Bitcoin, Ether Continue to See Losses, Bear Market Situation Keeps Crypto Shaky

Bitcoin on Wednesday reflected a loss of 0.14 percent to trade at its drastically reduced price point of $26,022 (roughly Rs. 21.6 lakh). Bitcoin, the most expensive cryptocurrency, has been trading close to the $26,000 (roughly Rs. 21 lakh) mark for days now. A plethora of macro-economic factors have pushed the prices of cryptocurrencies low, with investors not looking to engage with high-risk investments for the time being. With Bitcoin trading lowly, majority other cryptocurrencies are facing the impact.

Ether slipped by 1.99 percent, as shown by Gadgets 360’s crypto price tracker on Wednesday. At the time of writing, ETH is trading at the price point of $1,630 (roughly Rs. 1.35 lakh).

Over the last 24 hours, Bitcoin and Ether both recorded small price drops. While BTC slipped by $13 (roughly Rs. 1,079), ETH tumbled by $33 (roughly Rs. 2,740).

A bunch of altcoins tagged behind BTC and ETH on the loss-making side of the crypto chart.

These include Tether, Ripple, USD Coin, Cardano, Dogecoin, and Solana.

Other loss-stricken cryptocurrencies of the day include Polkadot, Polygon, Litecoin, Avalanche, Stellar, Chainlink, and Uniswap.

The overall crypto market cap reduced by 0.49 percent in the last 24 hours, to hold on to the mark of $1.05 trillion (roughly Rs. 87,24,334 crore), as per CoinMarketCap.

The crypto fear and greed index has maintained its position in the fear zone without a shift in its score of 37/100 since yesterday.

“BTC dominance made a slight downtick and is currently lying around 49.27 percent. BNB, the fourth largest crypto by market capitalisation, dipped to its one-year low yesterday. The crypto market has observed more selling pressure in the last 24 hours,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

While mainstream cryptocurrencies are reeling under losses, game tokens Decentraland and Aave managed to see small gains on Wednesday.

Leo, Near Protocol, Zcash, and Dash also managed to mint minor profits.

Shiba Inu also spiked by 3.13 percent on Wednesday. SHIB developers are now certain that their new L2 blockchain, Shibarium, is set to handle the expected load.

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