litecoin, Polkadot, Avalanche, and Bitcoin Cash all had slight drops that were significant enough to color the cryptocurrency price chart red.
The crypto fear and greed index is down three points from yesterday, indicating a minor reversal in the market and investor sentiment. With a current score of 54/100, the index has returned to neutral territory.
In the last 24 hours, the overall crypto market cap increased by 0.26 percent. At the time of writing, the crypto market cap was $1.21 trillion.
However, there are some advances in the crypto pipeline that, in the larger picture, could stimulate developments in the Web3 space. These ambitions keep industry analysts optimistic about the future of crypto.
“From a tokenomics lens, CLabs, the entity behind the Celo blockchain, is aiming to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution. This move is likely to positively impact the developers, and enable increased security, without impacting the users. This news has led to an upward price trend for CELO (+13.59 percent),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said.
