Bitcoin, Ethereum and Most Altcoins Record Price Drops Amid Ongoing Market Volatility

Bitcoin is currently trading at $24,340, a 1.35 percent drop in value.

Written by Radhika Parashar, Edited by David Delima | Updated: 16 March 2023 11:31 IST

Bitcoin, Ethereum and Most Altcoins Record Price Drops Amid Ongoing Market Volatility

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The valuation of the crypto sector stands at $1.06 trillion

Highlights

Dogecoin, Shiba Inu saw losses
Litecoin, Avalanche recorded price dips
USDC reeled-in small gains

Bitcoin price saw a drop on Wednesday as the value of the world's most widely used cryptocurrency fell after two days of recording significant price hikes. Having incurred a loss of 1.35 percent, Bitcoin is trading at $24,340 (roughly Rs. 20 lakh) on both, national as well as international exchanges. Over the last 24 hours, Bitcoin's value dropped by $400 (roughly Rs. 33,100). Amid the strong headwinds swaying the markets, crypto experts predict BTC could witness notable price fluctuations before it manages to cross the mark of $25,000 (roughly Rs. 20 lakh).

Ether dropped in value by 2.95 percent to trade at $1,643 (roughly Rs. 1.35 lakh). Over the past 24 hours, ETH price decreased by $60 (roughly Rs. 4,965). Most cryptocurrencies followed a similar path, as per the crypto price tracker by Gadgets 360.

Cryptocurrencies like Cardano, Polygon, Solana, and Polkadot alongside Tron, Litecoin, Avalanche, and Uniswap also saw their prices fall on Thursday.

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Even Dogecoin and Shiba Inu recorded losses.

The overall crypto market cap slipped by 3.40 percent. As per CoinMarketCap statistics, the valuation of the crypto sector stands at $1.06 trillion (roughly Rs. 87,95,800 crore).

“With the stocks of major banks going down, the effect seems to have touched crypto on the surface. While the last few days have been a great example of investor confidence in virtual digital assets as compared to traditional finance, crypto and S&P correlation continues at some level. It will be a while before Bitcoin operates as a separate entity,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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On the other hand, a few cryptocurrencies manage to bag small profits. These include Tether, Binance Coin, USD Coin, Binance USD, and Dogefi.

While the crypto industry seems to be making inroads into several countries, a new study by decentralised gaming portal — Crypto Betting has claimed that El Salvador is among nations where inclination towards Bitcoin has sustained over time despite ups and downs.

The Xiaomi 13 Pro has a hefty price tag compared to the company's 2022 flagship model. How does it fare against other high-end phones launched in 2023? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash

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