Crypto Price Today: Bitcoin and Ether do not post gains as volatility overshadows profit windows
Bitcoin was down 1.31 percent on Tuesday, September 5, trading at $25,653 (approximately 21.2 lakh rupees). The most expensive cryptocurrency on the price chart, Bitcoin, has been trading low for weeks. In fact, after holding steady at the $26,000 (roughly 21.5 lakh rupees) level for most of August, Bitcoin has only continued to fall lower. In the last 24 hours alone, the value of BTC fell by $297 (roughly 24,586 rupees). While BTC saw small gains the day before, market volatility has completely eclipsed these small profit windows.
Ether was down 1.41 percent on Tuesday, trading at $1,614 (about 1.33 lakh rupees). Over the last day, the value of ETH has fallen by $22 (approximately Rs. 1,821).
“A long weekend in the US due to the US Labor Day on Monday 5th meant lower volumes in US trading hours in the crypto market,” Shubham Hudda, senior manager, CoinSwitch Markets Desk, told Gadgets 360.
Today, more altcoins saw losses than gains. Among other loss-making cryptocurrencies, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot, and Litecoin have made their mark.
Other cryptocurrencies seeing price declines also include Shiba Inu, Bitcoin Cash, Avalanche, Leo, Chainlink, Monero, Uniswap, Cosmos, and Cronos.
The overall valuation of the crypto market is down 1.06 percent over the past 24 hours. According to CoinMarketCap, the global valuation of the crypto sector stands at US$1.04 trillion (approximately Rs.86,14,892 crore).
A few cryptocurrencies that have seen record gains include Tether, USD Coin, Tron, Polygon, Stellar, and Binance USD.
Smaller gains also fell into the hands of Braintrust, Bitcoin Hedge, Underdog, and Status.
However, experts are predicting better days for crypto as more projects in this space are pending overall.
“A case against the largest decentralized exchange Uniswap was decided in favor of the exchange. We are now seeing some numbers where the DEX has outperformed Coinbase CEX (Centralised Exchange) trading volume in the second quarter of 2023. This shows the power of DeFi,” Hudda noted.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on a perceived recommendation, forecast or other information contained in the article.
