The majority of the cryptocurrencies were trading green on Friday and the flagship currency, Bitcoin rose back above the $20,000 level. However, the blues and fear still persevere in the crypto industry.
Bitcoin, the world's largest cryptocurrency, was trading at $20,812, rose 5.15 percent on July 15 to once again trade above the closely watched $20,000 level. However, the token which was at a peak of $68,000 in 2021, fell by more than half to $20,000 in June 2022.
On the other side, Ether, the second largest cryptocurrency in terms of market capitalization, surged 11.79 percent to 1,216 over the previous day, according to Coindesk data at 16:12 IST.
Meanwhile, Shiba Inu, the second-largest meme coin, rose 6.14 percent to $0.000011 and the most followed meme coin Dogecoin gained 5.23 percent to $0.063380.
The global cryptocurrency market cap increased by 5.68 percent to $935.59 billion in the last 24 hours. On the flip side, the total cryptocurrency trading volume also increased 16.36 percent to $88.24 billion.
Out of a total market cap, bitcoin's dominance is 42.53 percent, a decrease of 0.16 percent over the day, as per CoinMarketCap data at 16:06 IST.
Meanwhile, the Internet and Mobile Association of India (IAMAI) has decided to shut down the Blockchain and Crypto Assets Council (BACC). The association will cease to represent crypto exchanges operating in India.
IAMAI had created and nurtured BACC for four years. In the statement, the association said it was forced to take the decision in light of the fact that the regulatory environment for the industry is still uncertain.