Bitcoin Holds on to $30,000 Territory While Ether, Altcoins Feel the Heat

Bitcoin hasn’t moved leaps and bounds in value over the past week, but Tuesday did see a reasonable uptick, enough for BTC to hold on to the $30,000 (roughly Rs. 23.5 lakh) mark despite growth fears weighing on riskier assets in the traditional finance world. The price of the largest cryptocurrency by market capitalisation did see a bit of a dip on Monday, but has recovered to levels we were accustomed to seeing last week. In terms of numbers, BTC continues to hover around the $30,100 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $31,680 (roughly Rs. 24.5 lakh), up by 1.3 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,096 (roughly Rs. 23.5 lakh) moving up by 2.35 percent in value over the past 24 hours. As per CoinGecko data, BTC’s value is still below the point where it stood last week, down by 2.2 percent week-to-day.

While Bitcoin tries to steady ship, Ether hasn’t quite turned it around for the week just yet. At the time of publishing, Ether is valued at $2,091 (roughly Rs. 1.6 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,982 (roughly Rs. 1.5 lakh), where the cryptocurrency has dropped by 0.24 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency’s value is still a sizeable 5.3 percent behind prices a week ago.

Gadgets 360’s cryptocurrency price tracker reveals that Bitcoin’s positive momentum hasn’t quite impacted altcoins — although the global crypto market cap moved up by 0.9 percent over the last day. Barring BNB, Polkadot, TRON, Polygon, and Chainlink, almost every other altcoin suffered dips on Tuesday.

Memecoins Shiba Inu and Dogecoin joined the majority, suffering minor dips. Dogecoin is currently valued at $0.09 (roughly Rs. 7) after losing 2.14 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000953), down by 2.56 percent over the past day.

“Even as uncertainties surround confidence in the digital asset market, leaders of financial institutions still maintain a strong belief in the importance that crypto holds in the long term. IMF Managing Director Kristalina Georgieva highlighted the vital role of digital assets in today’s world and urged people not to pull out of it even as the industry faces strong headwinds—instead, she encouraged for greater education and regulation in the still-nascent sector. This comes ahead of the US’ highly anticipated crypto bill that will provide guardrails to give regulatory clarity and better serve companies and consumers. Such sentiment and clarity from policymakers will boost trust in the sector at large, enabling greater opportunity for the crypto industry to mature,” the research team at CoinDCX tells Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.