Crypto Price Update August 8: BTC at $57k, ETH Dips, SOL Spikes, XRP Surges

The crypto market today continues to show mixed reactions. While some coin prices maintain a rally, others have declined notably over the last day. Meanwhile, some key updates within the last 24 hours might affect the broader outlook in the short term. Particularly, the recent ruling in the Ripple vs SEC case where the status of XRP has been reaffirmed can have a dramatic impact on how cryptocurrencies are classified and the market trajectory moving forward.

As the market continues to recover from the crash that happened on August 5, the general investor’s sentiment depicts “fear” as evident in the crypto fear and greed index data. The global crypto market has declined marginally by 0.68%, now at $2.01 trillion. Let us look at an overview of the market below.

The BTC price has seen an increase in its value compared to yesterday’s data even though it is currently in red. According to CoinMarketCap, the flagship cryptocurrency is down by 0.71%, changing hands at $57,152. Also, Bitcoin touched the lows and highs of $54,583.26 and $57,626 respectively. Additionally, its one-day trading volume has plummeted by 11.83% to $39 billion.

The recent announcement by Metaplanet to secure more Bitcoin signifies bullish and might be a necessary factor to trigger a reversed movement. Meanwhile, Soso Value data shows that Bitcoin ETF now has a positive daily net inflow of $45.14 million as of August 7.

The second-largest cryptocurrency, Ethereum, has taken a rather noticeable nosedive in the last 24 hours. At the time of writing, the price of ETH traded at $2,440 representing a 3.47% decline. As ETH struggles to regain the $2,500 mark, its exchange-traded fund recorded a negative daily net inflow as of August 6. Per Soso Value data, ETH ETF had a -$23.68 million outflow.

Other Altcoin Price Updates

While the top cryptocurrencies by market cap recorded significant losses, Solana has taken a different direction as its value has spiked marginally over the last day. According to observed data, the SOL price has jumped by 1.09% to change hands at $155.59. Also, SOL traded between the ranges of $142.38 and $156 respectively. In the weekly chart, SOL has dropped by 7.79% in its value, and, recorded an 11.52% increase in the last 30 days.

The XRP Price has skyrocketed over the last day after Judge Torres ruled and fined Ripple a $125 million civil penalty in the case with the SEC. XRP skyrocketed by 18.83% at press time changing hands at $0.6137. Interestingly, XRP has traded between $0.4946 and $0.6374 in one day.

Meanwhile, Cardano (ADA) has dropped by 1.16% to $0.3345, maintaining a bottom and top range of $142.38 and $156 respectively. Conversely, Toncoin (TON) has surged by 10.9% to $6.39. Its one-day lows and highs were $5.36 and $6.41.

Leading the memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) have also seen losses today. While DOGE recorded a marginal loss of 0.63%, SHIB has seen a significant decline of 3.90%. Consequently, DOGE and SHIB are now trading at $0.1003 and $0.00001329 respectively. Moreover, PEPE has dropped 5.20% of its value, now changing hands at $0.00007818.

Toncoin (TON) climbed 40.10% to reach $6.103

Ethernity Chain (ERN) gained 14.25% to $2.068

G added 8.13% to $0.04077

Stellar (XLM) moved up by 7.05% to $0.1017

The global crypto market has shown mixed action in the last 24 hours. Even though the sentiment surrounding the market has dropped to fear, the recent ruling and the intentions of Metaplanet to accumulate more BTC might be a factor in increasing investors’ confidence in the coming days.