Bitcoin Price Rises for Fifth Consecutive Day, Altcoins Dip in Value

Bitcoin on Wednesday opened with a profit of around 0.80 percent on both national as well as international exchanges. The value of Bitcoin, at the time of writing, stood at $21,201 (roughly Rs. 17.3 lakh). Despite the fluctuating market momentum, BTC has continued to see its value rise for the last five days. Over the past 24 hours, the value of Bitcoin has risen by $76 (roughly Rs. 6,213). Meanwhile, the crypto price charts reflect a high volatility sentiment affecting the global crypto market, with small profits and minor losses hitting altcoins on a daily basis.

Ether followed Bitcoin to record profits. With a price hike of 0.90 percent, ETH values are hovering around $1,581 (roughly Rs. 1.30 lakh), showed the crypto price tracker by Gadgets 360.

Meanwhile, Binance Coin, Ripple, Cardano, Polkadot, Litecoin, and Avalanche joined BTC and ETH as profit-minting cryptocurrencies.

Both memecoins Dogecoin and Shiba Inu also recorded profits.

“Most cryptocurrencies rose on Tuesday following the latest better-than-expected GDP figures in China. Bitcoin, the largest crypto by market cap has gained nearly 21 percent in the past seven days. The surge effect of BTC’s bullish price action is also carrying over to other cryptocurrencies,” Edul Patel, the CEO and Co-founder of crypto investment platform Mudrex told Gadgets 360.

However, a few altcoins recorded small dips on Wednesday. Tether, USD Coin, Binance USD, Polygon, Solana all saw dips in value.

Tron, Uniswap, Cosmos, LEO, Cronos, Near Protocol, and Decentraland also recorded a drop in value.

In the last 24 hours, the overall crypto market valuation rose by 0.66 percent to reach $996 billion (roughly Rs. 81,39,294 crore), CoinMarketCap data shows.

“Crypto markets continue to keep the upward momentum mainly driven due to easing inflation, short positions getting liquidated and miners breaking the multi month selling streak. Bitcoin Fear and Greed Index, a metric that determines the community’s general sentiments, rose to ‘Neutral’ for the first time in nine months. Bullish momentum seems to continue as large whales holding 1,000 to 10,000 BTC have accumulated over 37,000 BTCs in the last 10 days. BTC mining difficulty has also reached a record high of over 10 percent to 37.59 trillion amid rising prices making the network more secure against attacks,” the research team of CoinDCX crypto exchange told Gadgets 360.

“Developments around other crypto assets are seen with Polygon, a sidechain scaling solution proposed a Hard Fork on 17th Jan’ 23 to improve chain performance and gas fee spikes. Shiba Inu, a meme token, announced the launch of Shibarium, a layer 2 network expected soon which plans to upgrade speed, integrate NFTs and bring a token burn mechanism,” the CoinDCX team added.

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