Bitcoin opened a marginal 1.71 percent loss to trade at a price of $22,763 (approximately Rs.18.5 lakh). The most expensive cryptocurrency Bitcoin also recorded losses of a similar magnitude on foreign exchanges such as Coinbase and Binance. Experts are predicting that Bitcoin could surpass $25,000 (about 20 lakh) in the coming days if it continues its uptrend. With gains alongside some cryptocurrencies and losses alongside others, the crypto price chart on Friday, January 27 reflected no increase or decrease in market dominance.
ether recorded a slightly larger loss than Bitcoin. The second-most expensive cryptocurrency opened trading with a 2.91 percent plunge. Its price at the time of writing was $1,566 (roughly Rs. 1.27 lakh, the Crypto price tracker by Gadgets 360.
stablecoins tether and ripple joined BTC and ETH to post losses.
“Most cryptocurrencies have consolidated over the past 24 hours following US GDP and jobs data. BTC values also tumbled following the release of Tesla’s earnings report,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex, told Gadgets 360.
Elon Musk’s EV company Tesla revealed in its latest earnings call that it neither sold nor bought bitcoin in the final quarter of 2022.
Meanwhile, other popular altcoins like Cardano, Solana, Speckle, Litecoin, Tronand avalanche also fell only slightly in their respective values.
Despite their recent losses, Cardano and Polkadot have been drawing an impressive chart over the past few days.
“Cardano (ADA), the eighth largest cryptocurrency at the time of writing, climbed to an 11-week high in the past seven days and is up 15 percent. On-chain activity on Polkadot (DOT) also shows that the project has generated over 450 events in the last 30 days, topping the chart with the highest development activity. This is an indication that developers are working on multiple projects using the blockchain,” the CoinDCX research team told Gadgets 360.
On the profitable side of the crypto chart polygon, Uniswapand chain link joined Lion and bitcoin cash.
There were also small price gains Bitcoin SV, Zcash, iotaand neo coin.
This week, the global crypto market cap surpassed the trillion dollar mark for the first time in 2023.
The crypto market valuation is down 1.57 percent over the past 24 hours, despite maintaining its cap at $1.04 trillion (about Rs. 84.72.93 billion). CoinMarketCap.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
