After a decent recovery in July, the global cryptocurrency market struggled to extend gains in the beginning of this month. Bitcoin, the flagship currency, tumbled below $23,000, after rising $24,000 last month.
The majority of the cryptocurrencies were trading in red on Thursday amid rising US-China tensions. On the other side, the crypto market was also unfazed by Solana attacks, which compromised 8000 wallets and wiped out nearly $7 millions.
The leading cryptocurrency, Bitcoin, dropped 2.31 percent, trading at $22,843 while Ether, the second largest cryptocurrency in terms of market capitalization, fell 3.07 percent to 1,614 over the previous day, according to Coindesk data at 16:46 IST.
For the month of July, Bitcoin jumped more than 17 percent since October and hit the $24,000 mark, Ether rose 57 percent since January 2021 and changed hands around $1,700, as per Reuters.
Other popular altcoins, which tend to move in tandem with bitcoin, also fell slightly. Shiba Inu, the second-largest meme coin, fell 1.47 percent to $0.000012 however the most followed meme coin Dogecoin dropped 2.1 percent to $0.066654.
The global cryptocurrency market cap decreased to 1.56 percent to $1.06 trillion in the last 24 hours. One the flip side, the total cryptocurrency trading volume also decreased 16.05 percent to $63.88 billion.
Meanwhile, out of a total market cap, bitcoin's dominance is 41.04 percent, a decrease of 0.23 percent over the day, as per CoinMarketCap data at 17:02 IST.