Crypto Price Today: Bitcoin falls below $29,200; Dogecoin, Polygon shed up to 2%

The cryptocurrency markets were trading lower in Friday's trade. Bitcoin (BTC) fell 0.70% to $29,190, whereas Ethereum (ETH) was below the $1,900 level.

Meanwhile, the global cryptocurrency market cap was trading lower, around $1.18 trillion, falling 0.64% in the last 24 hours.

"Bitcoin remained above $29,000 despite the U.S. Federal Reserve's decision to raise the interest rate by 25 basis points (bps). Bitcoin continues to stay within a narrow range between $29,000 and $31,500 for over a month with over 3.4 Mn Bitcoin addresses buying the dip below $30,000," said, CoinDCX Research Team.

Other top crypto tokens, Dogecoin, Solana, Polygon, and Polkadot were also trading lower.

The total volume in DeFi is currently $2.49 billion, 9.50% of the total crypto market 24-hour volume. The volume of all stablecoins is now $24.43 billion, which is 93.26% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world's largest cryptocurrency, was around $567 billion. Bitcoin's dominance is currently 48.19%, a decrease of 0.02% over the day, according to CoinMarketCap. BTC volume stood at approximately $10.92 billion, declining 15.83% in the last 24 hours.

"Over the past 24 hours, there has been a noticeable change in patterns in the dynamic world of cryptocurrencies. The resiliency of BTC has been on display as it has mostly stayed unaffected by anticipated 25 basis point interest rate increases by the US and ECB," Shivam Thakral, CEO of BuyUcoin, said.

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said, "BTC is holding steady at around $29.2k and traded within a tight range of $29k-29.5k in the last 24 hours. The Federal Reserve's interest rate hike, followed by a higher-than-expected U.S. GDP, raises concerns about prolonged high rates. This may impact the market’s future price action, as investors may begin to move towards ‘risk-off’ asset classes."

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.43 hours, IST on July 28, 2023)

Bitcoin $29,190 -0.70%
Ethereum $1,859 -0.82%
Tether $0.9999 -0.02%
BNB $240 -0.33%
XRP $0.7076 -0.62%
Cardano $0.3107 2.97%
Dogecoin $0.07642 -2.48%
Solana $24.69 -1.81%
Polygon $0.7095 -2.45%
Litecoin $91.18 0.45%
Polkadot $5.18 1.39%
Tron $0.08412 2.19%
Shiba Inu $0.000007808 -0.65%

(Note: Price change in last 24 hours)

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