- Bitcoin and Ether, along with the majority of the top 10 cryptocurrencies, remain below crucial levels, with Dogecoin as the only one registering gains.
- Despite Bitcoin’s plunge below the $30,000 support level, institutional interest continues, fuelled by the increasing demand for crypto exchange-traded products.
In a climate marked by a downturn, Bitcoin and Ether, two primary players in the cryptocurrency market, found themselves submerged beneath significant levels during Tuesday’s afternoon trading session in Hong Kong. Simultaneously, Dogecoin emerged as a lone beacon, registering gains amidst the sinking currencies in the top 10.
Crypto Market Conditions: A Deeper Dive
As of 4:30 p.m. Hong Kong time, Bitcoin hovered at $29,144, taking a step back after falling below the $30,000 support level on Monday. Ether, the second-largest cryptocurrency, recorded a slight decrease of 0.1% to $1,851, marking a 2.77% drop over the previous week.
This downward movement comes despite strong institutional interest in Bitcoin.
“The recent Ripple case ruling sparked a brief uptick in the crypto market. Concurrently, significant inflows from institutional investors have stoked Bitcoin’s demand,”
explained Tom Wan, a research analyst at 21.co, the parent company of 21Shares, a crypto exchange-traded products issuer.
Backing this up, data from K33 Research revealed that Bitcoin equivalent exposure of exchange-traded products (ETPs) listed worldwide surged by 25,202 BTC ($757 million) to 196,824 BTC in the month leading up to July 16. This marked the second-largest monthly net inflow, with October 2021 leading the pack due to the launch of ProShares’ Bitcoin Strategy ETF.
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The Shiba-Inu-themed cryptocurrency, Dogecoin, continued to defy market norms for a second day, registering a 2.5% increase to $0.0768 in the past 24 hours. On the other hand, Solana’s Sol token experienced the day’s steepest fall of 5.97% to $23.10. Closely trailing was the XRP token, with a loss of 5.32% down to $0.6833.
According to data from CoinMarketCap, the total cryptocurrency market capitalization dipped by 0.38% to $1.19 trillion in the last 24 hours. However, there was an uptick in market volume by 9.27% to $25.15 billion.
In the backdrop of these developments, the Forkast 500 NFT index dwindled to an all-time low of 2,652.17 points. Concurrently, both Bitcoin and Ethereum’s 24-hour non-fungible token (NFT) sales witnessed a drop. Ethereum’s NFT sales fell 11.21% to $11.69 million, although the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, saw an increase of 17.68% to $1.17 million.
With such fluctuations, the current times are considered “exceptionally slow for NFTs,” according to Yehudah Petscher, NFT Strategist at Forkast Labs. Yet, in this uncertain environment, the Forkast CAR NFT Composite managed to stay in the green for the day.
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