Lagatar24 Desk
Mumbai, Jan 25: After hitting its lowest point since July earlier this week, the bitcoin price appears to have turned a corner in trade today.
Bitcoin and other cryptocurrencies have been on a downward trend since November, when BTC achieved a new high and the rally extended into the new year. The world’s largest cryptocurrency by market capitalization had a solid day on Monday, rising 2.69 percent in value.
According to Indian exchange CoinSwitch Kuber, Bitcoin’s value is currently at $39,698 (approximately Rs. 30 lakh), up 0.71 percent in the last 24 hours.
Meanwhile, the most popular cryptocurrency’s price soared beyond $36,000 on global exchanges, indicating a minor recovery over the past several days. BTC is currently valued at $36,310 (approximately Rs. 30 lakh) on CoinMarketCap, up 2.94 percent in the last 24 hours.
However, Ether, the second-largest cryptocurrency by market capitalization, is not following in the footsteps of Bitcoin. The Ethereum-based cryptocurrency had another 1.65% drop on Monday, only to see even more red on Tuesday morning.
At the time of writing, Ether was valued at $2,618 (approximately Rs. 2 lakh) on CoinSwitch Kuber, while its value on worldwide exchanges had fallen well below $2,500, at $2,394 (about Rs. 2 lakh), a decline of 1.73 percent in the last 24 hours.
Most major altcoins were rattled as well, with even stablecoins failing to display any green streaks on the day. Tether, Ripple, Polkadot, Chainlink, Uniswap, and Polygon all saw their prices plummet. The ATOM token from Cosmos unexpectedly rose by more than 8%, making it one of the only gainers on the day.
Meme coins haven’t had a great start to the week, with Dogecoin and Shiba Inu seeing the biggest drops on Monday. Shiba Inu is presently valued at $0.000022 (approximately Rs. 0.002), down 6.4 percent in the last 24 hours. Dogecoin is currently valued at $0.14 (about Rs. 10) following a 4.14 percent drop in the last 24 hours. According to CoinGecko, both DOGE and SHIB have lost more than 20% of their value in the last seven days, with Shiba Inu losing more over 30%.
