BTC, ETH Fall Alongside Majority Popular Altcoins, Losses Turn Crypto Charts Red

Bitcoin recorded a drop in its price by 3.23 percent taking its trading value to $22,510 (roughly Rs. 18.6 lakh)

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 9 February 2023 11:00 IST

BTC, ETH Fall Alongside Majority Popular Altcoins, Losses Turn Crypto Charts Red

Photo Credit: Pixabay/ WorldSpectrum

The crypto market cap currently stands at 1.05 trillion

Highlights

BTC value dropped by $750 in the last 24 hours
Nano Dogecoin saw gains
Stablecoins recorded losses

The crypto price chart indicated losses next to nearly all popular cryptocurrencies on Thursday, February 9. Bitcoin recorded a drop in its price by 3.23 percent over the night. The value of BTC, at the time of writing, stood at $22,510 (roughly Rs. 18.6 lakh) in India. The most valuable cryptocurrency, BTC is also trading in losses on international exchanges such as Binance and Coinbase. In the last 24 hours, BTC stumbled by $750 (roughly Rs. 61,984) from its last day's price of $23,260 (roughly Rs. 19.2 lakh).

Ether succumbed to the testing markets as well, following Bitcoin. The second most valuable cryptocurrency slipped down the price ladder by 3.79 percent. The price of ETH, at the time of writing, stood at $1,616 (roughly Rs. 1.33 lakh) as per Gadgets 360's crypto price tracker.

From stablecoins such as Tether, USD Coin, and Ripple — to — memecoins Dogecoin and Shiba Inu, all were struck by losses on Thursday.

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Cardano, Polygon, Solana, and Polkadot also joined the other altcoins on the loss-making side of the price charts.

Only a small number of cryptocurrencies, such as Qtum, Circuits of Value, Dogefi, and Nano Dogecoin managed to make some profits.

In the last 24 hours, the overall valuation of the crypto market slipped down by 3.52 percent. Despite the losses, the crypto sector has managed to retain its market cap above the trillion-dollar mark. As of Thursday, the crypto market cap stood at 1.05 trillion, showed CoinMarketCap.

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Industry insiders, however, believe that the crypto sector is welcoming back users who exited after the industry entered into a slumber towards the end of 2022.

“With the ranging markets, there are many growth metrics that point that new users or dormant users are returning back to the space. Ethereum's average gas price — calculated in terms of the gwei i.e. smallest Ether increased by 27 percent in January. The increase in the average gas fees is an key indicator to an increase in user activity,” the research team at CoinDCX told Gadgets 360.

“There has been a certain increase in the interest of decentralised protocols, with Total Value Locked (TVL) across different staking protocols hitting $74.6 billion (roughly Rs. 6,16,348 crore), increasing by 26 percent from Dec '22. With Ethereum Shanghai Upgrade about to hit in the month of March, Liquid Derivative Staking Pools protocols like Lido DAO, Rocket Pool, Frax Share are seen registering growth in users, development activity and increased ETH staking.”

Samsung's Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm's high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? We discuss this and more 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, Polkadot, Dogecoin, Shiba Inu, Solana, Polygon, Tether, USD Coin, Binance USD, Ripple, Qtum, Circuits of Value, Dogefi, Nano Dogecoin

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