Bitcoin, Ether Mark Dips Through Monday While Altcoins Have a Mixed Start to the Week

Exchange flows suggest that there could be a fresh rally brewing for the latter part of the week.

By Shomik Sen Bhattacharjee | Updated: 5 April 2022 12:03 IST

Bitcoin, Ether Mark Dips Through Monday While Altcoins Have a Mixed Start to the Week

Photo Credit: Unsplash/ Kanchanara

Bitcoin is gradually rising above $46,500 (roughly Rs. 35 lakh) against the US dollar

Highlights

BTC presented a weak start to the week
Ether continues to show a strong upside in price
Dogecoin, Shiba Inu both managed gains to begin the week

Bitcoin and Ether suffered dips through Monday although on-chain exchange inflow and outflow data from Glassnode suggests that a fresh surge could be brewing for the latter half of week. In terms of value, the world's most popular cryptocurrency appears to have dropped on Monday and yet managed to mark gains by early Tuesday. At the time of writing, the value of Bitcoin is up by 1.38 percent, after recording a 3.05 percent dip through Thursday. At the time of writing, BTC's value stands at $48,722 (roughly Rs. 36.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands closer to the $47,000 (roughly Rs. 35.5 lakh) mark at $46,730 (roughly Rs. 35 lakh) gaining 0.89 percent in value over the past 24 hours. Despite the rough start to the week, as per CoinGecko data, Bitcoin hasn't slipped up by much week-to-day, standing at a dip of 0.4 percent.

Ether, the world's second-largest cryptocurrency has had a similar dip on Monday with a slight change in fortune come early Tuesday. At the time of publishing, Ether is valued at $3,674 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $3,528 (roughly Rs. 2.5 lakh), where the coin has seen a dip of 3.78 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value has moved up by more than 6 percent over the past week and more than 32 percent in value since the beginning of March.

Gadgets 360's cryptocurrency price tracker reveals a rather mixed picture with gains and minor losses both showing up for good measure. The global crypto market cap witnessed a rise of 0.83 percent over the past 24 hours. Binance Coin, Solana, Polygon, Chainlink, and Zilliqa all marked losses, while Cardano, Terra, and Polkadot marked losses.

Meme coins Shiba Inu and Dogecoin have also had a fairly positive showing over the past 24 hours. Dogecoin is currently valued at $0.16 (roughly Rs. 12) after gaining 4.62 percent over the last 24 hours, while, Shiba Inu is valued at $0.000028 (roughly Rs. 0.002), up by 0.03 percent over the past day.

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Fresh data reveals that amid the positive month that March has been for Ether's recovery within the crypto market, Ethereum miners managed to rake in a total of $1.29 billion (roughly Rs. 9,740 crore) in revenue over the past month. While that's still a long way down from the all-time high registered in November last year, it does bode well for miners who've suffered a rough few months over the winter period.

Meanwhile, US-listed companies that act as custodians of cryptocurrencies on behalf of their users should account for those assets as liabilities and warn investors about the associated risk, the US Securities and Exchange Commission (SEC) has said in a newly published staff accounting bulletin. The new guidance which is aimed at particularly highlighting potential risks of crypto-related investments to customers will apply to traditional firms such as banks or retail brokers that custody cryptocurrencies for their clients or provide other related services, as well as to crypto exchanges.

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Cryptocurrency Prices across Indian exchanges

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