After almost four days of consistent gains, most cryptocurrencies opened with losses on Thursday, January 19th. Bitcoin fell 2.68 percent in value and opened trading today at a price of $20,750 (about 16.8 lakh). This was Bitcoin’s lowest value in the last five days on both domestic and foreign exchanges such as Coinbase and Binance, among others. In fact, in the last 24 hours, the price of BTC itself has dropped significantly by $451 (roughly Rs. 36,665).
ether followed Bitcoin on the losing train. With the price down 4.33 percent, ETH entered the trading arena valued at $1,523 (roughly 1.23 lakh). The second most valuable crypto asset fell $58 (roughly Rs. 4,715).
tether, USD coin, rippleand Binance USD – popular stablecoins – settled with losses. These were joined by other popular altcoins, including Cardano, polygon, Solana, Speckleand Litecoin.
The prices of the two meme coins Shiba Inu and Dogecoins also cascaded down the price ladder.
The overall valuation of the crypto market collapsed by 2.7 percent over the last day. acc CoinMarketCapThe crypto market capitalization stands at US$969 billion (approximately Rs.78.78.211 billion).
Only a countable number of cryptocurrencies have made gains today. These include hyphen, value circuitsand To bend.
Despite today’s market volatility, industry experts have kept their focus on the silver linings. “The global crypto market cap is up 16.10 percent over the past seven days. Bitcoin’s recent price rally saw shorts liquidate nearly $500 million (approximately Rs.4,068 billion) over the past week, marking the highest of its kind since October 2022. Additionally, the number of daily transactions recorded on the Bitcoin blockchain almost jumped to 300,000, the highest level since April 2021,” the CoinDCX research team told Gadgets 360.
More in the later parts of the year decentralized applications (dApps) are expected to enter the Web3 market.
“Ethereum on-chain activity shows an increase in the number of smart contracts deployed on the Ethereum mainnet, which is up 293 percent compared to 2021. Additionally, the deployment of smart contracts on Ethereum’s Goerli testnet has grown by 187 percent over the past three months of 2022 – and up as much as 721 percent year-on-year – reaching an all-time high of 2.7 million, signaling that more in the future decentralized applications could come to market,” added the CoinDCX team.
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.
