Bitcoin, Ether Record Small Profits, Losses Keep Several Popular Altcoins Down

After days of incurring small losses, Bitcoin managed to retain small profits as it stepped into the trading arena on Thursday, March 2. With a small gain of 0.35 percent, the trading value of Bitcoin stood at $23,485 (roughly Rs. 23.4 lakh) at the time of writing. The market movement trajectory for the world's oldest as well as most expensive cryptocurrency remained the same on international exchanges such as Coinbase, CoinMarketCap, and Binance among others. In the last 24 hours, BTC rose in value by $63 (roughly Rs. 5,201).

At a quick glance, the crypto price chart looked like a mixed bag of profits and losses.

Ether followed Bitcoin and retained small profits. With a gain of 0.59 percent, the value of ETH came to the price point of $1,646 (roughly Rs. 1.35 lakh). Over the past day, ETH rose in value by $11 (roughly Rs. 910).

Stablecoins that recorded losses most days this week, finally reeled-in profits. These include Tether, USD Coin, Ripple, as well as Binance USD.

A group comprising of other popular altcoins also bagged profits. These include Uniswap, Chainlink, Cosmos, Wrapped Bitcoin, and Leo.

Surprisingly, the overall crypto market valuation did not change in the last 24 hours. As per CoinMarketCap, the crypto market cap continued to stay at $1.08 trillion (roughly Rs. 89,26,560 crore).

Dogecoin and Shiba Inu, both of the memecoins settled with losses on Thursday.

They were further joined by Cardano, Polygon, Polkadot, Tron, and Avalanche.

Monero, Stellar, Cronos, and Near Protocol also emerged on the loss-making side of the price chart.

Experts expect to see more stability in the crypto sector in the coming days in the backdrop of several upcoming events.

“The Ethereum blockchain has come closer to its highly anticipated Shanghai upgrade. The Shanghai upgrade will be marking the complete transition to a fully functional PoS (Proof of Stake) network. Also, Goldman Sachs has said that it is ‘hugely supportive' of blockchain applications and plans to hire around 70 people in its digital asset group in 2023. Several major Japanese manufacturing and finance firms have joined hands to create the infrastructure for an open metaverse to boost the nation's Web3 strategy,” noted Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, indicating better days ahead for the crypto sector.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was up 0.85 percent in the past 24 hours. The Index value stood at Rs. 2,989.26 at 8 AM, March 02, 2023,” Chaturvedi added.

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