Market stabilizes after a sluggish start

The crypto market is gaining stability after a sluggish weekend and start. Most of the top coins have regained their value and are aiming to surpass new support levels.

Ethereum was the standout among the lot, gaining around 4% value in 24 hours alone. Dogecoin also joined the list, with Toncoin being the major altcoin, scoring over 3.5% value on Monday.

At the start of the week, Helium and SATS also showcased immense potential, positioning themselves for a significant week. On that note, let’s look at the daily crypto update with the latest market developments.

Bitcoin

Bitcoin, the market leader, found stable footing on Tuesday after an abysmal weekend. In the past 24 hours, the coin has experienced a 1.81% increase and is on the brink of the $60,000 threshold.

Its 7-day growth chart reveals a spike of 6.38%, and it is gradually gaining value every hour. Bitcoin has not experienced any significant market updates, which leaves it to market forces to determine BTC’s value.

Experts expect the crypto to re-hit the 65k-dollar mark after the ETF inflows gain pace. 

Ethereum

For the first time in a while, Ethereum has finally broken off the pattern of following Bitcoin. The second-largest crypto registered a 3.14% growth in the past 24 hours, which even crossed 4% at one point.

In the past week alone, Ethereum has surged 5.48% in value, currently trading at 2,656 dollars. Similar to BTC, the Ethereum ETF inflows also witnessed a blockage in recent days. At the same time, its outflows continued to rise every day.

The pattern caused ETH to lose market value, pushing it below the 3,000-dollar mark.

Toncoin

TON, or Toncoin, surprised the market on Tuesday after gaining 3.11% value in 24 hours. The altcoin is currently trading at 6.33 dollars with a 13.93% weekly surge.

However, experts deem its recent price surge fleeting. According to analysts, the coin is bound to drop in value, making it a risky investment option in August.

Dogecoin

DOGE has also shown a quick comeback on Monday, registering a 3% surge. Its weekly growth shows a 5.37% uptick, making it a desirable meme token for traders.

Dogecoin is presently trading at 0.1051 dollars and is predicted to begin a positive surge before 2024 concludes. It is worth noting that the coin has not made any major improvements recently and is solely relying on market sentiment for its surge.

SATS

SATS pr 1000Sats is a BRC-20 token paying homage to satoshi. The meme token became the standout performer on Monday after gaining more than 21% market value.

Its 7-day surge shows a 41.75% growth, whereas it is currently trading at 0.000315 dollars. Experts expect the meme coin to lose steam before the year ends. However, it does boast short-term growth potential for high-risk, high-reward traders.

Given the market’s volatility, traders should use market insights to make calculated decisions. The industry is anticipated to emerge from the decline in the upcoming months, particularly due to the anticipated rise in Ethereum’s ETF inflows.