Why Bitcoin, Ether Prices are Fluctuating While Solana’s Value is Rising

Bitcoin opened with a minor price loss on Friday, and the world’s most widely used crypto asset is presently trading at $61,637 (roughly Rs. 51.4 lakh) on international exchanges like CoinMarketCap, after incurring a loss of 0.23 percent. On national exchanges such as WazirX and CoinSwitch however, the value of BTC stood much higher at $66,863 (roughly Rs. 55.8 lakh). Macro-economic factors have always played a vital role in setting the temperament for the crypto market on a global level. Despite expectations from crypto investors, US President Joe Biden and Donald Trump didn’t mention cryptocurrencies during their televised debate on Thursday, leading to volatility on the crypto price charts and experts predict more upheaval in the coming days.

“In a notable shift, Bitcoin posted gains as optimism swelled ahead of the anticipated Biden vs. Trump debate, with investors expecting cryptocurrency to be a focal point. However, the absence of any mention of crypto during the debate has led to concerns over potential impact for Bitcoin prices, possibly dampening industry enthusiasm. Bitcoin is entrenched in oversold territory, indicating a prolonged bearish sentiment. Market analysts predict this phase of stagnation could extend for a few more weeks,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Similarly, Ether was impacted by a minor 0.09 percent drop in value on Friday. It is currently trading at $3,448 (roughly Rs. 2.87 lakh) on international exchanges and at $3,701 (roughly Rs. 3.09 lakh) on national ones, as per the Gadgets360 crypto price tracker.

“The forthcoming launch of the Ethereum ETF on July 4 is seen as a potential game-changer, with projections of Ethereum prices climbing above $5,000 (roughly Rs. 4.17 lakh),” Menon added.

Cryptocurrencies that managed to log minor gains on Friday include Binance Coin, Dogecoin, Cardano, and Avalanche.

Solana managed to see profits of 6.24 percent on Friday – which is substantially higher than other cryptocurrencies. At the time of writing, Solana was trading at $145 (roughly Rs. 12,139).

“With the first Solana ETF application from VanEck, the SOL ecosystem saw a collective rise and the number of traders increasing by 30 percent. SOL may become the 3rd major crypto asset after BTC and ETH to have its ETF, thanks to its recent growth. Several Solana memecoins also resulted in gains. Some of these memecois include BOME, which rose 15 percent with an 80 percent increase in traders, and WEN, which rose 15.5 percent with a 25 percent increase in traders,” said Ryan Lee, Chief Analyst at Bitget Research.

Meanwhile, cryptocurrencies that registered losses on Friday include Tron, Near Protocol, Underdog, and Status.

As per CoinMarketCap, the overall crypto market rose in valuation by 1.39 percent in the last 24 hours. With this, the market cap of the crypto sector has come to $2.28 trillion (roughly Rs. 1,90,32,984 crore).

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.