BTC, ETH Among Cryptocurrencies Seeing Gains; Stablecoins Face Minor Dips

The crypto market opened with profits for most cryptocurrencies on Tuesday. Bitcoin, showing profits of 1.45 percent, is currently priced $19,519 (roughly Rs. 16 lakh) as per Gadgets 360’s crypto price tracker. This is the fourth week that BTC has failed to touch or cross the $20,000 (roughly Rs. 16.5 lakh) threshold. The first ever cryptocurrency also roped-in small profits on the international exchanges. On Binance, BTC grew by 1.59 percent and on Coinbase, it rose by 1.03 percent. BTC, on a global level, is hovering around the price point of $19,000 (roughly Rs. 15 lakh).

In conversation with Gadgets 360, the CoinDCX research team said that Bitcoin’s price movement consolidates on the backdrop of a negative macroeconomic environment.

“With the latest US CPI (Consumer Price Index) and PPI (Producer Price Index) numbers coming in above expectations, it suggests that it could take more time for inflation to cool down as the FED’s hawkish stance will likely remain firm with the DXY (Dollar Strength Index) continuing to rise with another 75 bps hike on the cards,” the CoinDCX team said.

Ether, that climbed the price ladder by 2.19 percent, touched the per unit valuation of $1,330 (roughly Rs. 1 lakh).

Binance Coin, Cardano, Solana, Polygon, Polkadot, Tron, and Avalanche tailed behind BTC and ETH to reel-in small gains.

Dogecoin and Shiba Inu broke their losing spells, and both cryptocurrencies bagged small profits.

Meanwhile, only a handful of cryptocurrencies slipped in prices today.

These include stablecoins like Tether and Binance USD as well as altcoins like Uniswap, LEO, Monero, and Near Protocol.

In the last 24 hours, the valuation of the crypto market rose by 1.60 percent. According to CoinMarketCap, the crypto market cap stands at $936.95 billion (roughly Rs. 76,94,043 crore).