Bitcoin, Ether Begin to Show Gradual Recoveries with Minor Gains; Polygon, Shiba Inu See Dips

The crypto market showed a notable improvement on February 2 after weeks of laying low this year.

By Radhika Parashar | Updated: 2 February 2022 11:24 IST

Bitcoin, Ether Begin to Show Gradual Recoveries with Minor Gains; Polygon, Shiba Inu See Dips

Photo Credit: Unsplash/ David Mcbee

Presently, the market cap of the crypto market is $1.77 trillion (roughly Rs. 1,32,48,250 crore)

Highlights

Dogecoin sees gains, but Shiba Inu remains loss-ridden
Bitcoin and Ether grow in prices after days of losses
Chainlink and Uniswap saw losses

The crypto price chart finally showed some recovery on Wednesday, February 2, after days of being riddled with losses. Bitcoin, with a minor value rise of 0.18 percent, opened trading at $41,297 (roughly Rs. 30.85 lakh) on Indian exchange CoinSwitch Kuber. While Bitcoin's situation looks like it is improving in India, its position still looks shaky on international exchanges. On Binance and CoinMarketCap for instance, Bitcoin prices fell by 0.29 percent and 0.11 percent, respectively. The most valued cryptocurrency is trading at around $38,396 (roughly Rs. 28.7 lakh)

Ether followed Bitcoin to climb up the price ladder after a streak of losses. The altcoin is trading at $2,976 (roughly Rs. 2.2 lakh) with a hike of 1.66 percent as per Gadgets 360's crypto price tracker.

A day after India imposed a 30 percent tax on incomes generated from the transactions in “virtual digital assets,” the price charts bounced back to reflect greens. As per industry insiders, this taxation has indirectly legitamised the crypto sector in the Indian market.

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Tether, Binance Coin, USD Coin, and Cardano also made it to the gainers risk along with Solana and Ripple.

Interestingly, meme-based Dogecoin managed to see some spike after strolling through the year so far, struggling with losses. Presently, DOGE is trading at $0.15 (roughly Rs. 11.5) with a hike of 0.18 percent.

For Dogecoin-rival Shiba Inu however, things have not changed in terms of its price status. The meme-coin is trading for $0.000023 (roughly Rs. 0.001735) with a dip of 0.46 percent.

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Terra, Polygon, Chainlink, and Uniswap among a few other altcoins registered minor losses.

In totality, the crypto market showed a notable improvement after weeks of laying low this year.

Meanwhile, India has revealed its plans of rolling out a blockchain-backed digital Rupee, the exact name of which will be declared later.

Despite India levying a 30 percent tax on crypto asset transactions, Thailand is reportedly planning to roll back the 15 percent tax it imposed on crypto profits after heavy opposition especially from the country's youth.

As of now, the market cap of the crypto market is $1.770 trillion (roughly Rs. 1,32,48,250 crore) as per CoinMarketCap.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Bitcoin, Ether, Tether, Binance Coin, USD Coin, Shiba Inu, Dogecoin, Cardano, Ripple, Terra, Polygon, Chainlink, Uniswap

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