After weeks of minor losses on the charts, the prices of bitcoin and ether — the top two cryptocurrencies — have seen further declines in their respective values. Bitcoin opened Wednesday, December 28, down 1.27 percent. While the percentage of losses may seem small, it actually drove BTC prices below what the asset was able to hold for around two weeks – $16,858 (roughly 13.9 lakh). BTC price at the time of writing is $16,627 (roughly 13.7 lakh) – which is a difference of $231 (roughly Rs. 19,136) from the previous day’s value.
ether then also slid down significantly on the price chart Bitcoin. The crypto asset is currently trading at a price of $1,196 (approximately Rs.99,156) after suffering a 1.96 percent loss, according to the Crypto price tracker by Gadgets 360.
Most altcoins opened with dips today. These include Cardano, polygon, Speckle, Tronand Litecoin.
Dogecoins and Shiba Inu along with Solana, Uniswap, avalancheand chain link also settled with losses.
The current crypto sector cap has dropped to the yearly low of US$801 billion (approximately Rs.66.42.614 billion).
The global crypto market valuation fell 1.37 percent, as of CoinMarketCapin the last 24 hours.
Only a small number of altcoins, particularly stablecoins, held onto gains.
These include tether, USD coin, rippleand Binance USD.
LION, Dogefi, Bitcoin hedgeand To bend even small gains.
2022 ends on a very soft note for the crypto sector, especially now that the COVID-19 situation in China has started to affect international trade and business activities.
Speaking to Gadgets 360, Sumit Gupta, the co-founder of CEO, CoinDCX, said that more and more developers and entrepreneurs with a product mentality are creating world-class products around the world NFTs, Blockchain, cryptoand the metaverse that will eventually drive mass crypto adoption in 2023.
“With the continued pursuit of education and awareness initiatives launched by the industry; Investors have a better market feel and better understanding of crypto assets. The institutionalization of crypto will also drive the next phase of adoption,” noted Gupta.
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 based on an accepted recommendation, forecast or other information contained in this article.
