BTC Values Dip as Crypto Price Chart Shows Red Down Arrows Next to Most Altcoins

Bitcoin is trading at $38,029 (roughly Rs. 29 lakh) on international exchanges such as Binance and Coinbase with losses of over one percent.

By Radhika Parashar | Updated: 4 May 2022 11:14 IST

BTC Values Dip as Crypto Price Chart Shows Red Down Arrows Next to Most Altcoins

Photo Credit: Pixabay/ WorldSpectrum

The overall market cap of the crypto sector is presently positioned at $1.71 trillion

Highlights

USD Coin and Solana incurred losses
Dogecoin, Shiba Inu see losses
Flex, Nano Dogecoin saw profits

The crypto price chart looked drenched in red as the market entered the first mid-week of May. Bitcoin on Wednesday, May 4, slipped down on the price ladder by 1.51 percent. As per Indian exchange CoinSwitch Kuber, BTC's current price in India is $40,345 (roughly Rs. 31 lakh). The world's oldest cryptocurrency also ended up on the losing scale on international exchanges. With a loss of over 1.70 percent, BTC is trading at $38,029 (roughly Rs. 29 lakh) on exchanges such as Binance and Coinbase.

Ether followed its traditional pattern of following Bitcoin's trajectory. ETH tumbled down by 2.21 percent to open trading at $2,971 (roughly Rs. 2.30 lakh) as per Gadgets 360's crypto price tracker.

Well, BTC and ETH were anything but alone on the downtown side of the crypto price charts.

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From stablecoins to memecoins and other popular altcoins, all major cryptocurrencies incurred minor, but notable value dips.

These include Tether, USD Coin, Solana, Cardano, Dogecoin, Shiba Inu, and Polkadot among others.

Just a small number of underdog altcoins, including, Monero, Baby Doge Coin, FLEX, Husky, and Nano Dogecoin managed to bring a dash of green to the price chart with minor profits.

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The current fluctuations in the crypto sector however, has not dwindled investors' trust so much.

Andreessen Horowitz (a16z), one of the largest forces in the venture capital industry, for instance, is planning to invest an amount in the ball-park of $500 million (roughly Rs. 3,825 crore) in India's growing startup ecosystem.

According to Pitchbook data, venture capitalists in India have invested $23.5 billion (roughly Rs. 1,79,815 crore) in 2021, of which $587.16 million (roughly Rs. 4,490 crore) was allocated to crypto and Web 3 companies.

The current volatile period in the crypto industry is resulting from an ongoing economic slowdown phase caused due to lingering COVID-19 wave fears and the ongoing Ukraine-Russia war among other reasons.

The overall market cap of the crypto sector is presently positioned at $1.71 trillion (roughly Rs. 1,71,619 crore). The figure was slightly higher — at $1.75 trillion (roughly Rs. 1,33,96,199 crore) on May 2 as per CoinMarketCap.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Solana, Terra, Cardano, Polkadot, Litecoin, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Monero, Baby Doge Coin, FLEX

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More