Bitcoin Holds on to $20,000 While Ether, Major Altcoins Slip Under Recession Fears

The global crypto market cap saw a dip of 0.75 percent in the last 24 hours.

Bitcoin Holds on to $20,000 While Ether, Major Altcoins Slip Under Recession Fears

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Bitcoin resumed a fall on Wednesday despite a strong showing through Tuesday

Highlights
  • Bitcoin slipped in value but held on to the $20,000 mark
  • Ether has slipped yet again to show up around the $1,100 mark
  • TRON, Uniswap, and Elrond managed gains despite a dip in market cap

Moving hand-in-hand with the traditional stock market, Bitcoin and the wider crypto market saw a fall in value as investor appetite for risk assets receded yet again on growing fears about an economic downturn. The price of the largest cryptocurrency by market capitalisation had hit a Tuesday high of $21,620 in the evening before slipping to around the $20,000 (roughly Rs. 15.3 lakh) levels on early Wednesday. As things stand, BTC's price is hovering around the $20,300 (roughly Rs. 15.9 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $21,482 (roughly Rs. 16.8 lakh), down by 1.23 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,301 (roughly Rs. 15.86 lakh) while CoinGecko data shows that BTC's value is currently in the red by 8.4 percent week-to-day.

While Bitcoin continues to hover around the $20,000 (roughly Rs. 15.5 lakh) mark, Ether continued to slip lower. At the time of publishing, Ether is valued at $1,160 (roughly Rs. 91,000) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,098 (roughly Rs. 86,000), where the cryptocurrency has lost 2.14 percent over the past 24 hours.

Ether's slide over the past 24 hours sees the cryptocurrency's value remain in the red by nearly 10 percent when compared to last week's value, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals a similar story for most major altcoins too — as the global crypto market capitalisation lost 0.75 percent in the last 24 hours. BNB, Polkadot, Avalanche, Solana, and Chainlink see themselves in the red, while Uniswap, Elrond, and [TRON}(https://gadgets360.com/finance/tron-price-in-india-today-inr) managed to swim against the tide.

Memecoins Shiba Inu and Dogecoin swam against the tide too through Tuesday. Dogecoin is currently valued at $0.06 (roughly Rs. 5.3) after gaining more than 5.83 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.00001 (roughly Rs. 0.000807), up by 18 percent over the past day.

"Notwithstanding the recent rally, the lack of a significant improvement in prevailing macroeconomic conditions does favour a continued need for a cautious approach towards investing — equities, crypto included. Until it becomes more evident that the global economy has pivoted back towards recovery and growth, we expect investors to continue taking a defensive stance in the management of their portfolios," the research team at CoinDCX tells Gadgets 360.


Will crypto tax hurt the industry in India? 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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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