Today’s Cryptocurrency Prices: Bitcoin maintains $27,000, Ethereum falls under $1,700, while Altcoins mostly see higher trading.
**Bitcoin in Red on Thursday Amidst Volatile Market Sentiments**
*Bitcoin and Altcoins Facing Lower Price Action*
Bitcoin was back in red on Thursday as the largest crypto token dropped about a per cent but remained above $27,000-levels. Its largest peer, Ethereum, declined more than a per cent to breach below $1,700 mark again. Price action in the altcoins was on the lower side during the early trade.
According to Edul Patel, Co-Founder & CEO at Mudrex, Bitcoin has stabilized its price above the $27,000 threshold, as the markets self-corrected following rapid expansion caused by Grayscale’s victory against the US SEC. He highlighted that the ruling has cultivated a sense of cautious hope within the market regarding an impending verdict on the Bitcoin spot ETF within the United States. Investors are eagerly awaiting an update from the SEC about Bitwise’s application, with the initial deadline set for September 1st, while Ethereum has been trading around $1,700.
**Mixed Performance in the Crypto Market**
The global cryptocurrency market cap was trading slightly lower, falling to $1.08 trillion-mark, as it dropped as much as a per cent in the last 24 hours. However, the total trading volumes tanked more than 45 a per cent to $29.74 billion. The crypto market has traded sideways with downward pressure in the last 24 hours. Investor sentiment, however, continued to climb and jumped 3 points since yesterday, currently in the neutral zone with a score of 52/100. Most of the top 10 cryptos by market capitalization were trading in the red, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
**Altcoins Facing Pressure Amidst Market Volatility**
Barring a few exceptions, all top crypto tokens were trading slightly lower on Thursday. Solana dropped more than 4 per cent, while Polkadot tanked 3 per cent. Polygon and Tron shed 2 per cent each. Among the gainers, Toncoin jumped about a per cent, while Dogecoin posted mild gains.
**Tech View by WazirX Trade Desk**
The Merit Circle (MC), a prominent decentralized autonomous organization (DAO), was expected to break out of the triangle pattern with a consistent buildup of buying volume. The RSI on the daily period has nearly touched the 60 mark and the momentum was expected to continue into the coming days. The next resistance is expected at 0.36 USDT and an immediate support is expected at 0.25 USDT.
Overall, the crypto market has been experiencing volatility with mixed price actions for both Bitcoin and altcoins, leaving traders cautious amidst ongoing market sentiments. The impending verdict on the Bitcoin spot ETF within the United States continues to remain a point of anticipation for investors.
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