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BTC, ETH See Minor Profits, Overall Crypto Market Cap Under $810 Billion

The crypto price charts, that have been showing losses for majority cryptocurrencies for most part of this week, are finally reflecting gains next to some assets. Bitcoin on Wednesday, December 21, opened with a minor gain of 0.63 percent to trade at the price point of $16,842 (roughly Rs. 13.9 lakh). The first cryptocurrency to have ever been developed in 2009, settled with similar small profits on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point.

Ether garnered slightly bigger profits than Bitcoin. With a value hike of 1.46 percent, ETH is currently trading at $1,210 (roughly Rs. 1 lakh). With this, ETH has grown by $26 (roughly Rs. 2,150) in the last 24 hours.

“The US treasury bond yields continued rising, with the 10-year and 30-year rising to 3.58 percent and 3.6 percent, respectively. The spread between the 10-year and two-year spread dropped to -69.85. This performance is a reflection that the market expects interest rates will remain at an elevated level for a while,” the CoinDCX research team told Gadgets 360.

Among other gain-making altcoins, Binance Coin, Ripple, Tron, Litecoin, Uniswap, and Avalanche marked their presence.

Wrapped Bitcoin, Chainlink, Monero, Cosmos, and Stellar also roped-in gains.

As per CoinMarketCap, the overall crypto market rose by 0.20 percent in the last 24 hours. Regardless, the total valuation of the crypto sector stands at $808 billion (roughly Rs. 66,87,654 crore).

Today, Binance USD, USD Coin, Cardano, Polygon, and Polkadot — settled with losses.

Dogecoin and Shiba Inu also witnessed price drops.

“On-chain analysis metric, Bitcoin MVRV indicator signals extreme market cooling, which usually occurs at the end of a bear market. Historically, 31 months after each halving, MVRV reached the same low level. Interestingly, in all previous cycles, the indicator has been in virtually similar regions during this period,” the CoinDCX research team noted.

Despite the ongoing crypto slowdown, a bunch of fintech firms are looking to drive crypto adoption for day-to-day purchases.

Visa, for instance, is exploring a possibility to enable people make their telephone and electricity payments via auto-deductions from self-custodial crypto wallets.

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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