As opposed to what was predicted, the approvals of BTC ETFs in the US last week, did not manage to propel BTC into a profit frenzy.
The current crypto market valuation stands at $1.68 trillion
Photo Credit: Pixabay/ Dean Crosby
Bitcoin on Tuesday, January 16 reflected a minor gain of 0.36 percent. The asset, at the time of writing, was trading at $42,625 (roughly Rs. 35.3 lakh) as per Gadget360's crypto price tracker. As opposed to what was predicted, the approvals of BTC ETFs in the US last week, did not manage to propel the most valued crypto asset into a profit frenzy. This, as per market analysts, testify to a sentiment of maturity in the investor community.
Ether followed Bitcoin and clocked a gain of 1.01 percent. The asset is currently trading at $2,562 (roughly Rs. 1.09 lakh).
“In the last 24 hours, both BTC and ETH exhibited stability, and the market remained calm, attributed to the closure of the US market, indicating lower volatility and volume. BTC is maintaining its position and ETH is gradually consolidating in a sideways trend after a recent rally,” CoinDCX Market Movement told Gadgets360. “Notably, BTC dominance is declining, while ETH dominance is rising, suggesting a rotation of funds from BTC to ETH. This shift became more prominent after the BTC spot ETF approval, with ETH showing outperformance as the likelihood of an ETH spot ETF approval.”
Binance Coin, USD Coin, Uniswap, Cosmos, Monero, and Elrond joined Bitcoin and Ether on the profit-making side of the crypto chart.
Small gains also struck Binance USD, Iota, Zcash, Status, and Ardor.
The overall crypto market cap rose by 0.15 percent in the last 24 hours. Its current valuation, at the time of writing, stands at $1.68 trillion (roughly Rs. 1,39,40,052 crore), as per CoinMarketCap.
Meanwhile, a big number of altcoins reeled-in losses on Tuesday. These include Solana, Ripple, Cardano, Avalanche, Dogecoin, Tron, Polkadot, Chainlink, and Polygon.
Shiba Inu, Litecoin, and Bitcoin Cash also registered losses.
“This has led to a rally in all ETH based altcoins as well. As per the technical analysis, this pair can still jump another 35 percent as traders speculate an ETH ETF in the coming weeks or months. Blackrock CEO Larry Fink has also been bullish on his television interviews about tokenisation of stocks and other real world assets - which could be a positive for ETH,” CoinSwitch Markets Desk told Gadgets360.
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.
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