Bitcoin Slips Down by Over 6 Percent, Majority of Altcoins Descend Down Price Ladder

As per Binance and CoinMarketCap, Bitcoin recorded losses of over 6 percent and opened trading at an even lower price point of $18,807 (roughly Rs. 15 lakh).

Written by Radhika Parashar, Edited by Abhinav Lal | Updated: 19 September 2022 11:06 IST

Bitcoin Slips Down by Over 6 Percent, Majority of Altcoins Descend Down Price Ladder

Photo Credit: Pixabay/ WorldSpectrum

The overall market valuation of the crypto sector stands at $911 billion

Highlights

Crypto markets drenched in reds
Uniswap, Cosmos saw losses
Avalanche also slipped down the price ladder

The global crypto market has been on a downward trend in the past week as the sentiment around cryptocurrencies remained bearish due to various macroeconomic factors. Bitcoin on Monday, September 19, slipped down by 6.44 percent as per Gadgets 360's crypto price tracker. The current price of Bitcoin stands at $18,757 (roughly Rs. 15 lakh). Similar thick losses struck Bitcoin on an international exchange as well. As per Binance and CoinMarketCap, Bitcoin recorded similar losses and opened trading at a price point of $18,807 (roughly Rs. 15 lakh).

Ether has also followed Bitcoin on the loss scale. Following the launch of Ethereum blockchain's energy-efficient Merge upgrade, ETH is trading at $1,299 (roughly Rs. 1.03 lakh) as per Gadgets 360's crypto price tracker.

From stablecoins to memecoins — the market movement did not spare any relief to any sector of altcoins, all of which recorded only losses today.

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Tether, Binance Coin, Ripple, Cardano, and Solana reeled-in losses.

Dogecoin and Shina Inu slipped down.

“The slump might be due to the soaring inflation, recession, and fear around the Federal Open Market Committee's meet-up on the 21st of September over the next interest hike. Bitcoin has experienced a heat wave post the CPI data was released. If buyers cannot seize the initiative above the current level today, we might see ETH dropping to another vital point below $1,300 (roughly Rs. 1 lakh) soon,” Edul Patel, CEO and co-founder of Mudrex crypto investing platform told Gadgets 360.

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The overall market valuation of the crypto sector dipped by 6.25 percent and presently stands at $911 billion (roughly Rs. 72,59,678 crore).

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Solana, Polygon, Ripple, Cardano, Tether, Binance Coin, Dogecoin, Memecoin, Stablecoins, Memecoins

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