Bitcoin Bounces Back to $36,000, After The Weekend Crypto Market Crash
Bitcoin value decreased as cryptocurrency hit its lowest since July earlier this week. This downfall of Bitcoin and other cryptocurrencies takes us back to November when BTC hit a record. Currently, the value of Bitcoin is $39,698, according to the Indian exchange coin switch Kuber.
When we look at the global exchange, the price of the most popular cryptocurrency is above $36,000. According to CoinMarketCap, Bitcoin is valued at $36,310(approx 30 lakh), up by 2.94 percent over the last 24 hours.
The second-largest cryptocurrency by market capitalization is Ether, and this Ethereum based cryptocurrency witnessed a downfall of 1.65 percent. Currently, the Ether value is $2,618, approximately 2 lakh on coin switch Kuber, and on the other hand, the value on global exchange the value of cryptocurrency dropped down to $2,500.
The most popular altcoins saw a serious rattling, Stablecoins failing to show streaks of green on the day, says Gadgets 360’s cryptocurrency price tracker. Many other cryptocurrencies also dropped down like Cardano, Tether, Ripple, Polkadot, Chainlink, Uniswap, and polygon. However, Cosmo’s ATOM went up by more than 8 percent, making ATOM only gainers on the day.
“Yesterday Bitcoin bounced back to $37,000, which is rough Rs.30 lakh. It can reverse its long-term bull trend if it drops below this, and it can take it back to where it started. Cryptocurrencies are running in red, but stock markets are also low. According to market cap, Most of the top altcoins are running in red, Avalanche, cosmos wrapped Bitcoin are running in green,” says Edul Patel, CEO, and co-founder of cryptocurrency investment firm Mudrek.
The cause of the two-month slump in cryptocurrency price has been blamed in different causes, and among them, the common reason is that cryptocurrency is a Ponzi scheme. Some uncertain altcoins in the market, but others do not share that view as the leading coins and tokens in 2022 are finding real-world use through Defi (decentralized finance ) and other assets.