BTC, ETH Prices Fall, Overall Crypto Market Valuation Drops by 1.4 Percent Amid Crypto Winter

BTC opened trading around $16,911 (roughly Rs. 13.7 lakh) on Friday.

Written by Radhika Parashar, Edited by David Delima | Updated: 2 December 2022 10:29 IST

BTC, ETH Prices Fall, Overall Crypto Market Valuation Drops by 1.4 Percent Amid Crypto Winter

Photo Credit: Pixabay/ WorldSpectrum

At present, the crypto market cap stands at $850 billion

Highlights

Litecoin, Tron saw losses
Binance Coin dropped in value
Zcash reeled-in gains on Friday

Bitcoin on Friday opened trading with a loss of 1.51 percent. The oldest cryptocurrency, on national and international exchanges, has been hovering around $16,911 (roughly Rs. 13.7 lakh). As per Binance, CoinMarketCap, and Coinbase as well, BTC stepped into the trading arena with small losses of around 1.35 percent. Plagued by job cuts, the crypto sector is going through rough times despite the cheery holiday season right around the corner. On the crypto price chart, that is mostly red today, most altcoins settled with losses.

Ether followed Bitcoin to register losses. ETH, as per Gadgets 360's crypto price tracker, is currently trading at $1,272 (roughly Rs. 1.03 lakh) after incurring a dip of 1.12 percent.

These include Binance Coin, Cardano, Polygon, Polkadot, Litecoin, and Tron.

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Stablecoins such as USD Coin and Binance USD also recorded losses.

The overall valuation of the crypto market dropped down by 1.40 percent in the last 24 hours.

At present, the crypto market cap stands at $850 billion (roughly Rs. 68,93,509 crore), CoinMarketCap data showed.

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“The continued expectations of Fed slowing down on its hiking cycle provided much needed relief to 'risk-on' asset prices, with equity markets remaining buoyant. Closer home, Indian indices are now trading at record highs. It was DOGE's week to shine, with the token price surging ~25 percent during the week and entering the Top 5 market capitalisation coin list,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Meanwhile, not even a handful number of altcoins saw profits today. The ones that did, include Tether, Chainlink, Monero, Near Protocol, and Zcash.

“CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was up 2.12 percent in the past 7 days. The Index value stood at Rs. 2427.07 at 8 AM, December 02, 2022. BTC and ETH continue to be the top assets by market capitalisation,” Chaturvedi added.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Cardano, Polkadot, Polygon, Litecoin, Tron, USD Coin, Binance USD, Tether, Chainlink, Monero, Near Protocol, Zcash

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More