Bitcoin, Ether Join Most Altcoins in Clocking Losses, Tether and USD Coin Manage to See Gains

In the last 24 hours, the value of Bitcoin has dropped by $605 (roughly Rs. 50,170).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 22 February 2024 11:43 IST

Bitcoin, Ether Join Most Altcoins in Clocking Losses, Tether and USD Coin Manage to See Gains

Photo Credit: Reuters

The crypto market cap, as of February 22, stands at $1.95 trillion

Highlights

Uniswap, Shiba Inu are trading in losses
Price dips also registered by Cronos, Elrond
Dash, Iota recorded gains

The overall crypto price chart mostly reflected losses on Thursday, February 22. Bitcoin, that has been on a profit spree in the recent days, recorded a loss of 1.24 percent on Thursday. At the time of writing, the value of Bitcoin stood at $51,392 (roughly Rs. 42.6 lakh). In the last 24 hours, the value of Bitcoin has dropped by $605 (roughly Rs. 50,170). The resistance for BTC stands at $53,000 (roughly Rs. 43.9 lakh). Market analysts worry that continuous rejection for BTC at resistance might lead to a pull back to $48,000 (roughly Rs. 39.8 lakh) - $49,000 (roughly Rs. 40 lakh) -- before the upcoming halving.

Ether logged a loss of 1.82 percent on Thursday. The value of ETH presently stands at $2,841 (roughly Rs. 2.3 lakh).

“The overall crypto market faced a decline as Bitcoin's market oscillators indicating a further correction in prices, pointed to an increase in BTC market dominance. Altcoins such as Solana, Ethereum, Ripple etc. faced a decline too after a few days of price rally. An improvement in the number of small-scale retail investors could potentially improve the price actions for the tokens,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

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The recent FOMC announcements have also suggested that there will not be any reductions in interest rates – that may have caused this loss-ridden period for most altcoins.

On Thursday, Solana, Ripple, Cardano, Avalanche, Tron, and Dogecoin -- all reflected losses alongside BTC and ETH.

Polkadot, Polygon, Shiba Inu, Bitcoin Cash, Litecoin, Uniswap, Leo, and Cosmos also recorded losses.

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The overall crypto market cap dipped by 1.42 percent in the last 24 hours. The current crypto market valuation stands at $1.95 trillion (roughly Rs. 1,61,68,717 crore) as per CoinMarketCap.

Only a few cryptocurrencies managed to see gains on Thursday. These include Tether, Binance Coin, USD Coin, Iota, and Dash.

“In parallel, AI tokens including SingularityNet (AGIX, +26.46 percent), FetchAi (FET, +3.76 percent) and Render (RNDR, +8.36 percent) have surged after Nvidia beat analyst estimates around its 4th quarter earnings. The shares of the company also rose more than seven percent in post-market trading yesterday,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures 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