The struggle is not for Bitcoin alone. Ether on CoinSwitch Kuber has fallen 0.67 percent to $4,572 (approximately Rs.3.4 lakh) in the last 24 hours. Whereas the second largest cryptocurrency by market cap is pegged at $4,171 (approximately Rs 3.1 lakh) on global exchanges. Gadgets 360’s Cryptocurrency Price Tracker shows that the Ethereum-based cryptocurrency has seen a price drop of nearly 13% since its November 10 high of $4,870 (roughly Rs.3.61 lakh).
Mudrex CEO and Co-Founder Edul Patel said, “The cryptocurrency market has consolidated over the past 24 hours. Bitcoin $57,000 [लगभग 42.4 लाख रुपये] Bears are becoming more active, falling towards the $50 mark. BTC dominance fell below 42%, which suggests that altcoins are currently more bullish than BTC. The cryptocurrency market is likely to remain confined in a range in the coming 24 hours.”
The market tracker certainly indicates that altcoins will be the focus for this week. Cardano, Uniswap and Ripple have all gained in price over the past 24 hours, while Polkadot and Tether are seen in the red. However, there has been no significant drop in the prices of both these coins.
Mime coins Dogecoin and Shiba Inu have not done well over the past few weeks and the trend continues for DOGE. Dodgecoin is currently trading at $0.24 (approximately Rs.18.21), down 1.2 percent in the last 24 hours. The Shiba Inu price is $0.000044 (approximately Rs.0.003285), up 1.46 percent.
Given the decline of the cryptocurrency market, the market appears to have reacted negatively to El Salvador’s plans to build a bitcoin city. President Nayib Bukele said the city would be made circular, imitating the shape of a large coin. Also, it would have resembled the shape of the Conchagua volcano. So that geothermal energy can be used for bitcoin mining as well as supplying energy to the city.
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