Bitcoin, Ether Slip with Minor Losses, Crypto Market Remains Volatile

The global crypto market recorded a subtle period of small fluctuations throughout this week. Bitcoin, the world's oldest cryptocurrency, stepped into the treading rink with a loss of 0.24 percent on Friday, April 7. At the time of writing, the value of BTC stood at $28,015 (roughly Rs. 22.9 lakh). In the last 24 hours, BTC dropped in pricing by $35 (roughly Rs. 2,864). Experts estimate it could take a while, probably the end of this month, before the BTC value could shoot up to $31,000 (roughly Rs. 25 lakh).

Ether prices also cascaded down the price chart on Friday. Having incurred a loss of 1.22 percent, the value of ETH is hovering around the price mark of $1,875 (roughly Rs. 1.5 lakh). ETH dipped by $17 (roughly Rs. 1,391) in the last 24 hours.

“ETH, ahead of its Shanghai upgrade which would allow staked ETH to be withdrawn, is up 4.7 percent since last week. It is notable that Ethereum's upcoming upgrade would greatly benefit liquid staking protocols. Lido and Rocket Pool, both liquid staking protocols, saw a rise in their token prices over the last week. We can expect the crypto market to remain on edge till it processes the impact of the Shanghai upgrade,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Stablecoins Tether, USD Coin, Ripple, and Binance USD — all recorded losses, showed the crypto price tracker by Gadgets 360.

Swaying to the mellow market beat, Cardano, Polygon, Solana, Polkadot, and Litecoin also recorded losses alongside Dogecoin and Shiba Inu.

The total crypto market valuation dropped by 0.61 percent in the last 24 hours. The market cap currently stands at $1.18 trillion (roughly Rs. 96,82,215 crore), as per CoinMarketCap.

Meanwhile, only a small number of cryptocurrencies managed to mint profits.

Avalanche, LEO, Monero, Bitcoin Cash, EOS Coin, and Aave recorded gains.

“Crypto markets have been trading sideways. The fear and greed index, however, rose by a point reaching a score of 64 tilting towards greed, as of April 7,” Chaturvedi noted.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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