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.

NFTs Said to Be Used in Shanghai to Record COVID Lockdown, Combat Censorship

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.

Coinbase CEO Predicts Boom in Crypto Economy, Userbase in Coming Years

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.

Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

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

Email Radhika

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