Lagatar24 Desk
Mumbai, Dec 30: In what has turned into one of the worst months for the most popular cryptocurrency since May, Bitcoin’s slump in December is still continuing.
As a result of investors taking profits closer to the start of the new year and infusing very little into the market, the price of Bitcoin has been hovering around $46,500 (about Rs. 34.7 lakh) on worldwide exchanges for the previous few days.
Bitcoin’s price had dropped 2.34 percent in the previous 24 hours, to $46,731 (approximately Rs. 34.9 lakh) on Indian market CoinSwitch Kuber, while global exchanges like CoinMarketCap had seen a 2.29 percent drop to $46,783 (about Rs. 34.9 lakh) (roughly Rs. 34.9 lakh).
Bitcoin’s value has plummeted by more than 19 percent in the last month, according to CoinGecko, despite the cryptocurrency’s year-to-date gains of more than 70 percent.
Ether had a similar bad showing in the middle of the week. After a 1.09 percent drop on Wednesday, the second most valuable cryptocurrency is down 3.78 percent in the last 24 hours.
Ether was valued at $3,665 (approximately Rs. 2.73 lakh) on CoinSwitch Kuber at the time of writing, while the second-largest crypto by market cap was valued at $3,669 (about Rs. 2.74 lakh) on worldwide exchanges, where the coin had experienced a similar 3.7 percent drop during the previous 24 hours. Ether’s value dropped 8.2 percent in value throughout the course of the week as a result of the drop.
The absence of capital input since Christmas has harmed the entire market. Tether, Ripple, Chainlink, and Polygon all had significant price losses, while Uniswap, Cardano, and Polkadot remained the day’s largest losers.
Meme currencies have also had a bad week. Dogecoin fared slightly better, although the doge currency lost 4.03 percent of its value in 24 hours, falling to $0.17. (roughly Rs. 12.63). In other news, arch-rival Shiba Inu continues to tumble, down 6.74 percent to $0.000033. (roughly Rs. 0.002488). After a surge last week fueled by significant whale accumulation, SHIB’s value has declined by 4.8 percent in the last week.
