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

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.

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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.