The current state of cryptocurrencies paints a picture of cautious anticipation.
It’s a mix of minor hiccups but also potential breakups. Bitcoin, Ethereum, Dogecoin, and Ripple are discussed below.
Bitcoin: Problems of the Market Leader Among Cryptocurrencies
Cryptocurrency pioneer Bitcoin is on a rocky road. BTC is struggling with resistance just below the $30,000 level. Due to multiple failed attempts to breach this limit, the Bitcoin price continues to trade below this psychological level. It is a critical time for BTC as investors eye the future direction of this cryptocurrency giant.
Bitcoin (BTC) is trading today, July 28, at US$29,220.25, according to the Live Coin Watch portal. This price positions it 99% compared to its value 24 hours ago and 98% compared to the same day last week. The token’s current domain (market capitalization) is US$568,007,609,455.
Ethereum: Climbing Hard
Ethereum, the second-largest cryptocurrency by market capitalization, faces a similar problem. Despite the growing interest in its smart contract technology and upcoming upgrades, ETH is struggling with the $2,000 resistance. If it manages to break through, a new rally could emerge. Ethereum (ETH) sits at US$1863.31, a change of 0.99% from its price a day ago.
Taking into account the last week, Ethereum registers a fall of 2.85%; On the other hand, from a year ago it still accumulates a rise of 63.11%. Comparing this data with that of past dates, it chains two successive sessions in the fall.
Regarding the volatility of the last days, it is notoriously lower than that accumulated last year; therefore, it is having a more stable behavior than recently expected. Ethereum has reached a maximum of 2,328.65 euros, while its lowest level has been 1,282.09 euros.
Dogecoin: Memecoin’s Wild Ride
Next on the list is Dogecoin, the “meme” cryptocurrency that has shocked the world with its astronomical rise. However, Dogecoin currently fluctuates in the range of $0.06 to $0.10. It is a critical consolidation period for DOGE as investors wonder if the memecoin can prove itself.
The removal of Twitter’s iconic bird logo and its replacement with an “X” has led to speculation about Dogecoin’s role in the revamped microblogging platform. Dogecoin has seen a significant rally, rising 8% and trading at $0.0771. This increase has generated excitement in the cryptocurrency community, as it ranks as the seventh-largest virtual currency by market capitalization.
Ripple: A Ray of Hope Amid Cryptocurrency Turbulence
After its impressive legal victory over the Securities and Exchange Commission (SEC), Ripple’s XRP saw a notable rise, with the price rising to $0.94. However, due to the nature of the volatile crypto market, prices have since corrected lower and are currently hovering around the $0.70 level.
While it has been a roller coaster for XRP, analysts expect another uptrend to come along with a possible resumption of bullish momentum in the broader crypto market.
XRP price today is $0.7125 with a 24-hour trading volume of $1,462,864,801. XRP is down 0.85% in the last 24 hours. CoinMarketCap’s current ranking is #4, with a live market cap of $37,527,175,650 USD. It has a circulating supply of 52,693,851,493 XRP coins and a max. supply of 100,000,000,000 XRP coins.
By Marina Meza
