On Thursday, February 22, the total crypto price chart showed primarily negative values. The cryptocurrency known as bitcoin, which has been soaring in value lately, fell 1.24 percent on Thursday. The value of Bitcoin was $51,392 (about Rs. 42.6 lakh) at the time of publication. The value of Bitcoin has decreased by $605 (about Rs. 50,170) in the past day. Bitcoin’s resistance is $53,000, or about Rs. 43.9 lakh. Market observers are concerned that if BTC is consistently rejected at resistance, it may decline to $48,000 (about Rs. 39.8 lakh) or $49,000 (about Rs. 40 lakh) prior to the impending halving.
On Thursday, ether had a 1.82 percent decline. At the moment, ETH is worth $2,841 (around Rs. 2.3 lakh).
The broader cryptocurrency market saw a downturn as market oscillators for Bitcoin suggested that prices would continue to correct and that the cryptocurrency would become more dominant in the industry. After a few days of price increases, altcoins including Solana, Ethereum, Ripple, and others saw a decrease as well. According to Rajagopal Menon, Vice President of WazirX, “an increase in the number of small-scale retail investors could potentially improve the price actions for the tokens” (Gadgets360).
The latest FOMC statements have also hinted that interest rates won’t be lowered, which could be the reason behind the majority of cryptocurrencies’ current losing phase.
Along with BTC and ETH, other cryptocurrency losses were reported on Thursday by Solana, Ripple, Cardano, Avalanche, Tron, and Dogecoin.
Additionally, losses were reported by Polkadot, Polygon, Shiba Inu, Bitcoin Cash, Litecoin, Uniswap, Leo, and Cosmos.
Over the previous day, the total value of the cryptocurrency market fell by 1.42 percent. According to CoinMarketCap, the current valuation of the cryptocurrency market is $1.95 trillion, or approximately Rs. 1,61,68,717 crore.
On Thursday, very few cryptocurrencies saw gains. These consist of Dash, Iota, Tether, Binance Coin, and USD Coin.
Parallel to this, the value of AI tokens such as SingularityNet (AGIX, +26.46 percent), FetchAi (FET, +3.76 percent), and Render (RNDR, +8.36 percent) has increased after Nvidia’s fourth-quarter earnings topped analyst expectations. In yesterday’s post-market trading, the company’s shares also increased by more than 7%, according to CoinSwitch Ventures Investments Lead Parth Chaturvedi, who spoke with Gadgets360.