Quick analysis of the cryptocurrency pricing on August 16: The total market capitalization decreased to $1.16 trillion.

The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), was trading sideways early on Wednesday and was still below the $30,000 threshold. Other well-known altcoins, including as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL), also experienced losses on the other side of the border. Following the test launch, the SEI token saw the largest rise of all, with a staggering 24-hour increase of nearly 2,600 percent. On the other side, ApeCoin (APE), which experienced a 24-hour decline of about 12 percent, emerged as the biggest loser.

At the time of writing, the market valuation of all cryptocurrencies was $1.16 trillion, representing a drop of 1.10 percent over the previous 24 hours.

Bitcoin Price Today
According to CoinMarketCap, the price of one bitcoin was $29,202.73, a decrease of 0.48 percent over the previous 24 hours. WazirX, an Indian exchange, reported that the price of one bitcoin was Rs 25.31 lakh.

Ethereum Price Today
At the time of writing, the price of ETH was $1,827.74, representing a 24-hour loss of 0.77 percent. According to WazirX, the price of Ethereum in India was Rs 1.59 lakh.

Dogecoin Price Today
According to data from CoinMarketCap, the 24-hour price of DOGE, which is presently trading at $0.07101, fell by 4.57 percent. Dogecoin’s price in India as of WazirX was Rs 6.18.

Litecoin Price Today
Litecoin lost 3.04 percent throughout the course of a day. Its price at the time of writing was $79.21. In India, the cost of LTC was Rs 6,875.

Ripple Price Today
The price of XRP was $0.6078, down 3.53 percent over the previous day. WazirX reported that the price of ripple was Rs 52.37.

Solana Price Today
Solana price was $23.76, down 4.70 percent over the previous 24 hours. SOL cost Rs 2,050.01 in India, according to WazirX.

On Friday, the value of Bitcoin, Ethereum, and other cryptocurrencies declined. The total market value of all cryptocurrencies was $1.18 trillion, with a 24-hour volume of over $30.93 billion.

Bitcoin
The largest and most widely used virtual currency in the world, Bitcoin, decreased 1.18 percent to 30,358.6. It had a market value of $589.44 billion. $14.78 billion worth of trade was conducted.

Ethereum
Ethererum, also known as Ether, the second-largest virtual currency, fell 1.01 percent to $1,870.80 and a market value of $224.81 billion. In the previous day, $6.25 billion worth of Ethereum was traded.

Dogecoin
Dogecoin, a cryptocurrency based on memes, was down 0.75 percent. It was valued at $9.09 billion on the market. There were $167.32 million in trades.

Shiba Inu
Shiba Inu experienced a 0.4 percent decline and a $4.41 billion market capitalization. In the previous 24 hours, there were $73.81 million in transactions.

Solana
Solana lost 0.97 percent to $21.82 and now has a $8.78 billion market cap. $565.14 million worth of Solana trades were made on the previous day.

Polygon
With a market capitalization of $6.75 billion, Polygon fell 2.04%. In the previous 24 hours, there were $278.21 million in trades.

On Friday, gains in Bitcoin, Ethereum, and other cryptocurrencies were extended. The market capitalization of all cryptocurrencies was $1.17 trillion, with a volume of close to $30.2 billion over the previous day.

Bitcoin
The biggest and most well-known virtual currency in the world, Bitcoin, increased 1.1 percent to $30,518.4. It had a market value of $590 billion. The value of the trade was $13.2 billion.

Ethereum
Ethererum, also known as Ether, which is the second-largest virtual currency, increased 1.1 percent to $1,852 and has a $221.8 billion market capitalization. In the previous day, $5.6 billion worth of Ethereum was traded.

Dogecoin
Dogecoin, a virtual currency based on memes, last gained 1.4 percent on Friday. The market price for it was $8.8 billion. There were $189.8 million worth of transactions.

Shiba Inu
Shiba Inu gained 1.4 percent and now has a market value of $4.3 billion. In the previous 24 hours, there were $86.6 million worth of trades.

Solana
Solana increased 17% to $18.5 and now has a $7.5 billion market cap. In the previous 24 hours, Solana saw trades of $870.2 million.

Polygon
With a $5.9 billion market capitalization, Polygon increased by 2.9%. In the previous 24 hours, there were $237.8 million in trades.

On Wednesday, Bitcoin, Ethereum, and other cryptocurrencies continued their gains. Bitcoin has surpassed the $28,000 barrier, reaching its highest valuation since May. The worldwide crypto market valuation was $1.13 trillion, with approximately $43.1 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, increased 6.8 percent to $28,729.2. Its market capitalization was $559.5 billion. The total value of trade was $24.1 billion.

Ethereum
Ethererum, or Ether, the second largest virtual currency, climbed 4.3 percent to $1,810.9, with a market capitalization of $217.5 billion. In the last 24 hours, the trade volume of Ethereum was $8 billion.

Dogecoin
A meme-based virtual currency, increased by 2.7 percent on Wednesday. Its market capitalization was $8.9 billion. The total trade volume was $225.3 million.

Solana
Solana rose 4.4 percent to $16.8 with a market valuation of $291.6 million. Solana’s trading volume in the last 24 hours was $291.6 million.

Shiba Inu
With a market capitalisation of $4.4 billion, Shiba Inu gained 1.8 percent. In the last 24 hours, the transaction volume was $108.9 million.

Polygon
Polygon jumped 6.9 percent to $0.6 with a market capitalisation of $6 billion. The trade volume was $308 million in the last 24 hours.

The price of Bitcoin has dropped by almost 4% over the last week, reflecting the recent volatility the cryptocurrency has been going through. BTC is currently edging closer to a crucial support level, and analysts are carefully watching the market to see where the next target for the digital asset will be.

Examining the variables that may have an immediate and long-term effect on the price of bitcoin is crucial in this context.

How Increasing Interest Rates Impact Digital Assets Like Bitcoin

According to the Personal Consumption Expenditures (PCE) report published by the Bureau of Economic Analysis (BEA) on February 24, inflation increased 5.4% in January compared to the prior year.

Since January 2022, core inflation has risen by 4.7%, the preferred inflation measure of the Federal Reserve. As a result of increasing inflation, the US Dollar Index (DXY) climbed to 105.26, its highest level since January 6.

In order to combat inflation, more interest rate increases are anticipated. The Federal Reserve has established a target of 2% overall inflation. The majority of the market believes that the Federal Reserve will keep raising interest rates as a consequence of the potential rate hikes.

BTC/USD fell after the PCE data showed a rise in inflation of 5.4% in January, demonstrating Bitcoin’s sensitivity to rising interest rates.

Bitcoin Price
BTC/USD started selling at $23,177.00 on February 26. Its current price of $23,245.00 represents a rise of 0.78% over the previous 24 hours. In the previous day, BTC/USD traded at a high of $23,302.00 and a low of $23,083.00. But over the last week, BTC’s worth has dropped by more than 5.5%.

The immediate support level for the BTC/USD combination is $22,800; if it is breached, the price of BTC may be exposed to the next support area at $22,150.

The $23,500 level continues to be a point of resistance for bitcoin, while the $22,800 level continues to be its direct support. If the price of Bitcoin breaks through the support level, it may reach the next support level at $22,150.

However, given that the BTC/USD pair has crossed into the oversold region, there is a possibility that BTC will bounce back and surpass the resistance mark at $23,500, which could lead to a price of $24,250.

On Wednesday, cryptocurrencies continued to increase. The market capitalization of all cryptocurrencies was $1.08 trillion, with a volume of $61.67 billion over the previous day.

Bitcoin
The biggest and most well-known virtual currency in the world, Bitcoin, increased 1.7 percent to $23,263. It had a $448.35 billion market value. The value of the trade was $27.58 billion.

Ethererum
The second-largest virtual currency, increased 2.9 percent to $205.3 and reached a market capitalization of $205.3 billion. In the previous day, $8.6 billion worth of Ethereum was traded.

Shiba Inu
Shiba Inu gained 1.6 percent and now has a $7.9 billion market cap. In the previous 24 hours, there were $492,2 million in transactions.

Solana
Solana increased by 3.7 percent to $23.9 and now has a $8.9 billion market cap. In the previous 24 hours, Solana saw $659.3 million in trading.

Polygon
With a $11.1 billion market capitalization, Polygon increased 4.7 percent. In the previous 24 hours, there were $613.1 million in trades.

Bitcoin was trading below US$23,000 in Asia on Monday morning, tracking a drop in US equities after unexpectedly strong job growth numbers on Friday raised fears that markets would face more interest rate hikes to slow the economy and inflation. All of the top ten non-stablecoin cryptocurrencies fell. Dogecoin and Polygon were the biggest losers, with BNB having the smallest drop.

Quick Facts

Bitcoin fell 1.6% to US$22,948 in the 24 hours to 8 a.m. in Hong Kong, bringing its seven-day losses to 3.5%. According to CoinMarketCap data, Ether fell 2.1% to $1,631 and is down 0.9% for the week.

Dogecoin dropped 3.8% to US$0.09, but was still up 2.1% for the week. Polygon fell 3.8% to US$1.20, bringing its weekly gain to 2.2%. BNB fell 0.8% to $327.85, but was still up 3.3% over the previous week.

The crypto market cap fell 2% to $1.07 trillion, while total trading volume increased 27.4% to $49.9 billion.

On Friday, US equities fell. The Dow Jones Industrial Average fell 0.4%, while the S&P 500 Index fell 1%. The Nasdaq Composite Index fell 1.6% on the day, but gained 3.3% for the week.

The Bureau of Labor Statistics reported on Friday that nonfarm payroll jobs increased by 517,000 in January, far exceeding the expected 185,000 and nearly doubling the 260,000 recorded in December. The unemployment rate in the United States is now at its lowest level since 1969, at 3.4%.

The increase in job creation, along with strong data from the United States’ services sector, are both signs of a healthy economy, but investors interpreted the figures as evidence of stubbornly high inflation, which could prompt the Federal Reserve to raise interest rates.

The aggressive rate increases implemented by the Federal Reserve in the United States last year appear to be having the desired effect on inflation. The consumer price index in the United States rose 6.5% year on year in December, down from 7.1% in November and the largest monthly decline since April 2020.

Interest rates in the United States are currently at 4.5% to 4.75%, the highest in 15 years, and Fed officials have repeatedly stated that rates could be raised to as high as 5% to bring inflation back down to 2%.