The events of the previous week sparked optimistic sentiments in the cryptocurrency sector, and we’re excited to see what this month has in store. Before you begin, check out our Crypto Market Weekly Round-up.
According to CoinMarketCap, the current market cap is ₹202.04 Trillion on 29 July. Meanwhile, in the past few weeks, the top-performing coins have been seen experiencing massive ups and downs and were trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹5,802,639.32, reflecting a 1.97% surge within the last 24 hours with a marginal jump of 2.14% over 7 days. Talking about Ethereum, ETH is currently valued at ₹280,730.70, showing a 3.48% jump in the past 24 hours, with a ground-breaking fall of 4.67% over 7 days.
Crypto Market Weekly Round-up: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Solana (SOL), Bitcoin Cash (BCH), and Dogecoin (DOGE).
In the past week, the price of Solana (SOL) showed a 6.10% surge. Moreover, the token also experienced a marginal jump of 4.19% in the past 24 hours. The token is currently trading at the price of ₹16,094.75.
Bitcoin Cash (BCH), the token, illustrated a 6.33% jump compared to other major cryptocurrencies. In addition, BCH has also shown a 7.51% surge in the past 24 hours, trading at a price range of ₹35,656.66.
In addition, the Dogecoin (DOGE) token decreased by 6.29% in the last 7 days. However, in the past 24 hours, the token jumped by more than 2.88%. In addition, the price of the DOGE token is trading at ₹11.16.
Top Crypto Gainers & Losers
The past week remains one of the most stressful weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:
How the Crypto Market Became Volatile?
The cryptocurrency market has grown extremely unpredictable in the last week, with major cryptocurrencies seeing big ups and downs after breaching above-critical resistance and support levels. The biggest cause for the volatility is the current Bitcoin Conference 2024, which has significant Bitcoin personalities speaking and endorsing cryptocurrency.
Apart from that, the upcoming FOMC minutes on July 31 and unemployment rate data on August 2 are causing retail investors to experience FOMO. These variables confound the feelings of cryptocurrency investors and traders, contributing to the market’s present volatility.
Crypto Market Weekly Round-up: Trending News From the Last Week
▪️ In response to the recent incident that resulted in the theft of around $230 million, Indian cryptocurrency exchange WazirX has outlined a strategy for recovering customer funds.
WazirX said in a blog post that it has adopted a 55/45 split strategy. This method gives customers quick access to 55% of their assets while locking the other 45% in Tether-equivalent tokens.
▪️ On July 27, during the Bitcoin 2024 conference in Nashville, Trump addressed a crowd of Bitcoiners who had waited more than an hour after claiming the Secret Service needed more time at the location.
The Republican contender outlined a proposal for crypto policies if elected in November, which included dismissing US Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one” and forming a “Bitcoin and crypto presidential advisory council.”
▪️ Elon Musk’s X has once again caused controversy in the cryptocurrency sector by removing Bitcoin emojis that have been in use for almost four years. The crypto community on X is perplexed as to why many crypto emojis, including Bitcoin (BTC), were removed from the social site.
️SunCrypto Views
The recent volatile trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial profit & loss and increased investor confidence. This development reflects optimistic institutional interest and technological advancements.
Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent volatile trend is tremendous, it’s critical to approach the cryptocurrency market with care and a long-term mindset.
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