Bitcoin's Checks Back to $23,400 While Ether, Altcoins Slip Mid-Week as Investors Become Risk Averse

The global crypto market cap saw a dip of 3.09 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 18 August 2022 13:23 IST

Bitcoin's Checks Back to $23,400 While Ether, Altcoins Slip Mid-Week as Investors Become Risk Averse

Photo Credit: Unsplash/ Kanchanara

Top cryptocurrencies lost out on value early Thursday despite a good showing on Wednesday

Highlights

Bitcoin continues to stay below the $24,000 mark through mid-week
Ether has seen a blip in its race towards $2,000 (roughly Rs. 1.59 lakh)
Most major altcoins saw dips including memecoins DOGE and SHIB

The wider crypto market appears to have closely followed the price action of global equity markets yet again, falling in value a fair bit despite a strong showing on Wednesday evening. The value of Bitcoin has witnessed a 2.34 percent dip in the last 24 hours with its price now right above the $23,400 (roughly Rs. 18.64 lakh) mark across global exchanges, while Indian exchange CoinSwitch Kuber values BTC at $25,313 (roughly Rs. 20.16 lakh), 2.32 percent lower in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase and Binance, the price of Bitcoin stands at $23,444 (roughly Rs. 18.67 lakh), while CoinGecko data shows that BTC's value is currently 2.1 percent lower than where it was last Thursday.

Ether shared a similar plight, losing out a fair bit of value in its chase towards the $2,000 (roughly Rs. 1.59 lakh) mark. At the time of publishing, Ether is valued at $1,964 (roughly Rs. 1.56 lakh) on CoinSwitch Kuber, while global exchanges see the crypto's value at $1,850 (roughly Rs. 1.47 lakh) with a 2.72 percent dip over the past 24 hours.

Ether's showing over the week so far sees the cryptocurrency's value turn to red by close to 0.2 percent when compared to its value last Thursday, as per CoinGecko data.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a poor showing mid-week with none of the better-known altcoins marking gains. The global crypto market capitalisation also witnessed a 3.09 percent dip through Wednesday and early Thursday.

Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cardano, Cosmos, Avalanche, and BNB all saw a slide in value in the last 24 hours.

Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with dips to show for the day. Dogecoin is currently valued at $0.09 (roughly Rs. 7.6) after losing some 7.26 percent in value over the last 24 hours, while Shiba Inu is valued at $0.000016 (roughly Rs. 0.001291), down by 2.05 percent over the past day.

Celsius Gets Clearance From Court to Sell Newly Mined Bitcoin

"The open interest for Ethereum options crossed $8.2 billion (roughly Rs. 65,318.5 crore) as it surged higher than that of Bitcoin at $5.4 billion (roughly Rs. 43,013 crore), as derivatives traders are placing directionally obvious bets for Ethereum pertaining to the upcoming Merge planned on September 19. However, options market analysis suggests that Ethereum's Merge may be a ‘buy the rumour, sell the news event with significant spikes in the Options market without a commensurate increase in withdrawals from exchanges to cold wallets indicative of a mismatch between expectations in price movements and on-chain activity," the research team at CoinDCX tells Gadgets 360.

Do the Galaxy Z Fold 4 and Z Flip 4 offer enough over last year's models? 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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.