Bitcoin, Ether Record Losses as Overall Crypto Market Valuation Slips by 1.12 Percent
One day after majority cryptocurrencies recorded profits and the crypto market valuation rose by over three percent, the price charts for cryptocurrencies was hit by volatility once again. Bitcoin on Thursday, opened with a loss of nearly one percent. At the time of writing, BTC was trading at $17,716 (roughly Rs. 14.6 lakh). The world's most popular cryptocurrency also saw tiny price dips on international exchanges. As per Binance and CoinMarketCap, BTC is trading at the price point of $17,734 (roughly Rs. 14.4 lakh).
Ether recorded slightly bigger losses than Bitcoin. With a drop of 2.35 percent, ETH is now trading at $1,291 (roughly Rs. 1.06 lakh), showed the crypto price tracker by Gadgets 360.
Along with altcoins, stablecoins pegged against the US dollar also settled with losses.
Tether, USD Coin, Binance Coin, Ripple, Cardano, Polygon, Polkadot, and Litecoin — all witnessed price dips.
Dogecoin and Shiba Inu also broke out of their gain-spell to see their value fall on Thursday.
The overall crypto market valuation slipped by 1.12 percent in the last 24 hours. The current crypto market cap stands at $861.07 billion, as per CoinMarketCap.
These include Solana, Tron, Zcash, and Flex.
After the collapse of crypto exchange FTX exchange, a large part of the global investor community has pulled back from the crypto sector.
A recent report, the Organisation for Economic Cooperation and Development (OECD) explains why the crypto market cap has not managed to show any recovery. The OECD has said that institutional investors were quicker to leave the crypto market amid the slump, as compared to retail investors.
Last year around the holiday season in December, the crypto market recorded profits as more people indulged in gifting crypto presents, especially in the US. This year, the holiday spirit has not yet managed to achieve the same effect on the crypto sector.