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.
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