Bitcoin and Ether Remain in Losses, Drive Most Altcoins to Register Price Dips

With a dip of 0.53 percent, the value of Bitcoin currently stands at the mark of $29,185 (roughly Rs. 24.3 lakh).

Bitcoin and Ether Remain in Losses, Drive Most Altcoins to Register Price Dips

Photo Credit: Unsplash/ Jonathan Borba

The value of the crypto market, as of August 16, stands at $1.16 trillion

Highlights
  • Monero, Cosmos both recorded losses
  • Chainlink, Avalanche are also trading in losses
  • Gas, Nano Dogecoin managed to mint small profits
Advertisement

Bitcoin price on Wednesday continued to remain under the loss spell that has stricken the cryptocurrency for over four weeks now. With a dip of 0.53 percent, the value of Bitcoin currently stands at the mark of $29,185 (roughly Rs. 24.3 lakh). In the last two days, the value of BTC has reduced by $20 (roughly Rs. 1,665). Industry experts say that the market could have come to a point where BTC dominance (50.48 percent) may see a sharp increase. This should imply that altcoins will continue to underperform compared to Bitcoin.

Ether followed Bitcoin into losses on Wednesday. Reflecting a loss of 0.79 percent, the value of ETH is hovering over the mark of $1,826 (roughly Rs. 1.52 lakh).

“The recent CPI data suggests a little higher inflation than before, leading to a risk-off sentiment amongst retail investors and volumes exiting the market. However, the market still considers BTC and ETH as safe havens,” Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, told Gadgets 360.

Stablecoins Tether, Binance Coin, and Ripple along with memecoins Shiba Inu and Dogecoin continued to trade in losses alongside BTC and ETH.

Other altcoins that are trading on the loss side of the crypto price chart include Binance Coin, Cardano, Solana, Tron, Polygon, Polkadot, and Litecoin.

“Prominent losers in the last 24 hours include PEPE (- ten percent), MATIC (- six percent), and DOGE (- five percent). The recent CPI data suggests a little higher inflation than before, leading to a risk-off sentiment amongst retail investors and volumes exiting the market. However, the market still considers BTC and ETH as safe havens,” Hudda added.

The overall valuation of the crypto market dipped by 1.10 percent in the last 24 hours, to sit on the capitalisation of $1.16 trillion (roughly Rs. 96,58,334 crore), as per CoinMarketCap.

The crypto fear and greed index, too, fell by a point and is currently in the neutral zone with a score of 52/100.

Binance USD, Elrond, Qtum, Dogefi, and Bitcoin Hedge managed to mint small gains.

In other news, Europe yesterday launched its much-awaited spot Bitcoin ETF in Amsterdam enabling institutions to get exposure to BTC through well-established regulated channels.

“While the US ETF is now expected in 2024, these developments could work as a short-term bullish catalyst in BTC's positive price action,” Hudda noted.


Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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. 

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.

Radhika Parashar
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
Elon Musk's X Adds 5-Second Delay to Links for NY Times, Reuters and Social Media Rivals Like Facebook: Report
Binance Files for Protective Order Against SEC, Seeks to Limit Regulator's Request for Information
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »