On Tuesday afternoon in Hong Kong, the market value of Bitcoin, Ether, and most of the top 10 cryptocurrencies (excluding stablecoins) went down. Even though Bitcoin’s price has been going up and down recently, industry experts told Forkast that long-term buyers are still buying and keeping this cryptocurrency.
Most of the top 10 cryptocurrencies are down, and Dogecoin is leading the pack.
During the afternoon trading session in Asia, at 4:30 p.m. in Hong Kong, the value of Bitcoin stood at $29,161 US dollars. This followed its decline below the crucial support level of US$30,000 on July 24.
Despite recent challenges in achieving higher price increases, experts in the industry emphasize that long-term investors are actively accumulating Bitcoin.
Jamie Coutts, a senior market structure analyst at Bloomberg Intelligence, states that the current situation mirrors previous cycles, exhibiting reduced speculative activity and a robust trend of accumulation. Numerous holders are demonstrating their commitment by holding a significant number of coins in cold storage for extended periods. The monitoring statistics for asset accumulation indicate exceptional resilience.
Wallets that have not transferred coins for over six months hold seventy-five percent of the total supply. Furthermore, a significant milestone has been reached: individuals who own at least 1 complete BTC, referred to as “whole Bitcoiners,” have surpassed the one million mark for the first time.
During the afternoon trading session in Asia, the price of Ether increased by 0.21 percent, reaching $1,828. However, it experienced a 0.36 percent decline over the past week.
Dogecoin experienced the largest daily loss among the top 10 cryptocurrencies, falling 1.54% in the last 24 hours to reach US$0.07352. The value of Polkadot’s DOT token decreased by 0.57% to $4.96 US dollars.
On the winning side, the XRP coin increased in value by 1.05%, reaching US$0.6203, while the SOL token rose by 0.68%, reaching US$23.24.
According to data from CoinMarketCap, the total market capitalization of the cryptocurrency market increased by 0.21% over the past twenty-four hours, reaching $1.16 trillion. Additionally, market volume increased by 42.48 percent, totaling $32.32 billion during the same time period.