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.
“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.
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.
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.
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