Cryptocurrency Price Today: Bitcoin Holds Above $42,000, Small Losses Hit Most Altcoins

Bitcoin fell 1.26% on Gadgets360 on Monday, February 5 Crypto price tracker. At the time of writing, the value of Bitcoin stands at $42,458 (approximately Rs. 35.2 lakh). Over the weekend, Bitcoin price increased by $438 (around Rs. 36,367). The recent announcement of no interest rate cuts in March in the United States has put a damper on market sentiment, leading to a decline in the value of Bitcoin.

Ether it posted a loss of 0.42% on Monday. With this, its value has reached $2,290 (approximately Rs. 1.90 lakh). Despite this slight decline, the value of Ether increased by $32 (around Rs. 2,655) in the last 24 hours.

“Positive factors such as the halving make the outlook for BTC positive. Ether is below key moving averages, but developments such as the Dencun update and speculation on the approval of a spot ETH ETF provide positive sentiments,” the CoinDCX research team told Gadgets360, predicting an optimistic near future for the market.

Bind, Solana, Ripple, Cardano, AvalancheAND Dogemoneta are some of the other altcoins that are trading at losses.

Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Leo, UniswapAND Cosmos also recorded losses.

The overall market capitalization of the cryptocurrency sector fell by 0.53% in the last 24 hours. The industry’s valuation currently stands at $1.64 trillion (approximately Rs. 1,36,15,640 crore) according to CoinMarketCap.

Among a handful of cryptocurrencies that saw profits today, Binance coin, Chain shirt, Tron, Polka dot, Elrond, Iota – they wrote down their names.

“An outlier for recent positive price performance has been LINK (+0.6%); Friday saw LINK rally to its 22-month high. Furthermore, following META’s overall positive quarterly earnings, AI tokens including RNDR (-7.9%), FET (-7.1%), and AKT (-1.1%) recorded short-lived gains before suffer a correction,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadget360.

Analysts predict that soon Bitcoin, and subsequently the market in general, will see a resurrection that could show stability for some time for several assets. The Bitcoin halving process, which occurs every four years and is less than 70 days away, has historically pushed Bitcoin and total market capitalization to new highs.

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