Bitcoin price rose on Tuesday, alongside Ether and many other cryptocurrencies. The crypto price chart — after several days — reflected profits next to most digital assets. Bitcoin saw a small price hike of 0.26 percent, to trade at $26,087 (roughly Rs. 21.5 lakh). In the last 24 hours, the world's most widely used digital asset did not see any notable changes in its price point. The most expensive cryptocurrency only managed to grow by $39 (roughly Rs. 3,221) over the last 24 hours. Industry experts have noted that the crypto market has only traded sideways with minor gains since Monday.
Ether price rose by 0.34 percent on Tuesday. The second most expensive crypto asset after Bitcoin, ETH was trading at $1,653 (roughly Rs. 1.3 lakh) on Tuesday.
" BTC is facing an 11 percent decline month-to-date, attributed to intensified selling pressure and a lack of new market-driving factors. The absence of clear dominance from either buyers or sellers suggests a potential sideways movement for BTC, oscillating between the $25,900 (roughly Rs. 21.4 lakh) and $26,300 (roughly Rs. 21.7 lakh) range in the coming days. In broader context, both the cryptocurrency and traditional markets exhibit bearish sentiments as of now," Edul Patel,Co-Founder and CEO, Mudrex told Gadgets 360.
Despite reeling-in profits on Tuesday, neither BTC nor ETH managed to break out of their low prices that have left the assets stagnating at around $26,000 and $1,600 respectively, for weeks now.
Other cryptocurrencies that recorded gains on Tuesday include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana. Polkadot, Polygon, Shiba Inu, Litecoin, Avalanche, Stellar, Chainlink, and Uniswap also managed to mint small profits today.
The overall crypto market cap rose by 0.21 percent in the last 24 hours but its valuation of $1.05 trillion (roughly Rs. 86,80,402 crore) remained unchanged from Monday, according to CoinMarketCap. The crypto fear and greed index has also shown no change since yesterday and continues to be in the fear zone with a score of 39/100.
Meanwhile, a small number of cryptocurrencies did see losses on Tuesday. These include Tron, Bitcoin Cash, Leo, Qtum,Augur, and Circuits of Value.
"Investors are likely to keep a watch on PEPE and DYDX in the coming days. While PEPE was in negative news recently with the founding team selling off a major chunk of market price on various exchanges, DYDX is about to launch its v4 - where a mainnet launch can offset the selling pressure that might be caused by a huge token unlock (~3.7 percent of the circulating supply) happening tomorrow. Volatility can be expected either way," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
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.
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