BTC, ETH See Minor Profits, Overall Crypto Market Cap Stays Under $810 Billion

Bitcoin on Wednesday, December 21, opened with a minor gain of 0.63 percent to trade at $16,842 (roughly Rs. 13.9 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 21 December 2022 11:03 IST

BTC, ETH See Minor Profits, Overall Crypto Market Cap Stays Under $810 Billion

Photo Credit: Pixabay/ Dean Crosby

The total valuation of the crypto sector stands at $808 billion

Highlights

Avalanche, Tron saw gains
Dogecoin, Shiba Inu saw losses
Cosmos, Stellar saw profits

The crypto price charts, that have been showing losses for majority cryptocurrencies for most part of this week, are finally reflecting gains next to some assets. Bitcoin on Wednesday, December 21, opened with a minor gain of 0.63 percent to trade at the price point of $16,842 (roughly Rs. 13.9 lakh). The first cryptocurrency to have ever been developed in 2009, settled with similar small profits on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point.

Ether garnered slightly bigger profits than Bitcoin. With a value hike of 1.46 percent, ETH is currently trading at $1,210 (roughly Rs. 1 lakh). With this, ETH has grown by $26 (roughly Rs. 2,150) in the last 24 hours.

“The US treasury bond yields continued rising, with the 10-year and 30-year rising to 3.58 percent and 3.6 percent, respectively. The spread between the 10-year and two-year spread dropped to -69.85. This performance is a reflection that the market expects interest rates will remain at an elevated level for a while,” the CoinDCX research team told Gadgets 360.

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Among other gain-making altcoins, Binance Coin, Ripple, Tron, Litecoin, Uniswap, and Avalanche marked their presence.

Wrapped Bitcoin, Chainlink, Monero, Cosmos, and Stellar also roped-in gains.

As per CoinMarketCap, the overall crypto market rose by 0.20 percent in the last 24 hours. Regardless, the total valuation of the crypto sector stands at $808 billion (roughly Rs. 66,87,654 crore).

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Today, Binance USD, USD Coin, Cardano, Polygon, and Polkadot — settled with losses.

Dogecoin and Shiba Inu also witnessed price drops.

“On-chain analysis metric, Bitcoin MVRV indicator signals extreme market cooling, which usually occurs at the end of a bear market. Historically, 31 months after each halving, MVRV reached the same low level. Interestingly, in all previous cycles, the indicator has been in virtually similar regions during this period,” the CoinDCX research team noted.

Despite the ongoing crypto slowdown, a bunch of fintech firms are looking to drive crypto adoption for day-to-day purchases.

Visa, for instance, is exploring a possibility to enable people make their telephone and electricity payments via auto-deductions from self-custodial crypto wallets.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Litecoin, Uniswap, Avalanche, Tron, Wrapped Bitcoin, Chainlink, Monero, Cosmos, Stellar, Binance USD, USD Coin, Cardano, Polygon, Polkadot, Dogecoin, Shiba Inu

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