Bitcoin Falls to $29,000 Territory While Ether, Altcoins Plunge Again Due to More Risk Aversion

Despite being severely pegged back by adverse macroeconomic conditions and dwindling investor interest in risk assets, Bitcoin had managed to consolidate around the $30,000 (roughly Rs. 23.5 lakh) mark over the past few weeks. However, the price of the largest cryptocurrency by market capitalisation has now slipped below the psychologically important $30,000 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $30,665 (roughly Rs. 24 lakh), down by 2.46 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $29,108 (roughly Rs. 22.5 lakh) moving down by 2.50 percent in value over the past 24 hours. As per CoinGecko data, BTC's value is along the same point where it stood last week, up by 1.1 percent week-to-day.

Ether also saw itself in the red after a rough day of trade midweek. At the time of publishing, Ether is valued at $2,074 (roughly Rs. 1.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's price at $1957 (roughly Rs. 1.5 lakh), where the cryptocurrency has dropped 4 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency's value is still a sizeable 5.7 percent behind prices a week ago.

Gadgets 360's cryptocurrency price tracker paints a sorry picture for the wider crypto market and altcoins specifically — as the global crypto market cap fell by 3.99 percent over the last day. Cardano, Polkadot, Avalanche, Polygon, Solana, Litecoin, Uniswap, and Chainlink all marked considerable losses.

Shiba Inu and Dogecoin have also lost value over the last day. Dogecoin is currently down to $0.08 (roughly Rs. 7) after dropping by 3.7 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000957), down by 4.87 percent over the past day.

"The crypto market has continued on a bearish consolidation for the past few weeks. With major players staying on the lookout for a directional breakout, the market hasn't been able to move higher. Crypto being a volatile asset, it is the first to be sold by institutions at times like these. On the other side, with increasing fear of recession and seeing the downfall of stocks, investors are hesitant to return to the market," says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to 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.