BTC, ETH Fall Alongside Majority Popular Altcoins, Losses Turn Crypto Charts Red

The crypto price chart indicated losses next to nearly all popular cryptocurrencies on Thursday, February 9. Bitcoin recorded a drop in its price by 3.23 percent over the night. The value of BTC, at the time of writing, stood at $22,510 (roughly Rs. 18.6 lakh) in India. The most valuable cryptocurrency, BTC is also trading in losses on international exchanges such as Binance and Coinbase. In the last 24 hours, BTC stumbled by $750 (roughly Rs. 61,984) from its last day’s price of $23,260 (roughly Rs. 19.2 lakh).

Ether succumbed to the testing markets as well, following Bitcoin. The second most valuable cryptocurrency slipped down the price ladder by 3.79 percent. The price of ETH, at the time of writing, stood at $1,616 (roughly Rs. 1.33 lakh) as per Gadgets 360’s crypto price tracker.

From stablecoins such as Tether, USD Coin, and Ripple — to — memecoins Dogecoin and Shiba Inu, all were struck by losses on Thursday.

Cardano, Polygon, Solana, and Polkadot also joined the other altcoins on the loss-making side of the price charts.

Only a small number of cryptocurrencies, such as Qtum, Circuits of Value, Dogefi, and Nano Dogecoin managed to make some profits.

In the last 24 hours, the overall valuation of the crypto market slipped down by 3.52 percent. Despite the losses, the crypto sector has managed to retain its market cap above the trillion-dollar mark. As of Thursday, the crypto market cap stood at 1.05 trillion, showed CoinMarketCap.

Industry insiders, however, believe that the crypto sector is welcoming back users who exited after the industry entered into a slumber towards the end of 2022.

“With the ranging markets, there are many growth metrics that point that new users or dormant users are returning back to the space. Ethereum’s average gas price — calculated in terms of the gwei i.e. smallest Ether increased by 27 percent in January. The increase in the average gas fees is an key indicator to an increase in user activity,” the research team at CoinDCX told Gadgets 360.

“There has been a certain increase in the interest of decentralised protocols, with Total Value Locked (TVL) across different staking protocols hitting $74.6 billion (roughly Rs. 6,16,348 crore), increasing by 26 percent from Dec ’22. With Ethereum Shanghai Upgrade about to hit in the month of March, Liquid Derivative Staking Pools protocols like Lido DAO, Rocket Pool, Frax Share are seen registering growth in users, development activity and increased ETH staking.”

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