Bitcoin on Tuesday, September 5 registered a loss of 1.31 percent to trade at the price point of $25,653 (roughly Rs. 21.2 lakh). The most expensive cryptocurrency on the price chart, Bitcoin, has been trading lowly for weeks now. In fact, after having been stuck to the mark of $26,000 (roughly Rs. 21.5 lakh) for most of August, Bitcoin has only fallen further down the price chart. In the last 24 hours alone, BTC tumbled in value by $297 (roughly Rs. 24, 586). While BTC did see small profits the day before, market volatility has completely outshined these small profit windows.
Ether reflected a dip of 1.41 percent on Tuesday to trade at $1,614 (roughly Rs. 1.33 lakh). Over the last day, the value of ETH has fallen by $22 (roughly Rs. 1,821).
“An extended weekend in the US due to the American labour day on Monday the 5th, meant lower volumes in the US trading hours in the crypto market,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk explained to Gadgets 360.
More altcoins saw losses today than profits. Amongst other loss-making cryptocurrencies — Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot, and Litecoin made a mark.
Other cryptocurrencies to see price dips also include Shiba Inu, Bitcoin Cash, Avalanche, Leo, Chainlink, Monero, Uniswap, Cosmos, and Cronos.
The overall crypto market valuation dropped by 1.06 percent in the last 24 hours. The global crypto sector valuation stands at $1.04 trillion (roughly Rs. 86,14,892 crore), as per CoinMarketCap.
Among a small number of cryptocurrencies that did record profits include Tether, USD Coin, Tron, Polygon, Stellar, and Binance USD.
Minor gains also fell into the hands of Braintrust, Bitcoin Hedge, Underdog, and Status.
Experts, however, predict better days for crypto with more projects coming up in the space al together.
“A case against the biggest decentralised exchange Uniswap was ruled in favour of the exchange. We are now seeing some numbers where the DEX has surpassed the trading volumes of Coinbase CEX (Centralised Exchange) in Q2 of 2023. This shows the strength of DeFi,” Hudda noted.
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