BTC, ETH Show No Price Improvements Despite Most Altcoins Seeing Gains

Bitcoin on Friday slipped minorly by 0.09 percent to open trade at $16,823 (roughly Rs. 13.9 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 23 December 2022 11:14 IST

BTC, ETH Show No Price Improvements Despite Most Altcoins Seeing Gains

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The global crypto market valuation stands at $812.52 billion

Highlights

Binance USD, Polygon saw gains
Dogecoin, Shiba Inu witnessed profits
Bitcoin Cash, Monero saw losses

The top two cryptocurrencies, Bitcoin and Ether, have not been able to show any significant price improvements, at least for over a week. Bitcoin on Friday slipped minorly by 0.09 percent to open trade at $16,823 (roughly Rs. 13.9 lakh). The first ever cryptocurrency, followed a similar market movement on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point. In the last 24 hours, BTC values have dipped by $30 (roughly Rs. 2,484) from its last day's price point of $16,853 (roughly Rs. 13.9 lakh).

Ether, unlike Bitcoin opened with small gains. At the time of writing, ETH was trading at $1,221 (roughly Rs. 1.01 lakh) with a mini profit of 0.75 percent, as per Gadgets 360's crypto price tracker.

Overall, the crypto price charts reflected more greens than reds today.

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Among profit-minting tokens, USD Coin, Binance USD, Ripple, Cardano, Polygon, and Polkadot — made a mark.

Dogecoin and Shiba Inu also saw gains of 5.57 percent and 0.71 percent respectively.

The global crypto market grew by 0.21 percent in the last 24 hours.

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As per CoinMarketCap, the global crypto market valuation stands at $812.52 billion (roughly Rs. 67,28,912 crore).

“The main reason behind the market's weakness is the commentary coming in from both the Fed and the ECB, with suggestions that inflation has become more ‘entrenched' in the economy and would require sustained periods of higher interest rates to be dispelled. This is bearish for ‘risk-on' assets in general, and global equities continued to sink during the week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Today, Tether, Binance Coin, Solana, Wrapped Bitcoin, Monero, and Bitcoin Cash, opened with losses.

Experts have also pointed out that the risks continue to hover over the financial markets amid Ukraine's worsening war situation being the biggest threat to commodity and energy supply chains as well as a surge in COVID-19 cases in China, adding more uncertainties.

“In the altcoin universe, Binance's BNB token continued to be under selling pressure (down 8 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Another major drawdown was witnessed in Filecoin (FIL), which was down 30 percent as massive short positions were built in the token. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 6.3 percent in the past seven days,”' Chaturvedi added.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, USD Coin, Binance USD, Ripple, Cardano, Polkadot, Polygon, Dogecoin, Shiba Inu, Tether, Binance Coin, Solana, Wrapped Bitcoin, Monero, Bitcoin Cash

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