The recent announcement of no interest rate cuts in March in the US has put a damper on the market sentiment, leading to a drop in Bitcoin value.
The crypto sector valuation, as of February 5, stands at $1.64 trillion
Photo Credit: Unsplash/ Josh Appel
Bitcoin on Monday, February 5 reflected a loss of 1.26 percent on Gadgets360's crypto price tracker. At the time of writing, the value of Bitcoin stands at $42,458 (roughly Rs. 35.2 lakh). Over the weekend, Bitcoin price rose by $438 (roughly Rs. 36,367). The recent announcement of no interest rate cuts in March in the US has put a damper on the market sentiment, leading to a drop in Bitcoin value.
Ether recorded a loss of 0.42 percent on Monday. With this, its value reached $2,290 (roughly Rs. 1.90 lakh). Despite this minor slump, Ether value has risen by $32 (roughly Rs. 2,655) over the last 24 hours.
“Positive factors like the halving make the outlook for BTC positive. Ether is below key moving averages, but developments like the Dencun upgrade and speculation on an ETH spot ETF approval gives positive sentiments,” the CoinDCX Research Team told Gadgets360, predicting an optimistic near future for the market.
Tether, Solana, Ripple, Cardano, Avalanche, and Dogecoin are some of the other altcoins trading in losses.
Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Leo, Uniswap, and Cosmos also recorded losses.
The overall market cap of the crypto sector dropped by 0.53 percent in the last 24 hours. The sector valuation currently stands at $1.64 trillion (roughly Rs. 1,36,15,640 crore) as per CoinMarketCap.
Among a handful of cryptocurrencies that did see profits today, Binance Coin, Chainlink, Tron, Polkadot, Elrond, Iota -- marked their names.
“An outlier for recent positive price performance has been LINK (+0.6 percent); Friday witnessed a surge for LINK to its 22-month high. Additionally, after META's overall positive quarterly earnings, AI tokens including RNDR (-7.9 percent), FET (-7.1 percent) and AKT (-1.1 percent) saw short-lived gains before undergoing correction,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Analysts predict that soon Bitcoin, and subsequently the overall market will see a resurrection that could show stability for some time for several assets. The process of Bitcoin halving, which occurs every four years and is less than 70 days away, has historically pushed Bitcoin and the total market cap to new highs.
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.
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