On Friday, July 21, the crypto market witnessed a rollercoaster ride, with Gadgets 360’s price chart showing profits next to most cryptocurrencies.
However, Bitcoin, the flagship digital asset, remained in a minor loss of 0.21 percent, trading below $30,000 for the second consecutive day, hovering at $29,878. In the last 24 hours, Bitcoin’s value dropped by $116.
Market analysts attribute Bitcoin’s stagnation to various factors, including investors cashing in on profits and the strengthening US dollar.
At one point, BTC even touched its lowest level in a month, briefly reaching $29,500.
CEO of Mudrex crypto investment firm, Edul Patel, emphasized that BTC currently faces resistance at the $30,000 level, with support at $29,600.
While Tether, Ripple, and Cardano experienced losses, the majority of cryptocurrencies saw profits.
Minor price dips affected Solana, Avalanche, Wrapped Bitcoin, Stellar, Monero, and Elrond.
Despite Bitcoin’s price decrease, market sentiment remains relatively unshaken, according to Rajagopal Menon, Vice President of WazirX.
Altcoins like LINK, MKR, SNX, and COMP showcased significant developments, indicating interest in accumulating quality DeFi protocols.
Ether, the second-largest cryptocurrency, recorded a small gain of 0.5 percent, trading at $1,896.
Meanwhile, memecoins Dogecoin and Shiba Inu bounced back to the profit-making side.
The overall crypto market cap experienced a slight dip of 0.19 percent, reaching $1.2 trillion.
The crypto fear and greed index settled in the neutral zone at 50/100 after shedding six points.
As the market remains dynamic, investors keep a close eye on Bitcoin’s movements and explore opportunities in altcoins with notable developments.
While Bitcoin holds its ground, altcoins demonstrate their potential in shaping the evolving crypto landscape.
