BTC, ETH Prices Tumble Further, Market Cap Stoops to Record Low

After weeks of seeing minor losses in the charts, the prices of Bitcoin and Ether — the two top cryptocurrencies — have seen more declines in their respective values. Bitcoin on Wednesday, December 28, opened with a loss of 1.27 percent. While the loss percentage may seem minor, it did axe BTC prices even lower than what the asset had managed to maintain for around two weeks — $16,858 (roughly Rs. 13.9 lakh). BTC price, at the time of writing, stands at $16,627 (roughly Rs. 13.7 lakh) — marking a difference of $231 (roughly Rs. 19,136) from last day's value.

Ether also slipped down significantly on the price chart after Bitcoin. The crypto asset is currently trading at the price of $1,196 (roughly Rs. 99,156) after incurring a 1.96 percent loss, showed the crypto price tracker by Gadgets 360.

Most altcoins opened with dips today. These include Cardano, Polygon, Polkadot, Tron, and Litecoin.

Dogecoin and Shiba Inu along with Solana, Uniswap, Avalanche, and Chainlink also settled with losses.

The current crypto sector cap stands reduced to the yearly low of $801 billion (roughly Rs. 66,42,614 crore).

The global crypto market valuation dropped by 1.37 percent, as per CoinMarketCap, in the last 24 hours.

Only a small number of altcoins, especially stablecoins, held on to gains on the price charts.

These include Tether, USD Coin, Ripple, and Binance USD.

LEO, Dogefi, Bitcoin Hedge, and Flex also garnered small profits.

The 2022 year is ending on a very low note for the crypto sector, especially now that the COVID-19 situation in China has begun to affect international trade and business activities.

In conversation with Gadgets 360, Sumit Gupta, the Co-Founder of CEO, CoinDCX said that more developers and entrepreneurs with a product mindset are creating world-class products across NFTs, blockchain, crypto, and the metaverse that will eventually propel the mass adoption of crypto in 2023.

“With the continuous push for education and awareness initiatives launched by the industry; investors have a better sense of the market and understand the crypto assets better. The institutionalisation of crypto will also drive the next phase of adoption,” Gupta noted.

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