Bitcoin, Ether Open with Minor Losses, Global Crypto Market Cap Stays Above $1 Trillion

Bitcoin opened with a minor loss of 1.71 percent to trade at the price point of $22,763 (roughly Rs. 18.5 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 27 January 2023 11:14 IST

Bitcoin, Ether Open with Minor Losses, Global Crypto Market Cap Stays Above $1 Trillion

Photo Credit: Pixabay/ WorldSpectrum

The global crypto sector valuation stands at $1.04 trillion

Highlights

DOGE, SHIB see losses
Tether, Ripple tumble
Chainlink recorded profits

Bitcoin opened with a minor loss of 1.71 percent to trade at the price point of $22,763 (roughly Rs. 18.5 lakh). The most expensive cryptocurrency, Bitcoin recorded losses of similar magnitude on foreign exchanges such as Coinbase and Binance as well. In the coming days, experts predict, Bitcoin could exceed the mark of $25,000 (roughly Rs. 20 lakh) if it continues to maintain its upward trajectory. With profits next to some cryptocurrencies and losses next to the others, the crypto price chart did not reflect a risen or lowered market dominance on Friday, January 27.

Ether recorded a slightly bigger loss than Bitcoin. The second most expensive cryptocurrency opened trading with a dip of 2.91 percent. Its price, at the time of writing, stood at $1,566 (roughly Rs. 1.27 lakh, showed the crypto price tracker by Gadgets 360.

Stablecoins Tether and Ripple joined BTC and ETH in recording losses.

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“Most cryptocurrencies consolidated in the past 24 hours following the US GDP and employment data. BTC values also slipped following the release of Tesla's quarterly earnings report,” Edul Patel, the CEO and Co-Founder of crypto investment platform Mudrex told Gadgets 360.

Elon Musk's EV company Tesla revealed in its latest earnings call that it neither sold nor purchased any Bitcoin in the last quarter of 2022.

Meanwhile, other popular altcoins like Cardano, Solana, Polkadot, Litecoin, Tron, and Avalanche also fell by just a little in their respective values.

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Despite their current losses, Cardano and Polkadot have chalked out an impressive graph in recent days.

“Cardano (ADA), the eighth largest cryptocurrency at the time of writing, climbed to an 11-week high in the past seven days, rising by 15 percent. The on-chain activity on Polkadot (DOT) also indicates that the project generated over 450 events in the last 30 days, topping the chart with highest development activity. This is an indication that developers are working on multiple projects using the blockchain,” the research team at CoinDCX told Gadgets 360.

On the profit-making side of the crypto chart, Polygon, Uniswap, and Chainlink joined Leo and Bitcoin Cash.

Small price gains were also recorded by Bitcoin SV, Zcash, Iota, and Neo Coin.

This week, the global crypto market cap exceeded the trillion-dollar mark for the first time in 2023.

The crypto market valuation dipped by 1.57 percent in the last 24 hours, despite which it has retained its cap at $1.04 trillion (roughly Rs. 84,72,931 crore), showed CoinMarketCap.

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, Tether, Ripple, Cardano, Solana, Polkadot, Litecoin, Tron, Avalanche, Polygon, Uniswap, Chainlink, Leo, Bitcoin Cash, Bitcoin SV, Iota

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