In the last 24 hours, the value of Bitcoin has dropped by $605 (roughly Rs. 50,170).
The crypto market cap, as of February 22, stands at $1.95 trillion
Photo Credit: Reuters
The overall crypto price chart mostly reflected losses on Thursday, February 22. Bitcoin, that has been on a profit spree in the recent days, recorded a loss of 1.24 percent on Thursday. At the time of writing, the value of Bitcoin stood at $51,392 (roughly Rs. 42.6 lakh). In the last 24 hours, the value of Bitcoin has dropped by $605 (roughly Rs. 50,170). The resistance for BTC stands at $53,000 (roughly Rs. 43.9 lakh). Market analysts worry that continuous rejection for BTC at resistance might lead to a pull back to $48,000 (roughly Rs. 39.8 lakh) - $49,000 (roughly Rs. 40 lakh) -- before the upcoming halving.
Ether logged a loss of 1.82 percent on Thursday. The value of ETH presently stands at $2,841 (roughly Rs. 2.3 lakh).
“The overall crypto market faced a decline as Bitcoin's market oscillators indicating a further correction in prices, pointed to an increase in BTC market dominance. Altcoins such as Solana, Ethereum, Ripple etc. faced a decline too after a few days of price rally. An improvement in the number of small-scale retail investors could potentially improve the price actions for the tokens,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The recent FOMC announcements have also suggested that there will not be any reductions in interest rates – that may have caused this loss-ridden period for most altcoins.
On Thursday, Solana, Ripple, Cardano, Avalanche, Tron, and Dogecoin -- all reflected losses alongside BTC and ETH.
Polkadot, Polygon, Shiba Inu, Bitcoin Cash, Litecoin, Uniswap, Leo, and Cosmos also recorded losses.
The overall crypto market cap dipped by 1.42 percent in the last 24 hours. The current crypto market valuation stands at $1.95 trillion (roughly Rs. 1,61,68,717 crore) as per CoinMarketCap.
Only a few cryptocurrencies managed to see gains on Thursday. These include Tether, Binance Coin, USD Coin, Iota, and Dash.
“In parallel, AI tokens including SingularityNet (AGIX, +26.46 percent), FetchAi (FET, +3.76 percent) and Render (RNDR, +8.36 percent) have surged after Nvidia beat analyst estimates around its 4th quarter earnings. The shares of the company also rose more than seven percent in post-market trading yesterday,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
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