BTC Price Stays Close to $23,000 Mark, ETH Joins Most Altcoins in Seeing Losses

While BTC values dropped by $103 (roughly Rs. 8,520) in the last 24 hours, ETH price increased by $10 (roughly Rs. 826).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 28 February 2023 11:23 IST

BTC Price Stays Close to $23,000 Mark, ETH Joins Most Altcoins in Seeing Losses

Photo Credit: Pixabay/ Dean Crosby

As of February 28, the crypto market cap stood at $1.07 trillion

Highlights

Binance Coin, Cardano saw losses
Polygon, Solana recorded dips
Cronos and Tron saw gains

Most cryptocurrencies reflected losses on the crypto price charts on Tuesday, February 28. Bitcoin, that recorded a small loss of 0.63 percent, is presently trading at the price point of $23,437 (roughly Rs. 19.3 lakh) on both, national as well as international exchanges. Throughout February, BTC came close to breaching the mark of $25,000 (roughly Rs. 20.6 lakh) several times but could not. Industry experts have time and again noted that once BTC rises in value, its next resistance point would be at around $31,000 (roughly Rs. 25.6 lakh).

Ether tailed behind Bitcoin to trade in minor losses. As per Gadgets 360's crypto price tracker, the price of ETH stands stuck at $1,628 (roughly Rs. 1.34 lakh).

While BTC values dropped by $103 (roughly Rs. 8,520) in the last 24 hours, ETH price increased by $10 (roughly Rs. 826).

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Majority cryptocurrencies recorded losses on the last day of February 2023.

These include stablecoins such as Tether, USD Coin, Ripple, and Binance USD as well as popular altcoins such as Binance Coin, Cardano, Polygon, and Solana.

It is expected that the stablecoin Binance USD could see more losses in the coming days now that the Coinbase crypto exchange has decided to delist it amid its ongoing issues with the SEC. At the time of writing, the Binance USD coin was trading at $1 (roughly Rs. 82.68).

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Memecoins DOGE and SHIB also failed to reel-in any gains amid the volatile market.

The overall crypto market valuation dropped by 0.47 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1.07 trillion (roughly Rs. 88,49,113 crore).

Only a small bunch of altcoins managed to retain profits on the price chart.

These include Tron, Bitcoin Cash, Cronos, EOS Coin, NEM, and Circuits of Value.

Meanwhile, in a latest study, Arcane researcher Jaran Mellerud has claimed that Iceland is the most ‘stable' BTC mining region in the world. Its independent energy production system as well as its cool climate make Iceland a favourable destination for crypto mining operations.

After facing headwinds in India last year, Xiaomi is all set to take on the competition in 2023. What are the company's plans for its wide product portfolio and its Make in India commitment in the country? 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, Tether, USD Coin, Ripple, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Tron, Avalanche, Litecoin, Uniswap, Chainlink, Monero, Cosmos, LEO, Bitcoin Cash, Cronos

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