The Indian government official who headed the committee drafting the cryptocurrency bill and recommended for banning cryptocurrencies has applied for voluntary retirement. The sudden retirement is questioning; however, in the meantime, the crypto community has discredited the recommendations. Also, the Indian government made it clear that cryptos will not be banned as of now. And the recommendations are being examined by relevant authorities.
Bitcoin Vs. Ethereum Current Statistics (On July 26, at UTC 10:00):
|Parameters||Ethereum (ETH)||Bitcoin (BTC)|
|Market Cap||23,186,696,949 USD||174,836,467,943 USD|
|24-hr Volume||6,068,881,205 USD||15,081,299,929 USD|
|Circulating Supply||107,056,474 ETH||17,838,612 BTC|
|Price in BTC||0.02207856||NA|
BTC Vs. ETH Comparison:
Let’s analyze the variation in the digital coins over a period of 25-days. On July 01, Bitcoin was trading around 11011.37 USD, and Ethereum was at 294.25 USD. However, both the cryptos have shown a huge decline over the period. Bitcoin has made a dip of 10.97%, whereas Ethereum has shown a dip of 26.29%. A similar action can be seen in the cryptos in the weekly trading, where BTC has declined by 7.23% from the level of 10565.88 USD on July 20, Ethereum went down by a slight margin of 1.32% from $223.97 in the same time duration. But in the intraday trading yesterday, both the coins strengthened by some margin. While Ethereum opened yesterday at 216.97 USD, it closed the day at 219.62 USD with a bounce-back of 1.22%, Bitcoin opened at 9,809.10 USD, and with a hike of 1.05%, it wrapped the day up at 9,911.84 USD.
Bitcoin Vs. Ethereum Price Prediction:
The whole crypto space is showing a flat trajectory today, and a similar action can be seen in both BTC and ETH coins. At current levels making any short term, the prediction is tough. However, in the long term, Bitcoin might touch the $15k mark, and a similar bullish trend could be seen in Ethereum, which might trade around 500 USD. For now, the immediate support and resistance for BTC are at 9,738.62 USD and 10,119.41. Similarly, for Ethereum, those are at 215.75 USD and 223.87 USD.
The latest turn of events regarding the future of cryptocurrencies in India is a delightful one for the community. It will help the community to thrive and will eventually help in mainstreaming of digital coins. As far as trends in Bitcoin and Ethereum are concerned, avoid trading in the short term.