Bitcoin Sees Minor Gains Alongside Dogecoin, Cardano as Market Shows Signs of Volatility
The crypto price chart reflected signs of volatility after the latest employment growth data in the US showed that the job market from March 2023 to March 2024 was not as robust as initially reported. Bitcoin on Thursday, August 22 showed a minor price hike of 2.21 percent. With this, the price of BTC on national exchanges is hovering over the mark of $63,857 (roughly Rs. 53.6 lakh) whereas 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 crypto chart. At the time of writing, ETH was trading at $2,408 (roughly Rs. 1.02 lakh) after incurring a loss of 2.27 percent in the last 24 hours, as per the crypto price tracker by Gadgets360.
While the US job data was not as positive as expected, the recent FOMC meeting in the US suggested a cut in interest rates in September. These reasons divided the crypto chart into two parts.
Cryptocurrencies that rallied behind BTC on the profit-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 record gains.
“While the overall market is facing adversity, specific tokens with strong fundamentals or positive news may still provide attractive opportunities for gains. The strong US jobs market through 2023 and early 2024 was a bit less strong than thought, providing a very brief, very modest bump to the sluggish price action,” Avinash Shekhar, Cofounder and CEO, Pi42 told Gadgets360.
Meanwhile, Solana and Stellar joined ETH on the loss-making side of the crypto chart.
Cosmos, Neo Coin, Zcash, Iota, and Braintrust also failed to register gains on Thursday.
In the last 24 hours, the overall market cap of the crypto sector rose by 1.69 percent to claim the capitalisation of $2.13 trillion (roughly Rs. 1,78,82,265 crore), as per CoinMarketCap.
Market analysts have predicted that the crypto market is expected to see better days owing to foreseeable changes.
“US presidential candidate Kamala Harris’s aide has pointed to her positive outlook towards digital assets which expands the global political influence of crypto industry,” said Shivam Thakral, CEO of BuyUcoin as commenting on the situation.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
