Crypto Price Update August 7: BTC at $56K, ETH Declines to $2,300, SOL Rallies

The crypto prices today have shown mixed reactions. While some coins have maintained the gains from yesterday, others have tanked and lost substantially. Some market participants have taken the initiative to accumulate sizeable amounts of coins, buying the dip pending the next market rally. Coinfomania previously reported that a prominent whale bagged over 56,000 ETH coins over the last 24 hours.

The downtrend witnessed in the broader crypto market can be attributed to the waning investor sentiment as portrayed in the crypto fear and greed index data. According to Alternative, the market has been struck with “fear” as the fear and greed index data rests at 29 after dropping to a low of 17 yesterday. However, the global crypto seems to be in recovery mode as its value has added 2.39%, now resting at a $2 trillion market cap. Let us look at an overview below.

The Bitcoin price has moved up marginally from its value yesterday even though it traded in red at the time of writing. CoinMarketCap’s data shows that BTC is down by 0.29% to trade at $56,308. Additionally, Bitcoin touched bottom and the peak of $55,742.07 and $57,607.21 respectively. Moreover, its one-day trading volume also tanked by 30% to $41.7 billion within the recorded time. The flagship cryptocurrency continues to record negative ETF flows. Soso Value data shows that the daily total net inflows of Bitcoin ETF as of August 6 were -$148.56 million.

At the same time, the price of Ethereum (ETH) has exhibited a decline in the last 24 hours. The second-largest cryptocurrency plummeted by 5.53% at the time of writing to reach 2,391. The aforementioned accumulations by the notable whale have played little or no role in boosting the confidence of investors in the future outlook of the coin. However, unlike Bitcoin, Ethereum has recorded positive daily ETF inflows of $98.03 million as per Soso Value data.

Other Altcoin Price Update

While the top cryptocurrencies by market cap are suffering significant losses, Solana has taken a different route as its value has spiked in the last 24 hours. Per observed data, the SOL price has jumped by 2.86% to change hands at $148.68. Additionally, SOL traded between the ranges of $143.20 and $154 respectively. In the weekly chart, SOL has lost 18.09%, and, recorded a 6.50% increase in the last 30 days.

The XRP Price has now breached the $0.5 mark. However, XRP decreased by 2.33% to trade at $0.5018 over the last day. Interestingly, XRP has traded between $0.4946 and $0.519 in one day.

Meanwhile, Cardano (ADA) has dropped by 2.69% to $0.3267, maintaining a bottom and top range of $0.3226 and $0.3398 respectively. Also, Toncoin (TON) declined by 1.92% to $5.53. Its one-day lows and highs were $5.50 and $5.83.

Leading the memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) have also seen losses today. While DOGE saw a marginal loss of 0.20%, SHIB recorded a notable decline of 2.81%. Consequently, DOGE and SHIB are now trading at $0.098 and $0.00001328 respectively. Also, PEPE has dropped 2.08% of its value, now changing hands at $0.00007719.

Dogwifhat (WIF) climbed 17.10% to reach $1.67

G gained 19.51% to $0.03797

Amp (AMP) added 10.55% to $0.003716

WazirX (WRX) moved up by 6.50% to $0.1313

Linear Finance (LINA) spiked by 5.54% to $0.00406

Book of Meme (BOME) surged by 2.63% to $0.006894

The global crypto market has traded in green and red in the last 24 hours. Even though the sentiment surrounding the market denotes fear, the recent accumulation of whales might be a factor in increasing investors’ confidence in the coming days.