Bitcoin, Ether Witness Small Gains, Stablecoins Stumble with Dips

The cryptocurrency price chart reflected tiny profits next to majority cryptocurrencies on Wednesday, February 8. Bitcoin grew by 1.62 percent to be at the price point of $23,260 (roughly Rs. 19.2 lakh). The cryptocurrency showed a similar market movement on international exchanges like CoinMarketCap and Binance among others. In the past 24 hours, the oldest crypto asset has risen by $396 (roughly Rs. 32,730). Bitcoin's price range recorded a decrease of 2.77 percent in the last few days. Experts have noted that BTC's resistance currently stands at the mark of $23,150 (roughly Rs. 19.1 lakh).

Ether saw a 2.75 percent spike in its value on Wednesday. The price of ETH, at the time of writing, stood at $1,678 (roughly Rs. 1.38 lakh), showed the crypto price tracker by Gadgets 360.

Binance Coin, Cardano, Polygon, Solana, and Polkadot emerged as gainers alongside BTC and ETH.

Dogecoin and Shiba Inu, both the memecoins, reeled-in profits today along with Litecoin, Tron, Uniswap, and Cosmos.

The overall crypto market valuation grew by 2.26 percent in the last 24 hours. As per CoinMarketCap, the global crypto cap is valued at $1.09 trillion (roughly Rs. 89,97,764 crore).

Stablecoins meanwhile, stumbled down the price charts amid majority altcoins registering profits.

Tether, Binance USD, and USD Coin — all opened with small but substantial losses.

Cronos, Circuits of Value, Dogefi, and Bitcoin Hedge also settled with losses.

The digital assets sector has been expanding its roots around the world. The UK for instance, is experimenting with the digital version of pound sterling called the ‘Britcoin'.

In India, crypto companies like CoinDCX and Mudrex have already flagged off crypto awareness programmes and blockchain development initiatives in the most populated nation in the world.

With this boom in the Web3 ecosystem, the Interpol organisation has also begun to explore ways to tackle crimes in the metaverse arena.

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. 

Affiliate links may be automatically generated - see our ethics statement for details.