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Bitcoin Price Drops as Exchange Reserves Hit Three-Year Low; Ether Value Rises Alongside Some Altcoins

The price of Bitcoin fell by 1.22 percent over the last 24 hours, while several other cryptocurrencies also experienced declines on Thursday. Consequently, Bitcoin’s price has dropped to $65,255 (approximately Rs. 54.4 lakh) on international exchanges and to $70,540 (approximately Rs. 58.8 lakh) on national exchanges. Market analysts suggest that if Bitcoin’s price continues to decline at this rate, it could eventually fall to as low as $60,000 (approximately Rs. 50 lakh).

“BTC consolidated in a very narrow range yesterday, with altcoins showing some strength after days of choppy markets. This comes as Bitcoin exchange reserves reach a three-year low, which means there could be a supply shock on the cards with the unprecedented demand for Bitcoin ETFs,” the CoinSwitch markets desk told Gadgets360 on Thursday.

On the other hand, Ether performed well, with its value growing by 1.35 percent over the past day. As a result, the price of ETH is now $3,576 (approximately Rs. 2.98 lakh) on foreign exchanges. According to Gadgets360’s crypto price tracker, the ETH price in India is currently set at $3,130 (approximately Rs. 2.60 lakh).

Prices of Most Altcoins Drop

Popular altcoins also saw their prices drop on Thursday, similar to Bitcoin. These include Binance Coin, Solana, Ripple, Dogecoin, and Cardano. Shiba Inu, Avalanche, Polkadot, and Leo also registered losses on Thursday.

The overall crypto market cap dipped by 0.17 percent in the last 24 hours. At the time of writing, the total crypto market valuation stood at $2.38 trillion (approximately Rs. 1,98,55,804 crore), according to CoinMarketCap.

Relatively Unknown Cryptocurrencies Perform Better

Relatively unknown cryptocurrencies that managed to perform better than their popular counterparts on Thursday include Tron, Chainlink, Uniswap, Polygon, Near Protocol, Litecoin, and Stellar, which registered profits. Additionally, Cosmos, Cronos, Neo Coin, and EOS Coin also saw a small increase in value.

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