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Bitcoin, Ethereum, XRP, and Solana Daily Price Analyses – 6 August Roundup

Bitcoin
TL;DR Breakdown
  • The global crypto market has plunged into bearishness as it has shed 1.83% over the last day.
  • The performance of Bitcoin has seen further lows as it has depreciated by 1.55%.
  • Ethereum is no different, as it has shed 2.55% over the last 24 hours.
  • XRP and Solana are facing a bearish trend in the market as they have shed 1.32% and 2.81%, respectively.

The global crypto market has seen a stark bearishness as it has shed a considerable amount. The mentioned changes have brought losses for most of the coins. The value of Bitcoin, Ethereum, and other coins/tokens is a downtrend. The result has been increased sell-offs, which have affected the investments. As the bearish pull has strengthened, there are further chances of reduced market value, as seen recently. The market would need a strong push to get out of this bearish current.

Beanstalk is celebrating its anniversary with safe replant and unpause even though it has faced a huge loss in value. It is a credit-based stablecoin deployed to the Ethereum mainnet a year back. The hack of Beanstalk had resulted in the loss of $182 million, creating lasting repercussions. The project website said the beanstalk experiment is again in the wild.

The management expressed their trust in the stablecoin, saying that it is hard to predict how it will perform, but its belief in permissionless fiat stablecoin is unwavering. They said that Beanstalk would unlock the potential of decentralized finance for everyone. Though its exploit of $182 million remains the largest of all time.  

Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.

BTC lowers to $22.9K

Though the market remained capitulating for the miners, Hut 8 has maintained the BTC HODL strategy. If we compare other miners, they have reduced their Bitcoin holdings. The prime examples include Core Scientific, Argo Blockchain, and Riot Blockchain. Their reduced investments are a preventive measure from losses.

BTCUSD 2022 08 07 06 30 00
Source: TradingView

The latest data shows that Bitcoin has continued to capitulate to the pressure. It couldn’t maintain its gains as it has shed 1.55% over the last 24 hours. The weekly data shows a loss of 3.45%.

The price value for Bitcoin is in the $22,911.34 range. If we compare the market cap value for Bitcoin, it is estimated to be $437,937,165,987. The 24-hour trading volume for Bitcoin is about $15,944,372,627.

ETH facing stark bearishness

Trust wallet has announced a plan for Instagram NFTs. It will partner with Instagram to work on NFTs on the social media giant platform. The NFTs that it will support include ones from Ethereum and Polygon. It will expand further the NFTs business in the market.

ETHUSDT 2022 08 07 06 30 24
Source: TradingView

Ethereum has also faced bearishness as the market remains unfavorable. The latest data shows a loss of 3.71% over the last day. The seven-day data shows a loss of 1.76%.

The price value for Ethereum has lowered to the $1,674.20 range. If we compare the market cap value for this coin, it is estimated to be $204,018,161,257. The 24-hour trading volume for this coin is about $11,522,780,008.

XRP in lows

XRP has also seen lows due to a bearish market. The recent change has brought losses of 1.32% over the last 24 hours. The seven-day data shows a loss of 5.64%. The increase in losses has forced its price value to recede to the $0.3701 range.

XRPUSDT 2022 08 07 06 30 46
Source: TradingView

The market cap value for XRP is estimated to be $17,894,054,537. The 24-hour trading volume of this coin is about $496,279,257. The same amount in its native currency is about 1,340,762,558 XRP.

SOL further down

Solana has also seen a regressive trend as the bearish pull strengthened. The increased losses have brought a regression of 2.81% over the last 24 hours. The weekly losses are about 9.12%. The price value for this coin is about $39.46.

SOLUSDT 2022 08 07 06 32 45
Source: TradingView

If we peek at the market cap value for SOL, it is estimated to be $13,691,910,367. The 24-hour trading volume of this coin is about $663,940,723. The circulating supply of this coin is about 346,972,610 SOL.

Final Thoughts

The global crypto market has seen a continuation of the regressive trend. The downward pull has affected almost all coins as there is a dominant trend for bearishness. The increase in losses has affected Bitcoin, Ethereum, and other big names. The global market cap value saw a reduction compared to the previous value. It is currently estimated to be $1.08 trillion and might recede further. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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