Bitcoin maintained its streak of more losses and smaller gains, moving on Tuesday, December 14 with an overall drop of 3.43 percent in value. On the Indian exchange CoinSwitch Kuber, the world’s oldest cryptocurrency is trading at $50,553 (approximately Rs. 38 lakh). On international exchanges such as CoinMarketCap, the Bitcoin value hovers around $47,235 (about Rs. 35 lakh). This marks the fourth consecutive week that Bitcoin has failed to get closer to its all-time high of $68,327.99 (about Rs. 50.5 lakh).
While Bitcoin struggles to recover in value, Ether has also remained quiet in terms of ups and downs in recent days.
With a loss of 5.45 percent, the world’s second most valued cryptocurrency is currently trading at $4,050 (about Rs. 3 lakh) per token, according to the Gadgets 360 crypto price tracker.
Cardano, Ripple, Polkadot, Dogecoin and Shiba Inu also found their place on the list of cryptocurrencies whose prices bounced a bit, but ended up netting losses.
On the other hand, only Tether, USD Coin and SushiSwap emerged as winners with only minor changes in their values.
In the run up to Christmas, industry experts predict that crypto market volatility will remain active in the coming days.
“The two largest cryptocurrencies by market cap, Bitcoin and Ether, have continued to hover around their inflection points. Although Ether dipped below the crucial USD 4000 (about Rs. 3 lakh) support at one point, Bitcoin remained fairly range-bound. With the ‘cryptocurrency fear and greed’ index showing fear in the market, we can expect the coming days to remain volatile,” Edul Patel, CEO and co-founder of crypto investment firm Mudrex told Gadgets 360.
Meanwhile, crypto adoption remains a matter of debate in a number of countries.
Recently, a Nigerian minister advised the government there to keep an open approach to crypto adoption.
Indian Prime Minister Narendra Modi also recently said that cryptocurrencies should be used to strengthen democracy, not undermine it. His statements came at a time when Indian policymakers fear that unregulated transactions in digital currencies could harm macroeconomic and financial stability.