Bitcoin Trades at Over $42,800, Altcoins Show Mixed Movement Amid Market Instability

Feb 6, 2024

On Tuesday, February 6, Bitcoin recorded a marginal gain of 0.82 percent. The world's oldest, most expensive cryptocurrency, is currently trading at a price of $42,802 (approximately Rs 35.5 lakh). Bitcoin price recorded a significant increase of $344 (approximately Rs 28,565) in the last 24 hours. Overall, Bitcoin shows a bullish sentiment. According to market analysts, the long, short ratio for Bitcoin also indicates positive sentiment for investors, especially for the futures market.

On Tuesday, Ether also saw a slight increase of 0.91 percent. Currently, the asset is trading at a price point of $2,312 (approximately Rs 1.92 lakh) – which is $22 (approximately Rs 1,826) higher than Ether's previous day's price.

“The selling pressure of 141,00 Bitcoin by Grayscale is being absorbed by the 175,000 Bitcoin purchased through the ETF. Cumulative spot Bitcoin ETF volume has also crossed the $30 billion mark (roughly Rs. 2,49,137 crores), indicating huge demand for Bitcoin in spot ETFs. Bitcoin has attempted to break the $44,000 (roughly Rs. 36.5 lakh) level for several weeks in a row, but has been hampered by low trading volumes,” said Shivam Thakral, CEO of BuyUcoin, commenting on the market situation to Gadgets360. told.

Along with BTC and ETH, Ripple, USD Coin, Dogecoin, Chainlink and Tron recorded small gains.

They were also joined by Polygon, Wrapped Bitcoin, Litecoin, LEO, Uniswap and Cosmos on the profit side of the crypto charts.

Over the last 24 hours, the total crypto market cap rose 0.25 percent to $1.64 trillion (roughly Rs. 1,36,19,314 crore), CoinMarketCap on Tuesday showed.

“One of the biggest news yesterday came from GoDaddy. The company announced that its users can now link domain names with the Ethereum Name Service, ENS (+13 percent) at no additional cost. This is a big boost for both Ethereum (+1.68 percent) and ENS tokens, CoinSwitch Markets Desk told Gadgets360.

Meanwhile, Tether, Binance Coin, Solana, Cardano, Avalanche, Polkadot and Shiba Inu recorded losses on Tuesday.

The prices of Bitcoin Cash, Stellar, Monero, Near Protocol and Elrond also saw a decline.

“The jobless claims data to be released on Thursday could potentially impact interest rates decisions for the Fed and will be a leading indicator for the crypto market,” Rajagopal Menon, vice president of WazirX, told Gadgets360.

Meanwhile, in the otherwise concluded Ripple vs. SEC case, a US court judge has granted the SEC's request for Ripple to produce certain financial statements. These proceedings will determine the extent to which XRP will be fined for offering its unregistered securities for institutional sale.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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