BTC, ETH Join Most Altcoins in Opening with Price Dips as Crypto Charts Reflect Volatility

The value of BTC, at the time of writing, stood at $22,621 (roughly Rs. 18.4 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 25 January 2023 10:50 IST

BTC, ETH Join Most Altcoins in Opening with Price Dips as Crypto Charts Reflect Volatility

Photo Credit: Unsplash/ Michael Förtsch

The current global crypto market cap stands at $1.02 trillion

Highlights

Dogecoin, Shiba Inu saw losses
ETH dropped by over five percent
Flex opened with small gain

After two days of most cryptocurrencies opening with profits, the price chart reflected losses next to majority altcoins on Wednesday, January 25. Bitcoin managed to retain its recently spiked price despite encountering a small loss of 2.10 percent. The value of BTC, at the time of writing, stood at $22,621 (roughly Rs. 18.4 lakh). The oldest cryptocurrency is trading around the same price point on international exchanges like Binance and Coinbase as well. In terms of numbers, BTC dropped in price by $450 (roughly Rs. 36,694) in the last 24 hours.

Ether on Wednesday broke its profit streak and recorded a loss of 5.80 percent. Ether opened trading at the price of $1,545 (roughly Rs. 1.26 lakh), showed the crypto price tracker by Gadgets 360.

Binance Coin, Cardano, Solana, Polygon, Polkadot, and Litecoin witnessed value dips.

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Both memecoins Shiba Inu and Dogecoin also opened with losses.

“In the past 24 hours, most cryptocurrencies have seen a slight decrease as the markets prepare for the release of US GDP figures on Thursday and consumer sentiment data on Friday,” Edul Patel, CEO and Co-Founder of Mudrex crypto investment firm told Gadgets 360.

The overall crypto market valuation tumbled by 3.26 percent in the last 24 hours. As per CoinMarketCap, the current global crypto market cap stands at $1.02 trillion (roughly Rs. 83,49,684 crore).

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Only a small number of altcoins recorded profits. These include Leo, Qtum, and Flex.

Despite the volatility plaguing the crypto assets sector, investors continue to show support for cryptocurrencies.

“Whales holding 1,000 to 10,000 BTCs have collectively accumulated 64,638 BTC totalling around $1.5 billion (roughly Rs. 12,230 crore) in the past 15 days. On the adoption front, Indian based Polygon partnered with BitGo, a crypto custody provider enabling MATIC holders to earn rewards by staking their coins, providing wallet and custody facilities,” the CoinDCX research team told Gadgets 360.

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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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Solana, Cardano, Polygon, Litecoin, Shiba Inu, Dogecoin, Leo, Qutum, 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