Bitcoin price has seemingly turned a corner in trading today after the cryptocurrency hit its lowest since July earlier this week. The downward slide of Bitcoin and other cryptocurrencies dates back to November when BTC hit a record high and the rally continued into the new year. The largest cryptocurrency by market capitalisation did manage a positive run through Monday, gaining 2.69 percent in value through the day. Bitcoin's value is currently at $39,698 (roughly Rs. 30 lakh), up by 0.71 percent over the past 24 hours, as per Indian exchange CoinSwitch Kuber.
Meanwhile, on global exchanges, the price of the most popular cryptocurrency climbed above $36,000, marking a slight revival over the past couple of days. As per CoinMarketCap, BTC is valued at $36,310 (roughly Rs. 30 lakh), up by 2.94 percent over the past 24 hours.
Ether, the second-largest cryptocurrency by market capitalisation, however, isn't following Bitcoin's trail. The Ethereum-based cryptocurrency witnessed yet another dip of 1.65 percent through Monday only to see more red on Tuesday morning. At the time of publishing, Ether is valued at $2,618 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value dropped well below the $2,500 mark at $2,394 (roughly Rs. 2 lakh), where the coin dropped 1.73 percent over the past 24 hours.
Gadgets 360's cryptocurrency price tracker shows that most popular altcoins witnessed a serious rattling too, with even stablecoins failing to show streaks of green on the day. Cardano, Tether, Ripple, Polkadot,Chainlink, Uniswap, and Polygon all dropped in value. Cosmos' ATOM token surprisingly soared by more than 8 percent, making the token one of the only gainers on the day.
Meme coins haven't had a very good start to the week and the market on Monday saw bigger dips for Dogecoin and Shiba Inu. Dogecoin is currently valued at $0.14 (roughly Rs. 10) after dipping by 4.14 percent over the last 24 hours, while Shiba Inu is valued at $0.000022 (roughly Rs. 0.002), down 6.4 percent over the past 24 hours. As per CoinGecko data, both DOGE and SHIB have dropped over 20 percent in value over the past 7 days with Shiba Inu's fall being closer to 30 percent.
"Bitcoin bounced back to $37,000 (roughly Rs. 30 lakh) yesterday. BTC's new support level sits at $30,000 (roughly Rs. 22 lakh). If it drops below this, it can reverse its long-term bull trend taking it back to where it started. Ethereum is running low trading at $2,400 (roughly Rs. 2 lakh). While most of the top altcoins, according to the market cap, are in red. Avalanche, Cosmos, Wrapped Bitcoin are running a bit in green. Cryptocurrencies are not the only assets running in red, but stock markets are also doing a bit low," Edul Patel, CEO and co-founder of crypto investment firm Mudrex, told Gadgets 360.