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

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.

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.

“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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