Bitcoin, Ether See No Gains Despite Tether, Chainlink and Other Altcoins Recording Profits

Bitcoin, on September 26, Tuesday incurred a loss of over 10 percent to trade at $26,276 (roughly Rs. 21.8 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 26 September 2023 11:42 IST

Bitcoin, Ether See No Gains Despite Tether, Chainlink and Other Altcoins Recording Profits

Photo Credit: Unsplash/ Jonathan Borba

The crypto market cap as of September 26 stands at $1.05 trillion

Highlights

Dogecoin, Shiba Inu are trading in losses
Avalanche, Stellar recorded price dips
USD Coin, Tron saw profits

Bitcoin on Tuesday reflected a significant price dive of 10.62 percent. With this, the value of the most expensive cryptocurrency came to the point of $26,276 (roughly Rs. 21.8 lakh). Despite the drop that Bitcoin showed on Tuesday morning, its value did not see a significant change as compared to the previous day. This could indicate that Bitcoin went through several rounds of ups and downs in the last 24 hours.

Ether continued to be impacted by Bitcoin's trajectory on Tuesday and saw no gains. Incurring a dip of 13.76 percent, the value of ETH at the time of writing stood at $1,588 (roughly Rs. 1.32 lakh).

“Similar to broader markets, BTC traded flat in the last 24 hours as it continues to trade above $26,000 (roughly Rs. 21.6 lakh). ETH also edged up and is currently trading just below $1,600 (roughly Rs. 1.33 lakh). In an interesting take, data compiled by Token Terminal shows that Ethereum has generated over $10 billion (roughly Rs. 83,205 crore) in revenue in a record seven years—faster than most top technology companies except for Alphabet,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

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Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu — all reflected losses on September 26.

Other altcoins trading in the reds include Avalanche, Stellar, Monero, and Cronos.

“Continuing its oscillation between the neutral and fear zones, the crypto fear and greed index is back in the fear zone with a score of 46/100 after shedding off a point since yesterday. Markets at large, including crypto and even global equities, are currently dealing with the rate hike concerns and rising treasury yields,” Hudda noted.

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Meanwhile, Tether, USD Coin, Tron, and Polygon recorded small gains.

Chainlink, Bitcoin Cash, Leo, Cosmos, Uniswap, and Binance USD also showed small price hikes.

In the last 24 hours, the crypto market valuation rose by 0.70 percent to sit at the cap of $1.05 trillion (roughly Rs. 87,34,099 crore) as per CoinMarketCap.

“On a positive note, MicroStrategy's chair, Michael Saylor, announced that the company invested $147.3 million (roughly Rs. 1,225 crore) to acquire an additional 5,445 BTC on September 24. This new purchase brings MicroStrategy's total Bitcoin holdings to an impressive 158,245 coins. However, it's worth noting that BTC did not see a price hike following this news,” the CoinDCX research team told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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