Bitcoin Bounces Back to $36,000 as Ether, Major Altcoins See Red Again
After hitting its lowest level since July, the Bitcoin price appears to have turned the corner. Bitcoin’s slide and other cryptocurrency has been ongoing since November, when BTC reached a record high. The rally continued into the new Year. Bitcoin, the largest cryptocurrency in terms of market capitalization, did enjoy a positive run Monday. It gained 2.69 percent value over the course of the day. Bitcoin currently has a value of $39,698 (roughly Rs. According to CoinSwitch Kuber, Bitcoin’s value has risen by 0.71 percent in the last 24 hours.
The price of the most widely used cryptocurrency, Bitcoin, climbed to $36,000 on global exchanges. This is a slight recovery over the past few days. According to CoinMarketCap, BTC’s value is $36,310 (roughly Rs. 30 lakh, an increase of 2.94 percent in the last 24 hours.
Ether is the second-largest cryptocurrency in terms of market capitalisation. However, it’s not following Bitcoin’s lead. After a Monday plunge of 1.65 percent, the Ethereum-based cryptocurrency saw more red on Tuesday morning. Ether’s current value is $2,618 (roughly Rs. 2 lakh) on CoinSwitch Kuber, while global exchanges see Ether’s value drop well below $2,500 at $2,394 or roughly Rs. 2. lakh), where the coin fell 1.73 percent in the last 24 hours.
Gadgets 360’s cryptocurrency price monitor shows that many popular altcoins saw a serious rattling, with even stablecoins showing no signs of green. Cardano and Tether all saw their value drop. Cosmos’ AtOM token surprised everyone by soaring more than 8 percent. This token was one of the few gainers for the day.
The week has not been very positive for Meme coins. On Monday, the market saw larger drops for Dogecoins and Shiba Inu. Dogecoin currently has a value of $0.14 (roughly Rs. 10) after falling by 4.14 percent in the last 24 hours. ShibaInu is currently valued at $0.000022 (roughly R. 0.002, down 6.4 percent in the last 24 hours. According to CoinGecko data both SHIB and DOGE have lost more than 20 percent over the past seven days, with Shiba Iu losing closer to 30%.
The price of Bitcoin rose to $37,000 (roughly Rs. 30 lakh) yesterday. BTC’s support level has been raised to $30,000 (roughly Rs. 22 lakh). It can drop below that level and reverse its bull trend, bringing it back to the beginning. Ethereum trading at $2,400 (roughly Rs. 2 lakh). According to market cap, most top altcoins are in red. Avalanche and Cosmos are running a little in green. Wrapped Bitcoin is also running a little in green. Edul Patel, cofounder and CEO of crypto investment firm Mudrex told Gadgets 360 that cryptocurrencies aren’t the only assets in red. Stock markets are also doing poorly.
There are many reasons for the two-month drop in cryptocurrency prices. Some reprots claim that cryptocurrency is a Ponzi scheme. While there are some dubious altcoins available on the market, this view is not shared widely by others. The top coins and tokens for 2022 are being used in real-world situations through Decentralised Finance (DeFi) as well as other areas.
El Salvador, a central American country that legalized Bitcoin last year has been increasing its Bitcoin treasury. El Salvador bought a new batch of tokens worth 410 for $15 million, which is roughly Rs. 110 crore). This development follows a plunge in Bitcoin prices to $35,000 (roughly Rs. 25 lakh) starting at $42,270 (roughly R. In recent days, 30 lakh
T-Series, a popular music label, is ready to explore the new-age sectors and metaverses of non-fungible tokens. T-Series has teamed up Hungama TV’s Web3 venture, Hefty Entertainment. Polygon blockchain will support the Hefty metaverse. It also supports Ethereum scaling and infrastructure development. Hungama TV and T-Series both aim to be early adopters of the changes that will shape how people consume content in the future. Hungama will create NFTs using the extensive catalog of existing and new content that T-Series has created.