With the current coronavirus pandemic, inflationary pressures, and a drop in global technology industries, investors are concerned about supply chain concerns.
Bitcoin’s activity in the larger cryptocurrency industry has been significantly below last week’s high. Despite this, the leading cryptocurrency by market capitalization did not lose any further ground in the previous 24 hours. On Wednesday, Bitcoin (BTC) gained 1.34 percent in value and is now trading at $45,323, up 0.15 percent in the last 24 hours on the Indian platform CoinSwitch Kuber.
However, the most renowned cryptocurrency’s price has dropped by a minuscule 0.01 percent on global exchanges in the last 24 hours to $41,901.
Ether Market Cap
Ether, the second-largest virtual currency by market capitalization, followed a nearly identical trajectory through Wednesday. The Ethereum-based cryptocurrency gained 1.42 percent on Wednesday and is fighting to stay in the green on Thursday morning. Ether was trading at $3,384 on CoinSwitch Kuber at the time of publication. The cryptocurrency is trading at $3,126 on global exchanges, up 0.18 percent in the last 24 hours.
The poor performance of Bitcoin and Ether has had a detrimental spillover impact on cryptocurrencies. The virtual currency value tracker at Gadgets 360 reveals that most major altcoins have decreased in value in the last 24 hours. Ripple, Polkadot, Chainlink, Uniswap, and Polygon are some of the most popular patterns. Litecoin, Tron, and Monero, on the other hand, were the only deviations from the rule, with modest gains in the last 24 hours.
In general, meme currencies have seen a rise in value over the last week, although Dogecoin and Shiba Inu haven’t had a particularly good week. Shiba Inu is currently trading at $0.000030, a 1.02 percent decrease in the last 24 hours.
Dogecoin is currently trading at $0.17, a 1.28 percent decrease in the last 24 hours. According to CoinGecko data, SHIB has had a tough week, falling 13% in the previous week alone.
How’s BTC?
Bitcoin has lost more than a third of its worth since attaining historic highs in November 2021. It leaves BTC holders with unrealized losses. If market conditions are any indication, unpredictability is set to persist.
As per Glassnode, on-chain data provider, BTC 5.7 million, or 30% of the currencies in circulation, are presently downtrend. Meaning they’re worth less than what their proprietor paid for them.
According to Glassnode, the present level is statistically and psychologically significant because the market has always been capable of making a comeback whenever the proportion of Bitcoin supply in profit has fallen close to or below the 70% threshold since May 2020. While it doesn’t definitely mean a turnaround this time, it could serve as a warning to Bitcoin bulls.
What Now?
In the meantime, at the forthcoming International Solid-State Circuits Conference (ISSCC) next month, Intel, the semiconductor manufacturing behemoth, is expected to unveil a new “Bonanza Mine chip.” This is probably an energy-efficient Bitcoin ASIC (application-specific integrated circuit) for mining.
There’s not much to go on right now. However, according to a docket, Intel has a spot underneath the Highlighted Chip Releases category set on February 23. With presentations arranged from Hillsborough, Santa Clara, and San Diego, California.
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