Crypto Market Update: Bitcoin and Ether Among Losers, Few Altcoins Record Gains

Bitcoin experienced a minor setback on Friday, February 23, registering a loss of 1.13 percent and trading at $51,017 (approximately Rs. 42.2 lakh). This dip marks the second consecutive day of losses for Bitcoin, albeit it has managed to maintain stability around the $51,000 (approximately Rs. 42 lakh) mark, showcasing resilience amidst market fluctuations. Over the past 24 hours, Bitcoin witnessed a decline of $375 (approximately Rs. 31,080). Analysts perceive this downturn as a corrective phase for Bitcoin, likely influencing the broader cryptocurrency market.

Ether, the second-largest cryptocurrency by market capitalization, mirrored Bitcoin’s trajectory with a 1.54 percent decrease on Friday, settling at $2,799 (approximately Rs. 2.3 lakh). Within the same timeframe, Ether’s value dipped by $42 (approximately Rs. 3,480). The synchronized downturn in both Bitcoin and Ether reflects a broader market sentiment characterized by caution and subdued trading activity.

Analysts attribute the subdued market sentiment to several factors, including the first net outflow from Bitcoin ETFs since January 25, 2024, signaling a bearish outlook. Additionally, unfavorable funding rates for bulls have contributed to the prevailing bearish sentiment. Despite the downturn, Bitcoin managed to maintain stability within its established range, while Ether exhibited relatively stable performance amidst the market volatility.

Majority of the popular cryptocurrencies are trading in losses as of Friday. These include Tether, Solana, Ripple, USD Coin, Cardano, Avalanche, and Tron.Chainlink, Polkadot, Bitcoin Cash, Litecoin, Uniswap, and Cosmos are also reeling under losses as of Friday.

The overall crypto market valuation stands at $1.95 trillion after incurring a dip of 0.25 percent in the last 24 hours, shows CoinMarketCapMeanwhile, only a few altcoins managed to see gains on Friday. These include Binance Coin, Polygon, Shiba Inu, Stellar, and Cronos.

“As for altcoins, BNB’s (+1.1 percent) price climbed to its highest since the FTX crash. This could be attributed to fading concerns around regulatory issues related to Binance, and an upcoming Web3 gaming project’s airdrop farming campaign for BNB holders. Additionally, AI tokens continued to surge on the back of Nvidia’s 4th quarter earnings; RNDR is up 9.3 percent while WLD (+13.9 percent) hit its record high,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

In other news, Reddit disclosed its investment in Bitcoin and Ethereum ahead of its IPO. The company also acquired Ether and Polygon for the sale of specific virtual goods. The company has submitted its filing on the New York Stock Exchange under the ticker symbol ‘RDDT’.