On Tuesday, September 5, bitcoin traded at $25,653 (roughly Rs 2.12 lakh), down 1.31 percent. Bitcoin, the most expensive cryptocurrency on price charts, has been trading at low levels for weeks. In fact, after holding firm at the $26,000 (roughly Rs 2.15 lakh) mark for most of August, Bitcoin’s price action has only fallen further. In the past 24 hours alone, BTC has lost $297 (roughly Rs. 24,586) in value. While Bitcoin did post small profits the day before, market volatility completely overshadowed these small profit windows.
Ether fell 1.41 percent on Tuesday to trade at $1,614 (roughly Rs 1.33 lakh). In the last day, the value of ETH dropped by $22 (roughly Rs. 1,821).
Shubham Hudda, senior manager at CoinSwitch Markets Desk, explained to Gadgets 360: “Since Monday the 5th is Labor Day in the United States, the US weekend is extended, which means that the trading volume of the US cryptocurrency market trading hours is lower.”
Today, more altcoins suffer losses than gain. Among other losing cryptocurrencies, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polkadot and Litecoin all performed well.
Other cryptocurrencies falling in price include Shiba Inu, Bitcoin Cash, Avalanche, Leo, Chainlink, Monero, Uniswap, Cosmos and Cronos.
Over the past 24 hours, the overall valuation of the cryptocurrency market has dropped by 1.06%. According to data, the global cryptocurrency industry is valued at $1.04 trillion (approximately Rs 8,614,892 crore) coin market cap.
A handful of cryptocurrencies posting record profits include Tether, USD Coin, Tron, Polygon, Stellar and Binance USD.
Braintrust, Bitcoin Hedge, Underdog and Status also made small gains.
However, experts predict better days for cryptocurrencies as more projects emerge in the space.
“The case against Uniswap, the largest decentralized exchange, was ruled in favor of the exchange. We’re seeing some numbers now, with DEX already surpassing Coinbase CEX (centralized exchange) in Q2 2023. Shows the strength of DeFi,” Hudda pointed out.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein is not intended to 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 losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
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