Bitcoin, ETH Continue to See Price Dips, Most Altcoins Follow

The crypto price chart reflected losses next to majority altcoins today. Bitcoin on Tuesday, opened with a loss of two percent. At the time of writing, BTC is trading at $16,457 (roughly Rs. 13.6 lakh). The oldest crypto asset also recorded losses on international exchanges. Binance and Coinbase showed BTC losing up to 1.30 percent from its value to trade at $16,664 (roughly Rs. 13.7 lakh). In the last 24 hours, BTC lost $263 (roughly Rs. 21,756) from its last day's opening value of $16,720 (roughly Rs. 13.8 lakh).

Ether also saw losses alongside Bitcoin. After losing 0.30 percent, ETH is currently trading at $1,184 (roughly Rs. 98,008).

Stablecoins such as Tether, USD Coin, and Binance USD — all witnessed losses.

These were joined by Binance Coin, Ripple, Cardano, Polygon, Polkadot, Tron, and Litecoin on the loss-making side of the price chart.

Dogecoin and Shiba Inu — the meme coins that witnessed investments from Indians this year — also failed to see any profits.

Amid the continuous daily losses hitting most cryptocurrencies, the overall crypto market valuation has been recording a sharp and unnerving decline.

The current crypto market valuation stands at $810 billion (roughly Rs. 67,061 crore), after having dropped down from the trillion-dollar mark following the collapse of the FTX crypto exchange.

Only a small number of cryptocurrencies opened with profits today. These include Wrapped Bitcoin, Chainlink, Monero, and Cosmos.

Despite the ongoing crypto slump, industry experts hold a positive sentiment for the sector's progress in 2023.

“In 2023, we can expect favourable macroeconomic conditions as central banks have hinted towards the relaxation of monetary policies and interest rates. Inflation will be a key factor in deciding the fate of financial markets across the globe. The crypto market will overcome the collapse of crypto giants like FTX and move towards a more mature phase with wiser investors and healthy regulations,” Shivam Thakral, CEO of Indian exchange BuyUcoin told Gadgets 360.

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.