Crypto Price Today: Bitcoin, Ether Retain Profits Despite Most Altcoins Showing Losses: Details

As opposed to what was predicted, the approvals of BTC ETFs in the US last week, did not manage to propel BTC into a profit frenzy.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 16 January 2024 12:20 IST

Crypto Price Today: Bitcoin, Ether Retain Profits Despite Most Altcoins Showing Losses: Details

Photo Credit: Pixabay/ Dean Crosby

The current crypto market valuation stands at $1.68 trillion

Highlights

Solana, Ripple saw losses
Cardano, Avalanche saw losses
Binance Coin, Tether recorded profits

Bitcoin on Tuesday, January 16 reflected a minor gain of 0.36 percent. The asset, at the time of writing, was trading at $42,625 (roughly Rs. 35.3 lakh) as per Gadget360's crypto price tracker. As opposed to what was predicted, the approvals of BTC ETFs in the US last week, did not manage to propel the most valued crypto asset into a profit frenzy. This, as per market analysts, testify to a sentiment of maturity in the investor community.

Ether followed Bitcoin and clocked a gain of 1.01 percent. The asset is currently trading at $2,562 (roughly Rs. 1.09 lakh).

“In the last 24 hours, both BTC and ETH exhibited stability, and the market remained calm, attributed to the closure of the US market, indicating lower volatility and volume. BTC is maintaining its position and ETH is gradually consolidating in a sideways trend after a recent rally,” CoinDCX Market Movement told Gadgets360. “Notably, BTC dominance is declining, while ETH dominance is rising, suggesting a rotation of funds from BTC to ETH. This shift became more prominent after the BTC spot ETF approval, with ETH showing outperformance as the likelihood of an ETH spot ETF approval.”

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Binance Coin, USD Coin, Uniswap, Cosmos, Monero, and Elrond joined Bitcoin and Ether on the profit-making side of the crypto chart.

Small gains also struck Binance USD, Iota, Zcash, Status, and Ardor.

The overall crypto market cap rose by 0.15 percent in the last 24 hours. Its current valuation, at the time of writing, stands at $1.68 trillion (roughly Rs. 1,39,40,052 crore), as per CoinMarketCap.

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Meanwhile, a big number of altcoins reeled-in losses on Tuesday. These include Solana, Ripple, Cardano, Avalanche, Dogecoin, Tron, Polkadot, Chainlink, and Polygon.

Shiba Inu, Litecoin, and Bitcoin Cash also registered losses.

“This has led to a rally in all ETH based altcoins as well. As per the technical analysis, this pair can still jump another 35 percent as traders speculate an ETH ETF in the coming weeks or months. Blackrock CEO Larry Fink has also been bullish on his television interviews about tokenisation of stocks and other real world assets - which could be a positive for ETH,” CoinSwitch Markets Desk told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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