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BTC, ETH and Most Cryptocurrencies Fail to Gather Steam, Experts Blame Inflation

BTC, ETH and Most Cryptocurrencies Fail to Gather Steam, Experts Blame Inflation

BTC dipped by 0.86 percent that took its trading value to $31,461 (roughly Rs. 24 lakh) on Indian exchange CoinSwitch Kuber.

By Radhika Parashar | Updated: 26 May 2022 11:14 IST

BTC, ETH and Most Cryptocurrencies Fail to Gather Steam, Experts Blame Inflation

Photo Credit: Pexels/ Worldspectrum

The current overall market cap of the crypto sector stands at $1.26 trillion

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Highlights

BTC value presently around $$31,461 (roughly Rs. 24 lakh) in India
Ether opened with bigger losses than Bitcoin
Tron, Monero among gainers

The crypto industry is, at this point, falling prey to volatility because of the slowdown of economic activities around the world. On Thursday, May 26, Bitcoin along with majority other cryptocurrencies, opened with losses. BTC dipped by 0.86 percent that took its trading value to $31,461 (roughly Rs. 24 lakh) on Indian exchange CoinSwitch Kuber. The world's oldest cryptocurrency also did not manage to see gains on international exchanges. The price of Bitcoin is hovering close to $29,848 (roughly Rs. 23 lakh) on exchanges such as Binance and CoinMarketCap.

Ether saw bigger losses than BTC today. Registering a tumble of 3.28 percent, ETH values have dropped to $2,048 (roughly Rs. 1.5 lakh), shows the crypto price tracker by Gadgets 360.

Among other popular altcoins, Binance Coin, Cardano, Solana, Polkadot, and Avalanche found themselves laying low on the price ladder.

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Dogecoin and Shiba Inu also reeled-in losses.

Talking to Gadgets 360, the research team at CoinDCX crypto exchange said the global economic climate is acting as a major factor in bringing more reds than greens to the crypto price charts.

“US' recent openness to being nimble when it comes to economic policies saw the equities markets rising this morning although crypto remains very much rangebound. A lack of economic catalysts and persisting inflation has led many to believe that a recession is around the corner, with funds cautious and conservative in their deployment of further capital,” the CoinDCX team said.

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Experts have also noted that not all market corrections and fluctuations may always necessarily be negative.

“They [market fluctuations] can also be healthy in resetting market valuations and investor expectations within a longer-term market advance,” the CoinDCX research team added.

Gains lightly touched a small number of altcoins, including Tether, USD Coin, Tron, Monero, and Decentraland.

The current overall market cap of the crypto sector stands at $1.26 trillion (roughly Rs. 97,98,871 crore), as per CoinMarketCap.

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Cryptocurrency Prices across Indian exchanges

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