Bitcoin, Ether Share Bearish Outlook Despite Widespread Meltdown After FTX Collapse

The global crypto market cap witnessed a rise of 4.25 percent in the last 24 hours.

Written by Shomik Sen Bhattacharjee, Edited by David Delima | Updated: 23 November 2022 12:09 IST

Bitcoin, Ether Share Bearish Outlook Despite Widespread Meltdown After FTX Collapse

Photo Credit: Unsplash/ Jonathan Borba

Conditions in the crypto market saw a slight improvement in trading on Wednesday morning

Highlights

Bitcoin has dipped by 2.3 percent in value since last Wednesday
Despite gains Ether continues to trade around the $1,200 mark
TRON was among a list of few altcoins that recorded losses on the day

Bitcoin prices quickly recovered and rose back above the $16,000 (roughly Rs. 13 lakh) level after trading platform Genesis downplayed a rumour that it might be the next to fall following FTX's shocking collapse on November 16. As things stand, Bitcoin hasn't quite begun a bull run, but is closer to the psychologically important $17,000 (roughly Rs. 13.8 lakh) level. BTC is up by close to 4.42 percent in the last 24 hours with its price now around the $16,630 (roughly Rs. 13.5 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $17,618 (roughly Rs. 14.3 lakh), which is 0.59 percent higher than what the crypto asset was valued at on early Tuesday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,630 (roughly Rs. 13.5 lakh) while CoinGecko data shows that BTC's value now sits 2.3 percent lower than where it stood last Wednesday.

Ether, the largest smart contracts token, also saw a bit of an uptick in value, after yet another poor showing to begin the week. Ether is currently up by roughly 5.61 percent over the past 24 hours across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,268 (roughly Rs. 1.03 lakh) where values are up by 3.53 percent in the past day.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw a jump in value too with the global crypto market capitalisation numbers showing a 4.25 percent increase over the last day.

Polygon, BNB, Cosmos, Chainlink, Cardano, Uniswap, Solana, Polkadot, Avalanche, and Monero all recorded major gains on the day while TRON, marked minor losses over the past 24 hours.

Dogecoin and Shiba Inu managed to show up on the green scale too. Dogecoin is currently valued at $0.08 (roughly Rs. 6.65) after gaining by more than 10.42 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000009 (roughly Rs. 0.000735), up 6.61 percent over the past day.

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"Bitcoin Long-term holders are doubling down on their holdings despite facing historically some of the highest unrealised notional losses ever. Long-term holder supply is at all-time highs indicating significant accumulation at these price levels," states CoinDCX's Research Team in a statement shared with Gadgets 360.

"Apart from increased whale accumulation, the active addresses growth curve is making higher lows meaning that the network growth is on a steady long-term growth trajectory boosted by general adoption aided by Layer-2 solutions being built on top of the chain such as the lightning network that has partnered with small and large businesses alike to seamlessly facilitate instant payments around the clock leveraging Bitcoin as the core infrastructure."

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Cryptocurrency Prices across Indian exchanges

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