Bitcoin price fell by 1.22 percent in the past 24 hours, while the values of several other cryptocurrencies also took a hit on Thursday. As a result, the price of Bitcoin has fallen to as low as $65,255 (roughly Rs. 54.4 lakh) on international exchanges and as low as $70,540 (roughly Rs. 58.8 lakh) on domestic exchanges. Market analysts believe that if the price of BTC continues to fall in the same manner, it could eventually fall as low as $60,000 (roughly Rs. 50 lakh).
“BTC consolidated in a very narrow range yesterday, with altcoins showing some strength after days of choppy markets. This comes as Bitcoin exchange reserves hit a three-year low, meaning a supply shock could be on the cards amid unprecedented demand for Bitcoin ETFs,” the CoinSwitch markets desk told Gadgets360 on Thursday.
Ether, on the other hand, performed quite well as its value grew by 1.35 percent over the past day. With this, the price of ETH is now $3,576 (roughly Rs. 2.98 lakh) on foreign exchanges. According to Gadgets360’s crypto price tracker, the ETH price in India is currently pegged at $3,130 (roughly Rs. 2.60 lakh).
Prices of most altcoins are falling
Popular altcoins also saw their prices fall on Thursday, as did Bitcoin. These include Binance Coin, Solana, Ripple, Dogecoin and Cardano.
Shiba Inu, Avalanche, Polkadot and Leo also suffered losses on Thursday.
The total crypto market capitalization decreased by 0.17 percent in the past 24 hours. The total crypto market valuation stood at $2.38 trillion (approximately Rs. 1,98,55,804 crore) at the time of writing, showing MintMarketCap.
Relatively unknown cryptocurrencies that outperformed their popular counterparts on Thursday included Tron, Chainlink, Uniswap, Polygon, Near Protocol, Litecoin and Stellar, which posted gains.
Cosmos, Cronos, Neo Coin and EOS Coin also saw a small increase in value.
“Ethereum-based tokens including Ethereum Name Service (ENS) and Lido DAO (LDO) are also gaining traction, suggesting that a significant uptick could occur in the near future,” Rajagopal Menon, vice president of WazirX, said in a statement to Gadgets 360.
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