Bitcoin Continues to Hover Below the $19,500 Mark While BNB, Solana Manage Minor Gains

The global crypto market cap saw a dip of 2.09 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 1 July 2022 12:17 IST

Bitcoin Continues to Hover Below the $19,500 Mark While BNB, Solana Manage Minor Gains

Photo Credit: Unsplash/ olieman.eth

Bitcoin has lost roughly 54 percent of its value in the second quarter of 2022

Highlights

Bitcoin dropped to a 24-hour low of $18,782 on Thursday
Ether has dropped to hover around the $1,050 mark
Some altcoins marked gains despite a drop in the crypto market cap

Bitcoin has been spiralling around the $20,000 (roughly Rs. 15.8 lakh) mark after a 57 percent slide this year but had dropped to $18,782 (roughly Rs. 14.85 lakh) over the past 24 hours before staging somewhat of a comeback.bAs things stand, the price of the world's largest cryptocurrency by market value is hovering around the $19,400 (roughly Rs. 15.3 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $20,415 (roughly Rs. 16.15 lakh), down by a further 2.33 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,435 (roughly Rs. 15.36 lakh) while CoinGecko data shows that BTC's value is currently down by 8 percent week-to-day.

Ether, meanwhile, saw dips on the day too. At the time of publishing, Ether is valued at $1,111 (roughly Rs. 87,900) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,051 (roughly Rs. 83,160), where the cryptocurrency has dropped by 3.35 percent over the past 24 hours.

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Ether's price movement over the past 24 hours sees the cryptocurrency's value slip further from its value last week, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that despite the top two cryptocurrencies dropping in value, a host of major altcoins marked gains over the past day — as the global crypto market capitalisation saw yet another dip of 2.09 percent in the last 24 hours. BNB, Solana, Polkadot, and Stellar marked gains while Avalanche, Polygon, Cardano, and Uniswap all marked losses.

Memecoins Shiba Inu and Dogecoin have also witnessed some ups and downs on the day. Dogecoin is currently valued at $0.06 (roughly Rs. 5.5) after losing some 1.06 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.00085), up by 0.35 percent over the past day.

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Bitcoin has seen its worst quarterly loss in 11 years with price and activity on the blockchain both plunging over the last three months.

The second quarter ending 30 June saw Bitcoin's price fall from around $45,000 (roughly Rs. 35.5 lakh) at the start of the quarter to trade at $19,884 (roughly Rs. 15.7 lakh) before midnight (Eastern Time) on 30 June according to CoinGecko, representing a 56.2 percent loss according to crypto analytics platform Coinglass.

That said, Deutsche Bank has reportedly predicted that the price of Bitcoin will rise to $28,000 (roughly Rs. 22.14 lakh) by year-end, as per a Bloomberg report, citing an analysis by the bank's senior economist and market strategist Marion Laboure and research analyst Galina Pozdnyakova.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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