Bitcoin, Ether join most altcoins in tact losses, Tether and USD Coin manage to see gains

The overall cryptocurrency price chart mostly reflected losses on Thursday, February 22. Bitcoin, which has been on a winning streak in recent days, recorded a loss of 1.24 percent on Thursday. At the time of writing, the value of Bitcoin stands at $51,392 (approx. Rs. 42.6 lakh). In the last 24 hours, the value of Bitcoin has fallen by $605 (approx. Rs. 50,170). Resistance for BTC stands at $53,000 (roughly Rs. 43.9 lakh). Market analysts worry that BTC’s continued rejection at resistance could lead to a retracement to $48,000 (roughly Rs. 39.8 lakh) – $49,000 (roughly Rs. 40 lakh) — before the upcoming halving.

Ether registered a loss of 1.82% on Thursday. The value of ETH currently stands at $2,841 (roughly Rs. 2.3 lakh).

“The overall crypto market was facing a decline as Bitcoin market oscillators indicating a further price correction pointed to increasing dominance of the BTC market. Altcoins like Solana, Ethereum, Ripple, etc. also faced a decline after several days of price rallies. An improvement in the number of small retail investors could potentially improve the price action for the tokens,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

Recent FOMC announcements also suggest that there will be no interest rate cuts – which may have caused this period of losses for most altcoins.

On Thursday, Solana, Ripple, Cardano, Avalanche, Tron and Dogecoin — all posted losses along with BTC and ETH.

Polkadot, Polygon, Shiba Inu, Bitcoin Cash, Litecoin, Uniswap, Leo and Cosmos also recorded losses.

The overall crypto market cap is down 1.42 percent in the last 24 hours. The current valuation of the crypto market stands at $1.95 trillion (roughly Rs. 1,61,68,717 crore) according to CoinMarketCap.

Only a few cryptocurrencies managed to see gains on Thursday. These include Tether, Binance Coin, USD Coin, Iota and Dash.

“In parallel, AI tokens including SingularityNet (AGIX, +26.46 percent ), FetchAi (FET, +3.76 percent ) and Render (RNDR, +8.36 percent ) rose after Nvidia beat analysts’ forecasts around its 4th quarter profit. Shares of the company also rose more than seven percent in post-market trading yesterday,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.