Bitcoin Drops to $20,000 After Days of Rally, Losses Hit Most Altcoins
After almost four days of steady profits, most cryptocurrencies opened with losses on Thursday, January 19. Bitcoin registered a decline in value of 2.68% and opened trade at a price of $20,750 (roughly Rs. 16.8 lakh) today. This is the lowest value of Bitcoin so far in the past five days on domestic and foreign exchanges like Coinbase and Binance, among others. In fact, in the past 24 hours, the price of BTC has dropped significantly by $451 (roughly Rs. 36,665).
Ether followed Bitcoin on the losing train. With a price drop of 4.33%, ETH entered the trading arena at the value of $1,523 (roughly Rs. 1.23 lakh). The second most valuable crypto asset fell by $58 (around Rs. 4,715).
Tether, USD Coin, Ripple, and Binance USD — popular stablecoins — ended in losses. These have been joined by other popular altcoins including Cardano, Polygon, Solana, Polkadot, and Litecoin.
The prices of the two meme coins Shiba Inu and Dogecoin also fell on the price scale.
The overall crypto market valuation has fallen 2.7% over the past day. According to CoinMarketCap, the crypto market capitalization stands at $969 billion (about Rs. 78,78,211 crore).
Only a countable number of cryptocurrencies generated profits today. These include Dash, Circuits of Value and Flex.
Despite the current market fluctuations, industry experts have continued to focus on the positives. “The global crypto market capitalization has increased by 16.10% in the last seven days. Bitcoin’s recent price rally has led to the liquidation of almost $500 million (approximately Rs 4,068 crore) over the past week to mark the highest levels since October 2022. Additionally, the number of daily transactions recorded on the Bitcoin blockchain has risen to nearly 300,000, its highest level since April 2021,” the CoinDCX research team told Gadgets 360.
In the later parts of the year, more decentralized applications (dApps) are expected to enter the Web3 market.
“Ethereum on-chain activity shows an increase in the number of smart contracts deployed on the Ethereum mainnet, which increased by 293% compared to 2021. In addition, the deployment of smart contracts on the test network Ethereum’s Goerli grew 187% in the last three months of 2022 – and as much as 721% year-over-year – to an all-time high of 2.7 million and signaling that more decentralized applications may enter the market in the future,” the CoinDCX team added.
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