The crypto market has continued to display steady price actions as the prices of major tokens trade sideways. This suggests that investors are trying to be cautious as they await the next price rally.
However, the Altcoin market has experienced significant losses in the last few hours, with some tokens losing at least 10% of their gains.
Bitcoin Holds $118 Mark, as Altcoin Price Dips
Bitcoin (BTC) held firm above $118,000 on July 29, even as altcoins posted steep intraday losses. As of press time, BTC trades at $118,160, having rebounded from a morning low of $117,568 during London trading hours.
Despite muted movement, Bitcoin is consolidating in a bullish flag formation between $120,987 and $114,518, following its July peak of $123,000. Daily trading volume stands at $67.05 billion, contributing to a $2.35 trillion total market capitalization.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency, continues to mirror Bitcoin’s sideways movement. ETH is trading at $3,809.86, modestly up from an intraday low of $3,741, but below last week’s high of $3,773.12. 24-hour volume has declined by 1%, reflecting reduced market engagement.
Bonk also lost a significant amount of its gain, which is about 14.85% from the previous day. Currently, Bonk is trading for $0.00003021. This is down from $0.00003626, which it started from during the Asian session trading hours.
The token has also seemed to have lost its momentum, as trading activity drops 19.04% today. That is not about $973.12 million in trading volume, leading to a 14.88% drop in market value, which now sits at $2.43 billion
Trending Cryptos Today
- Conflux (CFX)
- TRON (TRX)
- Omni Network (OMNI)
- Chainbase (c)
- Banana For Scale (BANANAS31)
- Bitcoin (BTC)
Top Gainers & Losers Today
| Gainers | Losers |
| Conflux (CFX): +24.02% | Fartcoin (FARTCOIN): -18.3% |
| TRON (TRX): +4.04% | Bonk (BONK): -14.72% |
| Cronos (CRO): +3.17% | Athena (ENA): -11.93% |
| XDC Network (XDC): +2.90% | Pudgy Penguins (PENGU): -9.85% |
| Flare (FLR): +1.26% | Dogwifhat (WIF): -9.05% |
Crypto Market Cap Overview
Due to the losses from the Altcoin market, the overall crypto valuation as of today has dropped by 2% to 3.88 trillion. Overall trading activity has also dropped by 1.90% with $172 billion in trading volume, as per CoinMarketCap.
Additionally, the Altcoin Season Index is now at 40, which means that investors have started to shift their attention back to Bitcoin.
Meanwhile, about 163,899 traders lost their funds in the trading market in the last 24 hours. According to Coinglass, the total amount liquidated is around $427 million. About $341 million of that was from traders who bet on long positions, while $86.36 million came from short positions. And the majority of the bets were on Bitcoin.
Also Read: Wall Street is Taking Over Bitcoin Trading with IBIT
