Home Technology Bitcoin, Ether Log Losses Alongside Most Altcoins: Details

Bitcoin, Ether Log Losses Alongside Most Altcoins: Details

Bitcoin, Ether Log Losses Alongside Most Altcoins: Details


Bitcoin on Friday, February 23 reflected a loss of 1.13 percent to trade at the price point of $51,017 (roughly Rs. 42.2 lakh). This is the second consecutive day this week, that Bitcoin has logged a loss. It is, however, impressive that the asset has managed to hold ground at the mark of $51,000 (roughly Rs. 42 lakh) despite incurring losses. In the last 24 hours, the value of BTC tumbled by $375 (roughly Rs. 31,080). Market analysts believe this is a price correction phase for Bitcoin and subsequently for majority other cryptocurrencies as well.

Ether recorded a drop of 1.54 percent on Friday. With this, its trading value has come to the mark of $2,799 (roughly Rs. 2.3 lakh). Over the last day, the value of ETH has dropped by $42 (roughly Rs. 3,480).

“In the last 24 hours, the crypto market showed a slight bearish sentiment with the first net outflow from BTC ETF since January 25, 2024, signalling bearishness. Additionally, funding rates were not favorable for bulls. Technically, BTC closed in the red but stayed within its range. Meanwhile, ETH remained relatively stable,” the CoinDCX team told Gadgets360.

Majority of the popular cryptocurrencies are trading in losses as of Friday.

These include Tether, Solana, Ripple, USD Coin, Cardano, Avalanche, and Tron.

Chainlink, Polkadot, Bitcoin Cash, Litecoin, Uniswap, and Cosmos are also reeling under losses as of Friday.

The overall crypto market valuation stands at $1.95 trillion after incurring a dip of 0.25 percent in the last 24 hours, shows CoinMarketCap.

Meanwhile, only a few altcoins managed to see gains on Friday. These include Binance Coin, Polygon, Shiba Inu, Stellar, and Cronos.

“As for altcoins, BNB’s (+1.1 percent) price climbed to its highest since the FTX crash. This could be attributed to fading concerns around regulatory issues related to Binance, and an upcoming Web3 gaming project’s airdrop farming campaign for BNB holders. Additionally, AI tokens continued to surge on the back of Nvidia’s 4th quarter earnings; RNDR is up 9.3 percent while WLD (+13.9 percent) hit its record high,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

In other news, Reddit disclosed its investment in Bitcoin and Ethereum ahead of its IPO. The company also acquired Ether and Polygon for the sale of specific virtual goods. The company has submitted its filing on the New York Stock Exchange under the ticker symbol ‘RDDT’.

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.

For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.


Source link


Please enter your comment!
Please enter your name here