Bitcoin on Monday, February 5 reflected a loss of 1.26 percent on Gadgets360's crypto price tracker. At the time of writing, the value of Bitcoin stands at $42,458 (roughly Rs. 35.2 lakh). Over the weekend, Bitcoin price rose by $438 (roughly Rs. 36,367). The recent announcement of no interest rate cuts in March in the US has put a damper on the market sentiment, leading to a drop in Bitcoin value.
Ether recorded a loss of 0.42 percent on Monday. With this, its value reached $2,290 (roughly Rs. 1.90 lakh). Despite this minor slump, Ether's value has risen by $32 (roughly Rs. 2,655) over the last 24 hours.
“Positive factors like the halving make the outlook for BTC positive. Ether is below key moving averages, but developments like the Dencun upgrade and speculation on an ETH spot ETF approval gives positive sentiments,” the CoinDCX Research Team told Gadgets360, predicting an optimistic near future for the market.
Tether, Solana, Ripple, Cardano, Avalanche, and Dogecoin are some of the other altcoins trading in losses.
Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Leo, Uniswap, and Cosmos also recorded losses.
The overall market cap of the crypto sector dropped by 0.53 percent in the last 24 hours. The sector valuation currently stands at $1.64 trillion (roughly Rs. 1,36,15,640 crore) as per CoinMarketCap.
Among a handful of cryptocurrencies that did see profits today, Binance Coin, Chainlink, Tron, Polkadot, Elrond, and Iota -- marked their names.
“An outlier for recent positive price performance has been LINK (+0.6 percent); Friday witnessed a surge for LINK to its 22-month high. Additionally, after META's overall positive quarterly earnings, AI tokens including RNDR (-7.9 percent), FET (-7.1 percent), and AKT (-1.1 percent) saw short-lived gains before undergoing a correction,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Analysts predict that soon Bitcoin, and subsequently the overall market will see a resurrection that could show stability for some time for several assets. The process of Bitcoin halving, which occurs every four years and is less than 70 days away, has historically pushed Bitcoin and the total market cap to new highs.
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