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BTC, ETH Record Small Price Fluctuations, Stablecoin Prices Dip

After two days of majority cryptocurrencies seeing gains, various cryptocurrencies saw their prices fluctuate on Thursday. Bitcoin, with a loss of 0.37 percent, opened trading at $16,816 (roughly Rs. 13.9 lakh). The value of the oldest cryptocurrency also remained unchanged on international exchanges like Binance, CoinMarketCap, and Coinbase. Despite the minor loss, BTC value has spiked in the last 24 hours by a total of $123 (roughly Rs. 10,175) and it remains below the $17,000 (roughly Rs. 14 lakh) price point.

Ether saw a small value hike of 0.03 percent. The second-most valued cryptocurrency after Bitcoin is currently trading at $1,251 (roughly Rs. 1.03 lakh), as per Gadgets 360’s crypto price tracker.

Stablecoins such as Tether, USD Coin, Ripple, and Binance USD all recorded small losses.

Similarly, Litecoin, Polkadot, Tron, Solana, Uniswap, Leo, Chainlink, and Cosmos also saw dips in value.

On the other hand, currencies like Binance Coin, Cardano, Polygon, Avalanche, and Monero saw gains on Thursday.

Monero, Bitcoin Cash, Near Protocol, Bitcoin SV, Elrond, and Decentraland also minted profits.

Both memecoins Shiba Inu and Dogecoin, reeled in small but notable profits.

The overall crypto market valuation grew by 0.15 percent in the last 24 hours, according to data shared by CoinMarketCap. The crypto sector market cap currently stands at $820 billion (roughly Rs. 67,90,345 crore).

In countries like India and Israel, governments are attempting to spread awareness and build rules around the crypto sector.

Meanwhile, the recent collapse of crypto exchange FTX that shook up the crypto market, continues to affect the world of crypto. Sam Bankman-Fried, the former CEO of the demolished FTX crypto exchange, pled not guilty in the Manhattan federal court in New York. Bankman-Fried, who is facing charges of defrauding FTX customers, has denied that he illegally used customers’ funds for personal expenses.

With FTX out of the picture, Binance has topped the list of crypto exchanges that grabbed the most market share in 2022.

Arcane Research recently noted that Binance had 61 percent market dominance in the Bitcoin derivatives market in terms of volume last year. The exchange also had a 92 percent of Bitcoin’s spot market share.

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. 

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