Bitcoin Price Drops as Exchange Reserves Hit Three-Year Low; Ether Value Rises Alongside Some Altcoins

Bitcoin price fell by 1.22 percent over the last 24 hours, while the values of several other cryptocurrencies also took a hit on Thursday. As a result, the price of Bitcoin has dropped to $65,255 (roughly Rs. 54.4 lakh) on international exchanges and to $70,540 (roughly Rs. 58.8 lakh) on national exchanges. Market analysts believe that if the price of BTC continues to fall in the same manner, it could eventually plummet to as low as $60,000 (roughly Rs. 50 lakh).

“BTC consolidated in a very narrow range yesterday with altcoins showing some strength after days of choppy markets. This comes as Bitcoin exchange reserves reach a three year low, which means there could be a supply shock on the cards with the unprecedented demand of Bitcoin ETFs,” the CoinSwitch markets desk told Gadgets360 on Thursday.

Ether, on the other hand, performed rather well as its value grew by 1.35 percent over the past day. With this, the price of ETH is now $3,576 (roughly Rs. 2.98 lakh) on foreign exchanges. As per Gadgets360's crypto price tracker, ETH price in India is currently set at $3,130 (roughly Rs. 2.60 lakh).

Prices of most altcoins drop

Popular altcoins also saw their prices drop on Thursday, just like Bitcoin. These include Binance Coin, Solana, Ripple, Dogecoin, and Cardano.

Shiba Inu, Avalanche, Polkadot, and Leo also registered losses on Thursday.

The overall crypto market cap dipped by 0.17 percent in the last 24 hours. The total crypto market valuation, at the time of writing, stood at $2.38 trillion (roughly Rs. 1,98,55,804 crore), shows CoinMarketCap.

Relatively unknown cryptocurrencies that manged to perform better than their popular counterparts on Thursday include Tron, Chainlink, Uniswap, Polygon, Near Protocol, Litecoin, and Stellar registered profits.

Cosmos, Cronos, Neo Coin, and EOS Coin also saw a small increase in value.

“Ethereum-based tokens, including Ethereum Name Service (ENS) and Lido DAO (LDO), are also gaining strength, suggesting the potential for a significant upswing in the near future,” said WazirX Vice President Rajagopal Menon in a statement to Gadgets 360.

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