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.

By Shomik Sen Bhattacharjee | Updated: 22 June 2022 11:03 IST

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

Photo Credit: Pixabay/ Digital Designer

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.

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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://www.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.

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"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.

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Cryptocurrency Prices across Indian exchanges

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