- Global crypto market cap down by 2 percent to the USD 1.78 trillion mark.
- Bitcoin’s price has witnessed around a 7 percent dip in the past week.
- Altcoins like Shiba Inu, Dogecoin, and Solana see some minor gains.
For the last few weeks, the cryptocurrency market has been railing down the line amid the rising tension between Russia and Ukraine. An imminent White House order on the digital asset regulation adds to investors’ fear. The recent numbers are no different; the global market cap dropped to the USD 1.78 trillion mark, witnessing about a 2 percent drop. In contrast, the crypto market volume rose by more than 31 percent to USD 70.68 billion.
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Bitcoin drops below USD 40,000
The world’s most famous and biggest cryptocurrency, Bitcoin, dipped by almost 7 percent in the past week. Bitcoin’s price witnessed a drop of 1.9 percent in the last day, standing at USD 39,579.43 (Rs 29,56,051.08) as of now on the Indian cryptocurrency exchange WazirX. Meanwhile, it’s currently down by 2 percent at USD 37,674.38 (Rs 28,13,769.47) on global exchanges.
Things are not much different for other coins as well. Ethereum, the second-biggest cryptocurrency in terms of volume, also saw a major dip in its value over the past few days. The cryptocurrency witnessed a minor rise of 0.59 percent in the price in the morning, but as of writing this, Ethereum is down by almost 1 percent. The cryptocurrency currently holds a value of USD 2,758 (Rs 2,05,985.50) on WazirX, down by 0.79 percent. Meanwhile, it’s down by 0.9 percent on the global exchanges, currently listed for USD 2,610.90 (Rs 1,94,999.11) globally. If we go by numbers, Ethereum has witnessed a dip of 5.5 percent in its value.
Altcoins gains momentum
Contrary to Bitcoin and Ethereum, altcoins are not affected by the current situation. Shiba Inu and Dogecoin saw a rise in their prices on Monday morning. Even some of the other less known altcoins are witnessing an upward trend compared to some well-known coins.
According to experts, the market will be volatile for the coming weeks, but a good turnout can be expected. In other news, Ukraine legalized Bitcoin and other cryptocurrencies amid the ongoing tension with Russia. Also, New York Stock Exchange (NYSE) plans to launch a marketplace for cryptocurrencies, and NFT and many states in the US have proposed incentives for crypto traders.
