By: Shayak Majumder | Updated at : 19 Jan 2023 10:31 AM (IST)
Bitcoin price stood at $20,824.77 on Thursday morning. ( Image Source : Getty )
Bitcoin (BTC) — the world’s oldest cryptocurrency — lost its bullish streak as it dipped below the $21,000 mark after days of gains. The global crypto market cap also dipped to nearly $969 billion from $999 billion yesterday. Other popular altcoins — including the likes of Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) — landed in the reds across the board. While the KAVA token emerged to be the top gainer with a 24-hour gain of over 10 percent, Rocket Pool (RPL) became the top loser with a 24-hour dip of over 19 percent.
The global crypto market cap stood at $969.04 billion at the time of writing, registering a 24-hour loss of 2.75 percent.
Bitcoin price stood at $20,824.77, registering a 24-hour dip of 2.14 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.74 lakhs.
ETH price stood at $1,528.66, marking a 24-hour loss of 3.46 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.29 lakhs.
DOGE registered a 24-hour dip of 6.07 percent, as per CoinMarketCap data, currently priced at $0.08139. As per WazirX, Dogecoin price in India stood at Rs 6.96.
Litecoin saw a 24-hour loss of 4.72 percent. At the time of writing, it was trading at $83.53. LTC price in India stood at Rs 7,000.03.
XRP price stood at $0.381, seeing a 24-hour dip of 1.57 percent. As per WazirX, Ripple price stood at Rs 32.10.
Solana price stood at $21.66, marking a 24-hour loss of 6.42 percent. As per WazirX, SOL price in India stood at Rs 1,836.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Kava (KAVA)
Price: $1.05
24-hour gain: 10.17 percent
Hedera (HBAR)
Price: $0.05562
24-hour gain: 1.35 percent
Fei USD (FEI)
Price: $1.01
24-hour gain: 1.32 percent
XDC Network (XDC)
Price: $0.02743
24-hour gain: 0.56 percent
Huobi Token (HT)
Price: $4.96
24-hour gain: 0.25 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Rocket Pool (RPL)
Price: $34.11
24-hour loss: 19.97 percent
Loopring (LRC)
Price: $0.2575
24-hour loss: 9.79 percent
Shiba Inu (SHIB)
Price: $0.00001127
24-hour loss: 9.64 percent
Gala (GALA)
Price: $0.04584
24-hour loss: 9.16 percent
Maker (MKR)
Price: $648.88
24-hour loss: 8.76 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “On Wednesday, most cryptocurrencies declined as the market reacted to the US crackdown on the Bitzlato exchange. Bitcoin briefly rose above its resistance at $21,480 but was unable to maintain the gains, potentially attracting profit-taking by short-term traders. However, if BTC can make it above the $21,400 level, this might attract buyers and push the price above the next levels.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Data on Bitcoin transactions indicates that large holders, known as “whales,” are not selling their holdings during the recent price increase of 27 percent since the beginning of the year. This is seen as a positive indication that the current rally may be the start of a prolonged bullish market.”
Kunji founder Anurag Dixit offered his take, “The Purchase power index (PPI) marked at -0.5 MoM which caused a mixed impact on financial markets. In the crypto market, BTC and altcoins rallied at first, however, the broader stock markets indices like Nasdaq and S&P 500 marked lower along with BTC and altcoins. This retracement was expected in the crypto market as the prolonged upward momentum had become unsustainable without any significant changes in monetary policy from the US Federal Reserve.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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