Bitcoin, Ether fall, along with all top 10 cryptos, after Litecoin halving fails to lift market sentiment

Bitcoin, Ether fall, along with all top 10 cryptos, after Litecoin halving fails to lift market sentiment

Time Stamp: August 3, 2023 5:32 AM
Source Node: 2800581

Bitcoin and Ether slipped during Thursday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Litecoin led the losers in the top 10, despite successfully completing its third quadrennial halving event yesterday.

See related article: Weekly Market Wrap: Bitcoin falls below US$30,000 as institutional interest in ETFs fails to lift markets

Bitcoin, Ether remain under key levels; Dogecoin reverses gains

Bitcoin was little changed during afternoon trading in Asia, trading at US$29,027 as of 4:30 p.m. in Hong Kong.

“Despite the chances of a further minor correction, higher timeframe on-chain metrics continue to signal a bull market. When Bitcoin re-ascends to a position above its Realised Price, following an extended period of staying below it, this usually signals the onset of a new bull market,” according to a Bitfinex research note shared with Forkast. 

Ether fell 0.76% during afternoon trading in Asia to US$1,828 and declined 2.37% during the past week.

Litecoin was the day’s biggest loser in the top 10, falling 4.73% in the past 24 hours to US$86.11 after successfully completing its third halving event yesterday that reduced miner rewards from 12.5 to 6.25 Litecoins per block.

The XRP token was the day’s second biggest loser, falling 4.69% to US$0.6603. 

The total crypto market capitalization over the past 24 hours fell 1.57% to US$1.16 trillion while market volume decreased 16.22% to US$32.85 billion, according to CoinMarketCap data.

Bitcoin, Ethereum NFT sales decline, CryptoPunks sales rise on Beeple’s purchase

The Forkast 500 NFT index slipped 1.2% to 2,475.02 points in the 24 hours to 4:30 p.m. in Hong Kong and fell 5.98% during the week. 

Bitcoin’s 24-hour non-fungible token dropped 35.79% to US$462,968, making Bitcoin the eighth largest blockchain by 24-hour NFT sales volume, according to CryptoSlam.

Ethereum’s 24-hour NFT sales fell 8.18% to US$12 million, but sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, rose 73.9% to US$836,148. 

Ethereum-based CryptoPunks surpassed the Bored Apes in 24-hour sales volume, rising 3.08% to US$1.29 million, after digital artist Beeple announcing that he bought a CryptoPunk NFT yesterday.

“Beeple is finally a CryptoPunk! While I thought this icon from the NFT space already was a CryptoPunk holder, that turned out to not be the case. Instead, Beeple has been carefully waiting to find his perfect Punk,”  said Yehudah Petscher, NFT Strategist at Forkast Labs.  

“Coming in at over US$200,000, it’s a pricey flex, but well worth it to have a stake in the iconic NFT collection.”

All Forkast Labs NFT indexes were in the red for the day.

Updates with NFTs section

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