The majority of prominent altcoins dropped value on Tuesday, with Uniswap taking the biggest damage.
Bitcoin has been on a steady bull run since February 4, but there appears to be a price ceiling for now, as bears were able to decrease the price of Bitcoin even further, to around $43,500, after reaching a weekly high of $45,500 (nearly Rs. 35 lakh) early on February 8. (roughly Rs. 32.5 lakh). After a 2.03 percent drop on Tuesday, the world’s most valuable cryptocurrency has dropped 1.5 percent in the last 24 hours. On the Indian market CoinSwitch Kuber, Bitcoin is currently worth $46,170 (approximately Rs. 35 lakh).
Meanwhile, the price of BTC on global exchanges was $43,429 (approximately Rs. 32.5 lakh), down 1.35 percent in the last 24 hours. Bitcoin’s value has increased by more than 12% in the last week, and by 18% in the last two weeks, according to CoinGecko data.
After rising beyond $3,000 (about Rs. 2 lakh) on worldwide exchanges, Ether, the second-largest cryptocurrency by market capitalization, has seen its own price drop. Ether is currently valued at $3,266 (approximately Rs. 2.5 lakh) on CoinSwitch Kuber, while it is valued at $3,081 (about Rs. 2.5 lakh) on worldwide exchanges after a 2.36 percent drop in the last 24 hours.CoinGecko statistics show that the value of Ether has increased by over 11 percent in the last week when compared to the previous week’s pricing.
According to the cryptocurrency price tracker, most popular altcoins have also seen a drop in the overall bull market. Cardano, Solana, Avalanche, Polygon, Terra, Binance Coin, Cosmos, Polkadot, and Chainlink all saw their prices tumble, with Uniswap topping the list of day’s losers with an 8% reduction in value.
Meme currencies had a rough start to the year, but February appears to have turned things around for both SHIB and DOGE, the two most popular meme coins. Dogecoin is currently around $0.16 (about Rs. 12), down 5.4 percent in the previous 24 hours, while Shiba Inu is worth $0.000033 (roughly Rs. 0.0025), down nearly 9 percent in the same time period. On the other hand, if you look at weekly price metrics, both dog currencies are still in the black.
With the help of positive events, bitcoin bulls have successfully returned the main digital currency’s price to the $44,000 (approximately Rs. 33 lakh) support level. Most significantly, KPMG’s Canadian affiliate recently revealed that BTC and ETH had been integrated into its corporate treasury. Furthermore, according to a recently filed 10-K, Tesla had nearly $2 billion (about Rs. 14,950 crores) in Bitcoin at the end of last year.
Meanwhile, Polygon, an Ethereum scaling and infrastructure development platform based in India, made headlines on Tuesday after raising $450 million (roughly Rs. 3,364 crores) in its first major financing round led by Sequoia Capital India, Tiger Global, SoftBank, and more than 40 other venture capital funds and prominent investors including Alan Howard, the co-founder of alternative investment management platform Brevan Howard, and Kevin O’Leary from Shark Tank. According to Polygon, the funds would be used to assist grow Ethereum and promote the adoption of Web3 applications.