By: Shayak Majumder | Updated at : 25 Jan 2023 11:44 AM (IST)
Ethereum price stood at $1,549.38 on January 25. ( Image Source : Bastian Riccardi/Unsplash )
Global crypto market cap dipped to around $1.02 trillion on early Wednesday morning, as most top coins landed in the reds across the board. While Bitcoin (BTC) managed to remain stable within the $22,000 range, Ethereum (ETH) lost the $1,600 mark. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — saw dips in prices. The Threshold (T) token managed to become the top gainer, with a 24-hour jump of over 13 percent.
The global crypto market cap stood at $1.02 trillion at the time of writing, registering a 24-hour gain of 3.22 percent.
Bitcoin price stood at $22,685.72, registering a 24-hour dip of 1.81 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 19.30 lakhs.
ETH price stood at $1,549.38, marking a 24-hour loss of 5.43 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.33 lakhs.
DOGE registered a 24-hour loss of 6.25 percent, as per CoinMarketCap data, currently priced at $0.08428. As per WazirX, Dogecoin price in India stood at Rs 7.29.
Litecoin saw a 24-hour loss of 3.61 percent. At the time of writing, it was trading at $87.77. LTC price in India stood at Rs 7,450.
XRP price stood at $0.4052, seeing a 24-hour dip of 4.03 percent. As per WazirX, Ripple price stood at Rs 34.16.
Solana price stood at $23, marking a 24-hour loss of 7.51 percent. As per WazirX, SOL price in India stood at Rs 2,010.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Threshold (T)
Price: $0.05011
24-hour gain: 13.65 percent
Quant (QNT)
Price: $154.02
24-hour gain: 6.23 percent
UNUS SED LEO (LEO)
Price: $3.48
24-hour gain: 1.27 percent
USDD (USDD)
Price: $0.9859
24-hour gain: 0.18 percent
Dai (DAI)
Price: $1.00
24-hour gain: 0.04 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Flow (FLOW)
Price: $1.07
24-hour loss: 13.20 percent
Optimism (OP)
Price: $2.01
24-hour loss: 11.92 percent
Chiliz (CHZ)
Price: $0.1331
24-hour loss: 10.60 percent
Rocket Pool (RPL)
Price: $36.79
24-hour loss: 10.26 percent
EthereumPoW (ETHW)
Price: $3.71
24-hour loss: 10.12 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Major cryptocurrencies declined in the past 24 hours ahead of the release of US GDP figures on Thursday and consumer sentiment data on Friday. Bitcoin is currently trading at the $22,500 level. The support now is at $22,450, and the resistance is at $22,600. On the other hand, Ethereum also slowed down and is trading at the $1,500 level. A potential breakout above the $1,600 level can increase the bulls’ confidence.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is currently facing resistance at $23,250 with support at $22,500. A fall below $22,500 may indicate a bearish correction to $21,500 or even $20,450. Technical indicators suggest a potential for bullish continuation, with an immediate resistance level at $23,250 and potential for upward movement to $23,900 and $25,150.”
Kunji founder Anurag Dixit offered his take, “The regulatory environment for cryptocurrency is rapidly evolving, with many jurisdictions implementing stricter oversight measures. However, Europe is taking a more progressive yet nimble approach through the proposed MiCA (Market in crypto assets) legislation. This approach is indicative of the EU’s innovative and forward-thinking attitude, similar to that seen in previous technological cycles. As a developed nation, EU’s policy on cryptocurrency can serve as a valuable indicator of potential regulations in other countries, such as India. However, it should be noted that there may be significant variations due to demographic differences.”
Shivam Thakral, the CEO of BuyUCoin, said, “The overall crypto market cap shrunk by 3 percent but still holding strong above the crucial $1-trillion mark. The world’s largest digital asset, Bitcoin seems to have found strong support at the $22,000 level as the selling pressure has decreased owing to favourable macroeconomic factors. The market is expected to remain stable as investors are in a wait-and-watch mode for the next US Fed meeting in February.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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