Bitcoin, Ether Fail to Chart Major Gains Despite Sturdy Trade Through Thursday

Bitcoin bulls have failed to move past the $50,000 (roughly Rs. 38.11 lakh) mark, despite making several attempts through the week.

By Shomik Sen Bhattacharjee | Updated: 17 December 2021 12:03 IST

Bitcoin, Ether Fail to Chart Major Gains Despite Sturdy Trade Through Thursday

Photo Credit: Pexels/ Executium

Bitcoin and Ether were giving up gains on Friday despite big spikes to begin the day

Highlights

Bitcoin's price has seen very little movement in the past 7 days
Ether's valuation surged 7.7 percent through Thursday
Dogecoin's surge on Tuesday hasn't held up well through the week

Bitcoin, as well as other cryptocurrencies, saw a strong day of trade on Thursday but in the case of the world's largest cryptocurrency by market capitalisation, things haven't moved along too much despite the positive intent. Bitcoin's valuation dropped by 0.16 percent over the past 24 hours after a 1.67 percent rise through Thursday. Bitcoin is currently valued at $50,695 (roughly Rs. 38.64 lakh) on Indian exchange CoinSwitch Kuber, while global exchanges like CoinMarketCap, painted a similar picture with the price of Bitcoin down by 1.77 percent, to be valued at $47,913 (roughly Rs. 36.52 lakh).

As per CoinGecko, Bitcoin's valuation has seen very little change over the past week, and failed to clear the $50,000 (roughly Rs. 38.11 lakh) mark despite several attempts by BTC bulls.

Ether, meanwhile, continued to have a fairly poor week, dipping by 4.4 percent in value over the past week. That said, the second most valuable cryptocurrency was up by 0.86 percent over the past 24 hours after a strong 7.7 percent rise in valuation through Thursday. At the time of publishing, Ether was valued at $4,214 (roughly Rs. 3.21 lakh) on CoinSwitch Kuber while values on global exchanges saw the second-largest crypto by market cap pegged at $3,978 (roughly Rs. 3.03 lakh), where the coin dropped in value by 0.76 percent over the past 24 hours.

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Gadgets 360's cryptocurrency price tracker shows that it's been a fairly poor beginning to the day in local exchanges, although certain coins have been putting up a good fight.

Cardano, Polkadot, Litecoin and, Uniswap have all dipped in value, while Tether, Polygon, and Ripple were the only popular altcoins to have charted gains in the past 24 hours.

Elsewhere, Dogecoin, despite a strong rally earlier in the week, dipped by a considerable amount in the past few days. DOGE is currently valued at $0.18 (roughly Rs. 14.29), while Shiba Inu is down by 3.24 percent to be valued at $0.000033 (roughly Rs. 0.002508).

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"The rally that we witnessed across the cryptocurrency spectrum over the past 24 hours was short-lived. However, despite the sell-off, the spectrum managed to hold to the support levels, causing a range-bound movement over the past 24 hours. Such consolidations are always a positive sign for the market," said Edul Patel, CEO and co-founder of algorithm-based crypto investment platform, Mudrex.

Meanwhile, UK's Advertising Standards Authority (ASA) has decided to ban seven cryptocurrency ads on grounds of being misleading and "irresponsibly taking advantage of consumers' inexperience and for failing to illustrate the risk of the investment." The banned advertisements include those by popular Pizza chain Papa John's Pizza, as well as a host of reputed crypto exchanges in Coinbase, Kraken, Etoro, and Luno.

Dogecoin's good run through the early few days of the week also resulted in a significant rise in whale activity following news that electric carmaker Tesla would accept the cryptocurrency as payment for select merchandise. As per on-chain data, the original meme-based coin has seen an increase of 148 percent in "large transactions," which are transfers exceeding a value of $100,000 (roughly Rs. 76.11 lakh).

The spike in whale activity comes at a time when Dogecoin's valuation on global exchanges went up by 40 percent on a single day on Tuesday, December 14.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency Market, Bitcoin, Ether, Dogecoin, Polkadot, Shiba Inu, Cryptocurrency Price, Bitcoin Price, BTC Price, Ether Price, ETH Price, Dogecoin Price, DOGE Price