Bitcoin Consolidates Above $30,000 While Ether, Altcoins Make Minor Climbs

Bitcoin may be down 35 percent so far in 2022 but the crypto asset has been able to consolidate around the $30,000 (roughly Rs. 23.3 lakh) over the past month, with little movement over the past 24 hours. Bitcoin had managed to climb into $31,000 (roughly Rs. 24 lakh) territory earlier in the week giving some investors hope of a larger upside soon but that doesn’t seem to be happening right away. The price of the largest cryptocurrency by market capitalisation has slipped up by roughly 0.4 percent over the past day and currently hovering around the $30,500 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $31,859 (roughly Rs. 24.7 lakh), down by 0.58 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,332 (roughly Rs. 23.5 lakh) although as per CoinGecko data, BTC’s value has moved up by 1.9 percent week-to-day.

While Bitcoin remains range-bound amid risk-off markets, Ether hasn’t had a major shift in gear over the past 24 hours either. The second most popular cryptocurrency hasn’t been able to move past $2,000 (roughly Rs. 1.55 lakh) mark for a while now. At the time of publishing, Ether is valued at $1,915 (roughly Rs. 1.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,811 (roughly Rs. 1.4 lakh), where the cryptocurrency has moved up by 0.38 percent over the past 24 hours.

Ether’s topsy turvy performance week sees the cryptocurrency’s value dip by 1 percent over last week’s value, as per CoinGecko data.

Gadgets 360’s cryptocurrency price tracker reveals that key altcoins have seen slight upsides to their value — as the global crypto market capitalisation fell by only 0.07 percent in the last 24 hours. BNB, Polkadot, Avalanche, Solana, Polygon, Uniswap, and Chainlink are all in the green although gains have been minimal.

Memecoins Shiba Inu and Dogecoin saw minor upsides in value over the day too. Dogecoin is currently valued at $0.08 (roughly Rs. 6.5) after moving up by 0.5 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000878), up by 0.23 percent over the past day.

“According to a Global Crypto Hedge Fund Report recently released by PwC, roughly one-third of traditional hedge funds surveyed are already investing in digital assets such as Bitcoin. This is a positive sign of the industry’s maturation, particularly given institutions’ willingness to ‘buy the dip’ despite us being in a protracted bear market. Entropy’s announcement of $25 million seed round led by Andreessen Horowitz, Solana Ventures’s setting up of a $100 million (roughly Rs. 777 crore) fund for GameFi and DeFi in South Korea, and ‘Data DAO’ Delphia’s raise of a $60 million (roughly Rs. 466 crore) Series A led by Multicoin Capital — deals all announced in the last 24 hours — further adds to this narrative, that institutions are continuing to be long-term bullish on nascent crypto space, notwithstanding the bleak macro-economic outlook,” the research team at CoinDCX tells Gadgets 360.

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