BTC, ETH Join Most Altcoins in Opening with Price Dips as Crypto Charts Reflect Volatility

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After two days of most cryp­tocur­ren­cies open­ing with prof­its, the price chart reflect­ed loss­es next to major­i­ty alt­coins on Wednes­day, Jan­u­ary 25. Bit­coin man­aged to retain its recent­ly spiked price despite encoun­ter­ing a small loss of 2.10 per­cent. The val­ue of BTC, at the time of writ­ing, stood at $22,621 (rough­ly Rs. 18.4 lakh). The old­est cryp­tocur­ren­cy is trad­ing around the same price point on inter­na­tion­al exchanges like Binance and Coin­base as well. In terms of num­bers, BTC dropped in price by $450 (rough­ly Rs. 36,694) in the last 24 hours.

Ether on Wednes­day broke its prof­it streak and record­ed a loss of 5.80 per­cent. Ether opened trad­ing at the price of $1,545 (rough­ly Rs. 1.26 lakh), showed the cryp­to price track­er by Gad­gets 360.

Binance Coin, Car­dano, Solana, Poly­gon, Polka­dot, and Lite­coin wit­nessed val­ue dips.

Both meme­coins Shi­ba Inu and Doge­coin also opened with losses.

“In the past 24 hours, most cryp­tocur­ren­cies have seen a slight decrease as the mar­kets pre­pare for the release of US GDP fig­ures on Thurs­day and con­sumer sen­ti­ment data on Fri­day,” Edul Patel, CEO and Co-Founder of Mudrex cryp­to invest­ment firm told Gad­gets 360.

The over­all cryp­to mar­ket val­u­a­tion tum­bled by 3.26 per­cent in the last 24 hours. As per Coin­Mar­ket­Cap, the cur­rent glob­al cryp­to mar­ket cap stands at $1.02 tril­lion (rough­ly Rs. 83,49,684 crore).

Only a small num­ber of alt­coins record­ed prof­its. These include Leo, Qtum, and Flex.

Despite the volatil­i­ty plagu­ing the cryp­to assets sec­tor, investors con­tin­ue to show sup­port for cryptocurrencies.

“Whales hold­ing 1,000 to 10,000 BTCs have col­lec­tive­ly accu­mu­lat­ed 64,638 BTC totalling around $1.5 bil­lion (rough­ly Rs. 12,230 crore) in the past 15 days. On the adop­tion front, Indi­an based Poly­gon part­nered with Bit­Go, a cryp­to cus­tody provider enabling MATIC hold­ers to earn rewards by stak­ing their coins, pro­vid­ing wal­let and cus­tody facil­i­ties,” the CoinD­CX research team told Gad­gets 360.

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. 

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