Bitcoin Slips Slightly Down on Price Ladder, Minor Market Blip Affects Most Altcoins

The price of Bitcoin dipped by 2.04 percent for it to trade at $28,050 (roughly Rs. 22.9 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 6 April 2023 11:44 IST

Bitcoin Slips Slightly Down on Price Ladder, Minor Market Blip Affects Most Altcoins

Photo Credit: Unsplash/ Jonathan Borba

The crypto market valuation as of April 6 stood at $1.19 trillion

Highlights

DOGE, SHIB traded in losses
Litecoin, Solana recorded price dips
Bitcoin Cash, Wrapped Bitcoin saw gains

The cryptocurrency market, which has been riding a high horse these past few days, recorded a minor blip on Wednesday, April 6. The price of Bitcoin dipped by 2.04 percent for it to trade at $28,050 (roughly Rs. 22.9 lakh). This marks a loss of $531 (roughly Rs. 43,525) from last day's price for the oldest, most expensive cryptocurrency in existence. The minute but notable loss incurred by BTC did affect the pricings of other cryptocurrencies, most of which are trading in reds on Wednesday.

Ether tripped down the price ladder, tailing behind Bitcoin in a conventional movement. ETH is currently trading at $1,892 (roughly Rs. 1.55 lakh) after seeing a loss of one percent.

Close to getting its Shanghai upgrade slated for April 12, Ether marked its eight-month high at $1,910 (roughly Rs. 1.5 lakh) on April 5. In the last 24 hours, its price only dropped by $18 (roughly Rs. 1,475), indicating that ETH has been maintaining a better balance in terms of maintaining a healthy market position, especially in comparison to Bitcoin.

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As per the crypto price tracker by Gadgets 360, most altcoins joined BTC and ETH on the loss side of the listings.

These include stablecoins like Tether, USD Coin, Ripple, and Binance USD alongside Litecoin and Solana.

Polygon, Polkadot, Tron, and Avalanche also saw losses.

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Interestingly, Dogecoin could not hold investors' attention despite Elon Musk blatantly replacing the Twitter blue bird logo with the Dogecoin dog logo. DOGE slipped in value by 5.85 percent on Wednesday to trade at $0.092 (roughly Rs. 7.50).

Shiba Inu also continued to trade in losses.

The overall crypto market cap tumbled by nearly one percent in the last 24 hours. The valuation of the global sector stood at $1.19 trillion (roughly Rs. 97,51,197 crore) at the time of writing as per CoinMarketCap.

“Crypto data firm Amberdata suggests that providing token liquidity to DeFi applications can be more profitable than simply holding tokens, but liquidity providers must address impermanent loss and other risks,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Amid the market volatility, only a few altcoins managed to reel in gains on Wednesday.

These include Wrapped Bitcoin, Monero, Bitcoin Cash, and Aave.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Stablecoins, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Wrapped Bitcoin, Bitcoin Cash, Flex

Radhika Parashar

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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