The cryptocurrency market, which has been riding a high horse these past few days, recorded a minor blip on Wednesday, April 6. The price of Bitcoin dipped by 2.04 percent for it to trade at $28,050 (roughly Rs. 22.9 lakh). This marks a loss of $531 (roughly Rs. 43,525) from last day’s price for the oldest, most expensive cryptocurrency in existence. The minute but notable loss incurred by BTC did affect the pricings of other cryptocurrencies, most of which are trading in reds on Wednesday.
Ether tripped down the price ladder, tailing behind Bitcoin in a conventional movement. ETH is currently trading at $1,892 (roughly Rs. 1.55 lakh) after seeing a loss of one percent.
Close to getting its Shanghai upgrade slated for April 12, Ether marked its eight-month high at $1,910 (roughly Rs. 1.5 lakh) on April 5. In the last 24 hours, its price only dropped by $18 (roughly Rs. 1,475), indicating that ETH has been maintaining a better balance in terms of maintaining a healthy market position, especially in comparison to Bitcoin.
As per the crypto price tracker by Gadgets 360, most altcoins joined BTC and ETH on the loss side of the listings.
These include stablecoins like Tether, USD Coin, Ripple, and Binance USD alongside Litecoin and Solana.
Polygon, Polkadot, Tron, and Avalanche also saw losses.
Interestingly, Dogecoin could not hold investors’ attention despite Elon Musk blatantly replacing the Twitter blue bird logo with the Dogecoin dog logo. DOGE slipped in value by 5.85 percent on Wednesday to trade at $0.092 (roughly Rs. 7.50).
Shiba Inu also continued to trade in losses.
The overall crypto market cap tumbled by nearly one percent in the last 24 hours. The valuation of the global sector stood at $1.19 trillion (roughly Rs. 97,51,197 crore) at the time of writing as per CoinMarketCap.
“Crypto data firm Amberdata suggests that providing token liquidity to DeFi applications can be more profitable than simply holding tokens, but liquidity providers must address impermanent loss and other risks,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
Amid the market volatility, only a few altcoins managed to reel in gains on Wednesday.
These include Wrapped Bitcoin, Monero, Bitcoin Cash, and Aave.
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.