Bitcoin price falls as exchange reserves hit three-year low; Ether value rises along with some altcoins

Bitcoin price fell by 1.22 percent in the last 24 hours, while the values ​​of several other cryptocurrencies also took a hit on Thursday. As a result, the price of Bitcoin has fallen to $65,255 (approximately Rs. 54.4 lakh) on international exchanges and $70,540 (approximately Rs. 58.8 lakh) on domestic exchanges. Market analysts believe that if the price of BTC continues to fall in this manner, it could eventually fall to as low as $60,000 (approximately Rs. 50 lakh).

“BTC consolidated in a very tight range yesterday, with altcoins showing some strength after days of choppy markets. This came as Bitcoin exchange reserves hit a three-year low, meaning there could be a supply shock due to unprecedented demand for Bitcoin ETFs,” the CoinSwitch market desk told Gadgets360 on Thursday.

Ether, on the other hand, has performed quite well as its value has increased by 1.35 percent over the past day. This puts the price of ETH on foreign exchanges at USD 3,576 (roughly Rs. 2.98 lakh). According to Gadgets360 crypto price tracker, the ETH price in India is currently at USD 3,130 (roughly Rs. 2.60 lakh).

Prices of most altcoins fall

Like Bitcoin, popular altcoins also saw a price drop on Thursday. These include Binance Coin, Solana, Ripple, Dogecoin, and Cardano.

Shiba Inu, Avalanche, Polkadot and Leo also recorded losses on Thursday.

The total cryptocurrency market capitalization has declined by 0.17 percent in the last 24 hours. The total cryptocurrency market valuation was $2.38 trillion (approximately Rs. 1,985,580,400,000 crore) at the time of writing, as per CoinMarketCap.

Among the relatively unknown cryptocurrencies that outperformed their popular counterparts on Thursday are Tron, Chainlink, Uniswap, Polygon, Near Protocol, Litecoin and Stellar, which posted gains.

Cosmos, Cronos, Neo Coin and EOS Coin also recorded a small increase in value.

“Ethereum-based tokens, including Ethereum Name Service (ENS) and Lido DAO (LDO), are also gaining strength, indicating the potential for a significant upswing in the near future,” WazirX Vice President Rajagopal Menon said in a statement to Gadgets 360.

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