BTC, ETH Open With Losses Despite Majority Altcoins Seeing Gains, Market Remains Volatile

As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $21,452 (roughly Rs. 16 lakh).

By Radhika Parashar | Updated: 23 June 2022 11:07 IST

BTC, ETH Open With Losses Despite Majority Altcoins Seeing Gains, Market Remains Volatile

Photo Credit: Pixabay/ WorldSpectrum

The current market cap of the crypto sector stands at $900 billion

Highlights

DOGE, SHIB saw gains
Tron, Polkadot saw gains
Elrond, Bitcoin SV saw losses

Bitcoin continues to see small losses ever since its value sunk to the mark of $20,000 (roughly Rs. 15 lakh) last week. On Thursday, June 23, BTC trading opened with small dip of under one percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $21,452 (roughly Rs. 16 lakh). The world's oldest cryptocurrency also met with tiny losses on international exchanges. As per Binance and Coinbase, Bitcoin values have gone down by 0.46 percent to trade at $20,199 (roughly Rs. 15.80 lakh).

Amid the ongoing market volatility, Ether values saw losses of 0.99 percent on Gadgets 360's crypto price tracker. Presently, ETH is trading at $1,143 (roughly Rs. 89,500).

Despite the top two cryptocurrencies trading in losses, majority other altcoins surprisingly registered gains on the crypto price charts. This could indicate that affordable altcoins are seeing some capital inflow as opposed to the expensive crypto assets of BTC and ETH.

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Cardano, Ripple, Solana, Polkadot, and Tron emerged among gainers today.

Stablecoins such as Tether, USD Coin, and Binance USD reeled-in minor but significant gains.

Even DOGE and SHIB managed to bring back greens to the price charts.

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Meanwhile, Bitcoin Cash, Monero, Elrond, and Bitcoin SV joined BTC and ETH in reeling-in losses.

Overall, the smaller altcoins have evidently begun to show clear signs of recoveries whereas the expensive cryptocurrencies are not emerging as investment choices.

Investors redeemed a net amount of $5.8 million (roughly Rs. 45 crore) from short Bitcoin funds in the last recent days. As per a CoinShares report, this behaviour indicates that the negative sentiment clouding the crypto industry at this point, is close to its peak.

Investors seem to have lost the appetite to bet on BTC's upcoming price fluctuations, whether high or low.

The current market cap of the crypto sector stands at $900 billion (roughly Rs. 70,49,601 crore) as per CoinMarketCap.

Despite the ongoing slump, crypto initiatives keep cropping up around the world.

Stablecoin project Tether will be releasing a stablecoin pegged to UK's British Pound (GBP). The identification symbol of this altcoin has been decided as GBPT. This project will put Britain's Pound Sterling fiat on the blockchain ecosystem.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Bitcoin, Ether, Cardano, Ripple, Polkadot, Bitcoin Cash, Monero, Dogecoin, Shiba Inu, Tron, Tether, USD Coin, Binance USD

Radhika Parashar

Email Radhika

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