Tech
Crypto Market Today: Ether Performs Better Than Bitcoin, Altcoins Reflect Prevailing Market Volatility
Bitcoin recorded a small loss of 0.09% on Wednesday, February 7th. With this, its trading value, at the time of writing this article, stood at $42,812 (approximately Rs. 35.5 lakh). Over the past 24 hours, the most expensive cryptoasset increased in value by $10 (around 830 rupees). According to market analysts, Bitcoin’s market stability, despite volatile macro factors, has been encouraging as it briefly crossed $43,000 (around Rs. 35.6 lakh) levels before falling to its current price.
“While BTC continues to trade in a thin narrow uptrend channel, its volatility continues to be on the lower side. BTC has already printed five consecutive monthly green candles in the wake of the recent ETF and the upcoming April halving. It should be interesting to see if we will see another monthly green close as it has only happened once in the last seven years,” the CoinSwitch Markets Desk told Gadgets360.
Ether, unlike Bitcoin, is trading in green on Wednesday. With a gain of 2.09%, Ether is currently trading at $2,361 (around Rs. 1.96 lakh). In the last 24 hours, the price of Ether has increased by $50 (around 4,150 rupees).
“ETH has approached the upper limit of its range, currently holding just below the $2,380 mark (around Rs. 1.97 lakh). It is also above the 20 and 50 exponential moving averages (EMAs), which is a positive sign,” the CoinDCX team told Gadgets360.
On Wednesday, with Bitcoin and Ether taking different market trajectories, the cryptocurrency chart marked a clear internal divide within itself with most altcoins losing ground behind BTC.
Binance coin, Solana, Ripple, CardanAND Avalanche – posted losses Wednesday.
Chain shirt, Polka dot, Shiba Inu, Bitcoin CashAND Leo it also reflects the drop in prices Stellar, Close to the protocolAND Monero.
“The United States may change its mind and abandon its cautious imagery regarding crypto regulations as private companies devise new use cases for digital assets. With elections around the corner, this could be a deciding factor. The William percentage indicator indicates overbought conditions for the token and the next few days will reveal whether this leads to a definitive uptrend, aligning with other bullish indicators,” Rajagopal Menon, vice president of WazirX, told Gadgets360.
Bind, Dogemoneta, Tron, Polygon, Litecoin, UniswapAND Cosmos meanwhile – took small profits and walked behind Ether on Wednesday.
The overall cryptocurrency market capitalization increased slightly by 0.52% in the last 24 hours. Currently, the industry’s valuation stands at $1.65 trillion (around Rs 1,36,91,114 crore) according to CoinMarketCap. Despite the constant fluctuations in the cryptocurrency market, market experts are optimistic that the situation will change soon.
“Microstrategy, a business intelligence firm known for its strong support of Bitcoin, reported the acquisition of an additional 850 BTC for $37.2 million (roughly Rs. 308 crore) and now holds a staggering total of 190,000 BTC At the same time, the Bitcoin spot ETF craze has not slowed down as BlackRock and Fidelity now own a combined 138,489 BTC which equates to around $5.9 billion (roughly Rs. 48,936 crore) in Bitcoin only positive institutional sentiments towards Bitcoin ahead of the halving,” said Shivam Thakral, CEO of BuyUcoin.
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