Prices of Bitcoin and Ether fall slightly as bearish investors manage to hold back the most popular altcoins
Bitcoin has been on a steady bull run since February 4, but there appears to be a price ceiling for now, as bears were able to lower the price of Bitcoin further down, around $43,500, after reaching a weekly high of $45,500 early on February 8.
The price of the world’s most valuable cryptocurrency has dropped by 1.5 percent in the last 24 hours, following a 2.03 percent drop on Tuesday. Bitcoin is currently worth $46,170 on the Indian exchange CoinSwitch Kuber.
Meanwhile, the price of BTC on global exchanges was $43,429 , down 1.35 percent in the previous 24 hours.
According to CoinGecko data, Bitcoin’s value has increased by more than 12% in the last week and by 18% in the last two weeks.
After soaring past $3,000 on global exchanges, Ether, the second-largest cryptocurrency by market capitalisation, has followed Bitcoin’s lead and experienced its own price correction. At the time of publication, Ether was valued at $3,266 on CoinSwitch Kuber, while global exchanges valued the cryptocurrency at $3,081 after a 2.36 percent drop in the previous 24 hours. In comparison to the price of Ether a week ago, CoinGecko data shows that the cryptocurrency’s value has increased by nearly 11%.
According to Gadgets 360’s cryptocurrency price tracker, the majority of the popular altcoins also saw a dip in the overall bull run. Cardano, Solana, Avalanche, Polygon, Terra, Binance Coin, Cosmos, Polkadot, and Chainlink all saw a drop in value, with Uniswap topping the list of losers on the day with an 8% drop in value over the last 24 hours.
Meme coins had a rough start to the year, but February appears to have turned things around for both SHIB and DOGE — the two most sought-after meme coins. Dogecoin is currently worth $0.16, down 5.4 percent in the last 24 hours, while Shiba Inu is worth $0.000033, down nearly 9 percent in the last 24 hours.
However, if you look at weekly price metrics, both dog coins are still in the black.
Bitcoin bulls have successfully returned the main digital currency’s price to the $44,000 support level, aided by positive events. Notably, KPMG’s Canadian subsidiary recently announced that it has integrated BTC and ETH into its corporate treasury. Furthermore, Tesla disclosed in a recently filed 10-K that it had nearly $2 billion in BTC at the end of last year.
Meanwhile, Polygon, an India-based Ethereum scaling and infrastructure development platform, made headlines on Tuesday after raising $450 million in its first major financing round led by Sequoia Capital India, Tiger Global, SoftBank, and more than 40 other venture capital funds and prominent investors such as Alan Howard, co-founder of alternative investment management platform Brevan Howard, and crypto evangelist Kevin O’Leary from Shark. According to Polygon, the funds will enable the team to help scale Ethereum and accelerate the mass adoption of Web3 applications.
