Crypto Market Today: Ether Performs Better Than Bitcoin, Altcoins Reflect Prevailing Market Volatility

Feb 7, 2024

Bitcoin recorded a small loss of 0.09 percent on Wednesday, February 7. With this, its trading value at the time of writing was $42,812 (approximately Rs 35.5 lakh). In the last 24 hours, the value of the most expensive crypto asset increased by $10 (approximately Rs 830). According to market analysts, despite volatile macro factors, Bitcoin's market stability has been encouraging as it crossed the $43,000 (approximately Rs 35.6 lakh) level before settling at its current price.

“As BTC continues to trade in a subtle uptrend narrow channel, its volatility remains at low levels. BTC has already printed five consecutive monthly green candles in light of the recent ETF and the upcoming halving in April. It will be interesting to see if we see another monthly green close as this has happened only once in the last seven years,” CoinSwitch Markets Desk told Gadgets360.

Unlike Bitcoin, Ether is trading in the green on Wednesday. Ether is currently trading at $2,361 (about Rs 1.96 lakh) with a gain of 2.09 percent. In the last 24 hours, the price of Ether increased by $50 (approximately Rs 4,150).

“ETH has moved close to the upper limit of its range, currently just below the $2,380 (approximately Rs 1.97 lakh) mark. It is also above the 20 and 50 exponential moving averages (EMA), which is a positive sign,” the CoinDCX team told Gadgets360.

With Bitcoin and Ether taking different market trajectories on Wednesday, crypto charts marked a clear internal split within themselves, with most altcoins trailing BTC in the red.

Binance Coin, Solana, Ripple, Cardano and Avalanche – all recorded losses on Wednesday.

Chainlink, Polkadot, Shiba Inu, Bitcoin Cash and Leo also saw a decline in prices along with Stellar, Near Protocol and Monero.

“The US may reconsider abandoning its cautious image regarding crypto regulations as private companies come up with new use cases for digital assets. This could be a deciding factor as elections approach. The William’s Percentage indicator indicates overbought conditions for the token, and the next few days will reveal if this leads to a definite uptrend, which aligns with other bullish indicators,” Rajagopal, Vice President of WazirX. Menon told Gadgets 360.

Meanwhile, Tether, Dogecoin, Tron, Polygon, Litecoin, Uniswap and Cosmos – all made small gains and lagged behind Ether on Wednesday.

The total crypto market cap increased marginally by 0.52 percent in the last 24 hours. Currently, the sector is valued at $1.65 trillion (approximately Rs 1,36,91,114 crore) according to CoinMarketCap. Despite the ongoing ups and downs in the crypto market, market experts are optimistic about the situation changing soon.

“MicroStrategy, a business intelligence enterprise known for its strong Bitcoin support, has reported the acquisition of an additional 850 BTC for $37.2 million (roughly Rs. 308 crores) and now holds 190,000 BTC in total. At the same time, the Bitcoin spot ETF craze has not subsided as BlackRock and Fidelity now hold a combined total of 138,489 BTC, worth about $5.9 billion (roughly Rs. 48,936 crores) in Bitcoin. Shivam Thakral, CEO of BuyUcoin, said, all these moves only reflect the positive institutional sentiments around Bitcoin.

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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