Monitoring Desk
ISLAMABAD: The prices of Bitcoin and Ethereum – the two most popular cryptocurrencies – have further declined in their respective values after weeks of minor losses in the charts.
Bitcoin (BTC) on Wednesday started off with a depreciation of 1.27 percent. Although the loss percentage may appear insignificant, it did drive BTC prices even lower than the $16,858 level that the asset had been able to maintain for about two weeks. At the time of writing, the price of BTC was $16,627, down $231 from the previous day’s price.
After BTC, Ether also experienced a significant decline in its price. According to Gadgets 360’s cryptocurrency price tracker, the digital currency currently trades at $1,196, after a depreciation of 1.96 percent.
Altcoin openings reported low
Altcoin openings on Wednesday were also generally lower. These include Litecoin, Tron, Cardano, Polygon, and Polkadot. Meanwhile, Solana, Uniswap, Avalanche, Chainlink, Dogecoin, and Shiba Inu, all reached loss settlements.
The current cryptocurrency market cap is at an all-time low of $801 billion. According to CoinMarketCap, the value of the global cryptocurrency market decreased by 1.37 percent in the previous day. Only a few alternative currencies, particularly stablecoins, managed to hold onto price gains. Tether, USD Coin, Ripple, and Binance USD are a few of these.
Meanwhile, Flex, LEO, Dogefi, Bitcoin Hedge, and Dogefi were the ones to make some gains. For the crypto industry, 2022 is ending on a very depressing note, especially now that the COVID-19 situation in China has started to influence global trade and business operations.
Sumit Gupta, the Co-Founder of CEO, CoinDCX, stated in an interview with Gadgets 360 that more developers and business owners with a product mindset are developing top-tier products across NFTs, blockchain, cryptocurrency, and the metaverse, which will eventually spur the mass adoption of cryptocurrency in 2023.
Investors now have a better understanding of the market and crypto assets thanks to the industry’s push for education and awareness initiatives.
