Over the last 24 hours, Bitcoin has experienced a volatile run. It fluctuated within a range between 4 and 6 percent during a terrible day for global equity markets. Investors have been reducing their exposure to riskier assets such as cryptocurrency due to concerns about the increasing number of Omicron cases. Bitcoin’s value has risen by 2.31 percent in the last 24 hours, following a drop of 2.05 percent on Monday. Bitcoin’s current value is $50,930 (roughly Rs. Bitcoin is currently valued at $50,930 (roughly Rs. 36.62 lakh).
According to CoinGecko Bitcoin’s value has risen by 4.8 percent despite some hiccups in the last week.
Ether experienced a similar day of trades to start the week. After a Monday dip of 2.54 percent, the second-most valued cryptocurrency has risen by 2.47 percent in the last 24 hours. Ether’s current value is $4,261 (roughly Rs. 3.22 lakh) on CoinSwitch Kuber, while global exchanges have the second-largest crypto market cap at $4.050 (roughly Rs. 3.06 lakh, where the coin’s value has risen by 2.79 percent in the past 24 hours. The value of Ether has also increased 6.8 percent over the past week, despite some rough weeks.
Gadgets 360’s cryptocurrency price monitor shows a mixed start for most altcoins. Cardano and Polygon have gained in value while Chainlink and Uniswap all experienced dips over the past 24 hours.
Dogecoin suffered a sharp fall in value to $0.17 (roughly Rs. 13.58, down 1.28 percent following a 4.58% fall on Monday. After a Monday slide of 4.25 percent, arch-rival Shiba Inu saw a 4.64 percent increase to $0.000032 (roughly Rs. 0.002427).
“The top cryptocurrencies ranked by market capitalisation have remained stable over the past 24 hour. We also saw a rise in the derivatives sector. “The cryptocurrency spectrum will likely remain volatile over the next few days,” said Edul Patel (CEO and cofounder of Mudrex, an algorithm-based crypto investment platform.
Despite crypto being out of favour with investors at the moment, it is no surprise that 2021 was the year for digital assets. Venture capital interest in crypto has risen to levels that will see crypto investments quadruple the 2018 all-time high. More than $30 billion has been earned by cryptospace (roughly Rs. According to a report from PitchBook Data, 2,276,617 crore will be earned in 2021. This is because cryptocurrencies are no longer viewed as digital gold.
Bitcoin’s market capitalisation is over $1 trillion, which roughly equals Rs. 75,87,463 million) Prasad stated in a recent interview that Bitcoin could be extinct due to its inefficiency and inability to allow for exchange as a payment method.
Prasad believes Bitcoin is not fundamentally valuable because it can’t function as a medium for exchange. The blockchain technology used by Bitcoin is inefficient. He said that the validation system used by Bitcoin for transactions is very environmentally destructive and doesn’t scale well.