Crypto Price Today: Bitcoin Holds Ground Above $42,000, Small Losses Strike Most Altcoins

The recent announcement of no interest rate cuts in March in the US has put a damper on the market sentiment, leading to a drop in Bitcoin value.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 February 2024 12:12 IST

Crypto Price Today: Bitcoin Holds Ground Above $42,000, Small Losses Strike Most Altcoins

Photo Credit: Unsplash/ Josh Appel

The crypto sector valuation, as of February 5, stands at $1.64 trillion

Highlights

Tron, Polkadot recorded gains
Polygon, Cosmos registered losses
Binance Coin, USD Coin saw gains

Bitcoin on Monday, February 5 reflected a loss of 1.26 percent on Gadgets360's crypto price tracker. At the time of writing, the value of Bitcoin stands at $42,458 (roughly Rs. 35.2 lakh). Over the weekend, Bitcoin price rose by $438 (roughly Rs. 36,367). The recent announcement of no interest rate cuts in March in the US has put a damper on the market sentiment, leading to a drop in Bitcoin value.

Ether recorded a loss of 0.42 percent on Monday. With this, its value reached $2,290 (roughly Rs. 1.90 lakh). Despite this minor slump, Ether value has risen by $32 (roughly Rs. 2,655) over the last 24 hours.

“Positive factors like the halving make the outlook for BTC positive. Ether is below key moving averages, but developments like the Dencun upgrade and speculation on an ETH spot ETF approval gives positive sentiments,” the CoinDCX Research Team told Gadgets360, predicting an optimistic near future for the market.

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Tether, Solana, Ripple, Cardano, Avalanche, and Dogecoin are some of the other altcoins trading in losses.

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

The overall market cap of the crypto sector dropped by 0.53 percent in the last 24 hours. The sector valuation currently stands at $1.64 trillion (roughly Rs. 1,36,15,640 crore) as per CoinMarketCap.

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Among a handful of cryptocurrencies that did see profits today, Binance Coin, Chainlink, Tron, Polkadot, Elrond, Iota -- marked their names.

“An outlier for recent positive price performance has been LINK (+0.6 percent); Friday witnessed a surge for LINK to its 22-month high. Additionally, after META's overall positive quarterly earnings, AI tokens including RNDR (-7.9 percent), FET (-7.1 percent) and AKT (-1.1 percent) saw short-lived gains before undergoing correction,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

Analysts predict that soon Bitcoin, and subsequently the overall market will see a resurrection that could show stability for some time for several assets. The process of Bitcoin halving, which occurs every four years and is less than 70 days away, has historically pushed Bitcoin and the total market cap to new highs.

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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