Crypto Market Update: Bitcoin Maintains Losses, Volatility Persists, Leading to Declines in Most Altcoins
Over the Past 24 Hours, the Price of the Oldest Cryptocurrency Dropped by $204 (Approximately Rs. 17,000)
Bitcoin on Tuesday, reflected losses for the second consecutive day. The crypto asset, at the time of writing, was trading at the price point of $37,034. Despite this minor loss streak, the value of BTC has not dwindled as much as one would fear. In the last 24 hours, the price of the oldest cryptocurrency fell by $204 (roughly Rs. 17,000). With the holiday season around the corner and the recent downfall of former Binance CEO Changpeng Zhao, the investor sentiment seems to have slowed down in the crypto market.
Ether joined Bitcoin on the loss-making side of the crypto chart on Tuesday. Recording a dip of 1.83 percent, ETH is presently trading at the price point of $2,012 (roughly Rs. 1.6 lakh).
It is noteworthy that despite the ongoing market volatility, both BTC and ETH have managed to hold strong at their respectively risen price points, which spiked around the beginning of this month.
“The overall investor sentiment towards the crypto market seems to be taking a breather as the market trades flat. Data from Glassnode highlight that BTC’s short-term holders have reached a historic low after observing the most significant divergence ever witnessed between its long-term holders (LTHs) and short-term holders (STHs). This may mean that long-term investor confidence in BTC seems to be maintained, if not furthered. Another report from CoinShares has highlighted that in the last week, crypto investment funds experienced their highest net inflows of the year, mirroring the 2021 bull market in the backdrop of a spot bitcoin (BTC) ETF potentially getting approved in the US,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Binance Coin, Tether, Ripple, Solana, Cardano, and Dogecoin — all are trading in losses today.
Tron, Chainlink, Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also clocked losses for the second day in a row today.
Crypto Market Valuation Declines by 1.65% in the Last 24 Hours, Totaling $1.4 Trillion
Over the past 24 hours, the overall cryptocurrency market experienced a 1.65% dip, bringing the current market cap to $1.4 trillion (approximately Rs. 1,16,73,473 crore), according to CoinMarketCap.
While most altcoins witnessed declines, a few showed marginal profits, including USD Coin, Uniswap, Leo, Binance USD, and Iota. Despite recent fluctuations, market experts maintain optimism for a potential recovery in the crypto market soon.
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