Crypto Market Today: Ether Performs Better Than Bitcoin, Altcoins Reflect Prevailing Market Volatility

In the last 24 hours, the most expensive crypto asset rose in value by $10 (roughly Rs. 830).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 7 February 2024 12:52 IST

Crypto Market Today: Ether Performs Better Than Bitcoin, Altcoins Reflect Prevailing Market Volatility

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The crypto market cap, as of February 7, stands at $1.65 trillion

Highlights

Solana, Ripple saw losses
Dogecoin, Tron recorded profits
Uniswap, Cosmos recorded gains

Bitcoin on Wednesday, February 7 recorded a small loss of 0.09 percent. With this, its trading value, at the time of writing, stood at $42,812 (roughly Rs. 35.5 lakh). In the last 24 hours, the most expensive crypto asset rose in value by $10 (roughly Rs. 830). As per market analysts, Bitcoin's market stability, despite volatile macro factors, has been encouraging as it surpassed $43,000 (roughly Rs. 35.6 lakh) levels briefly before coming down to its current pricing.

“As BTC continues to trade in a subtle the uptrend narrow channel, its volatility continues to be on the lower side. BTC has already printed five consecutive monthly green candles in the wake of the recent ETF and upcoming halving in April. It should be interesting to see if we see one more monthly green close as it has only happened once in the last seven years,” the CoinSwitch Markets Desk told Gadgets360.

Ether, unlike Bitcoin, is trading in the greens on Wednesday. With a gain of 2.09 percent, Ether is presently trading at $2,361 (roughly Rs. 1.96 lakh). Over the last 24 hours, Ether rose in its price point by $50 (roughly Rs. 4,150).

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“ETH approached the upper boundary of its range, currently holding just below it the mark of $2,380 (roughly Rs. 1.97 lakh). It's also above the 20 and 50 Exponential Moving Averages (EMA), which is a positive signal,” the CoinDCX team told Gadgets360.

With Bitcoin and Ether taking different market trajectories on Wednesday, the crypto chart marked a clear internal division within itself with most altcoins trailing into losses behind BTC.

Binance Coin, Solana, Ripple, Cardano, and Avalanche -- recorded losses on Wednesday.

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Chainlink, Polkadot, Shiba Inu, Bitcoin Cash, and Leo also reflected price dips alongside Stellar, Near Protocol, and Monero.

“The US might relook at shedding its cautious imagery surrounding crypto regulations as private companies come up with new use cases for digital assets. With the elections coming up, this could be a decisive factor. The William's percentage indicator indicates overbought conditions for the token, and the next few days will unveil whether this leads to a definitive uptrend, aligning with other bullish indicators,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Tether, Dogecoin, Tron, Polygon, Litecoin, Uniswap, and Cosmos meanwhile – reeled-in small profits and treaded behind Ether on Wednesday.

The overall crypto market cap rose slightly by 0.52 percent in the last 24 hours. At present, the sector valuation stands at $1.65 trillion (roughly Rs. 1,36,91,114 crore) as per CoinMarketCap. Despite the ongoing fluctuations in the crypto market, market experts are optimistic about the tables turning soon.

“Microstrategy, a business intelligence enterprise known for its strong Bitcoin support has reported the acquisition of an additional 850 BTC for $37.2 million (roughly Rs. 308 crore) and now holds a total of staggering 190,000 BTC. At the same time, the Bitcoin spot ETF craze has not slowed down as BlackRock and Fidelity now own a combined of 138,489 BTC which is roughly worth around $5.9 billion (roughly Rs. 48,936 crore) in Bitcoin. All these moves only reflect positive institutional sentiments around Bitcoin before the halving,” said Shivam Thakral, CEO of BuyUcoin.

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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