Cryptocurrency price on August 7: Bitcoin trades near $57,000; Solana, Toncoin jumps up to 7%

The cryptocurrency market witnessed mixed trading on Tuesday, with several major tokens experiencing notable gains while others declined. Bitcoin, Solana, Toncoin, Cardano, and Avalanche were among the top performers, recording gains of up to 7%. In contrast, Ethereum, XRP, Dogecoin, Shiba Inu, and Polygon faced downward pressure, with losses of up to 2%.

Meanwhile, the global cryptocurrency market capitalization rose by 1.25% in the past 24 hours, reaching approximately $2.01 trillion, reflecting a market-wide recovery after recent volatility.

As of 12:23 p.m. IST, Bitcoin was trading 1.8% higher at $56,829, continuing its upward momentum and approaching the critical $57,000 mark. Ethereum, however, remained subdued, trading below the $2,500 level.

Market experts pointed to improving sentiment as a key driver behind Bitcoin’s recent strength. “The crypto market continues to show signs of recovery, with Bitcoin marking another green day and breaching the critical $56,500 resistance level,” said Vikram Subburaj, CEO of Giottus. He further noted, “Bitcoin whales have accumulated 30,000 BTC during the market correction earlier this week. Market sentiment is also improving, as reflected in the Crypto Fear and Greed Index, which has risen from an extreme fear level of 17 to a fear level of 29 in the past 24 hours.”Despite this optimism, some analysts cautioned against overly bullish expectations. Avinash Shekhar, Co-Founder & CEO of Pi42, commented, “Bitcoin’s price is gradually rebounding to $57K. However, low trading volume and a bearish market indicate cautious investor sentiment.”The volume of all stablecoins is now $97.52 billion, which is 94.12% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.123 trillion. Bitcoin’s dominance is currently 55.87%, according to CoinMarketCap. BTC volume in the last 24 hours declined 40.7% to $46.9 billion.Altcoins also saw varied performances, with Solana emerging as a top gainer, rallying nearly 7% to $151. Toncoin followed with a 3.5% rise to $5.75, and Polkadot added over 3% to its value. Vikram Subburaj commented on Solana’s strength, stating, “Solana continues to showcase relative strength – it is up 7% today and trading above $150. The altcoin market continues to play catch-up to Bitcoin.”

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)