Cryptocurrency Price Today: Bitcoin, Ethereum Fail To Impress As Global Market Cap Continues To Dip
Cryptocurrency price on February 28 quick take: The global crypto market cap stood at $1.07 trillion on Tuesday morning.
The global crypto market cap is on a steady decline, going down from $1.11 trillion last week to $1.07 trillion early Tuesday morning. Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remained within the $23,000 range with a minor 24-hour loss. Other popular altcoins — including the likes of Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL) — registered minor losses across the board. The NEM (XEM) token managed to become the top gainer, with a 24-hour jump of over 31 percent.
The global crypto market cap stood at $1.07 trillion at the time of writing, registering a 24-hour dip of 0.53 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $23,477.46, registering a 24-hour dip of 0.39 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 20.31 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,633.06, marking a 24-hour loss of 0.48 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.41 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour dip of 0.01 percent, as per CoinMarketCap data, currently priced at $0.082. As per WazirX, Dogecoin price in India stood at Rs 7.28.
Litecoin (LTC) price today
Litecoin saw a 24-hour loss of 0.81 percent. At the time of writing, it was trading at $94.27. LTC price in India stood at Rs 8,026.01.
Ripple (XRP) price today
XRP price stood at $0.3753, seeing a 24-hour loss of 0.31 percent. As per WazirX, Ripple price stood at Rs 32.57.
Solana (SOL) price today
Solana price stood at $22.59, marking a 24-hour dip of 1.94 percent. As per WazirX, SOL price in India stood at Rs 2,032.09.
Top crypto gainers today (February 28)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
NEM (XEM)
Price: $0.05847
24-hour gain: 31.18 percent
SingularityNET (AGIX)
Price: $0.5371
24-hour gain: 27.16 percent
Stacks (STX)
Price: $0.9203
24-hour gain: 10.02 percent
Synthetix (SNX)
Price: $2.87
24-hour gain: 7.97 percent
ssv.network (SSV)
Price: $46.97
24-hour gain: 7.85 percent
Top crypto losers today (February 28)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Conflux (CFX)
Price: $0.2245
24-hour loss: 5.07 percent
Bone ShibaSwap (BONE)
Price: $1.80
24-hour loss: 4.26 percent
Polygon (MATIC)
Price: $1.23
24-hour loss: 3.80 percent
Aave (AAVE)
Price: $79.48
24-hour loss: 3.73 percent
Quant (QNT)
Price: $125.73
24-hour loss: 3.52 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “On Monday, Bitcoin and Ethereum experienced a slight decline and traded flat after releasing the US Durable Goods Orders data for January, which showed a drop of 4.5 percent. Despite strong economic data for the same period. This caused concerns among investors and traders about inflation and the possibility of interest rate hikes. BTC lost its weekly gains and is currently in the red, falling from its high of over $25,000 a week ago. BTC has not yet gathered the strength to make a sharp move, so might trade in similar lines for some time.”
WazirX Vice President Rajagopal Menon said, “Bitcoin’s price remained consistent with the previous few days amidst speculation of US Fed increasing interest rates. Ethereum saw a similar pattern in performance. On the other hand, the Stablecoin Supply Ratio’s increase indicates that their buying power relative to Bitcoin has decreased. However, experts have not correlated this to negative market sentiment or a decline in the growth of stablecoins.”
WazirX Vice President Rajagopal Menon said, “Bitcoin’s price remained consistent with the previous few days amidst speculation of US Fed increasing interest rates. Ethereum saw a similar pattern in performance. On the other hand, the Stablecoin Supply Ratio’s increase indicates that their buying power relative to Bitcoin has decreased. However, experts have not correlated this to negative market sentiment or a decline in the growth of stablecoins.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “The cryptocurrency market has been buzzing with activity over the past 24 hours, with Bitcoin trying to break the significant $23,750 resistance level, potentially pushing the value further down to $22,800. Ethereum, on the other hand, has seen a 0.99% drop in value in the last 24 hours, but there is still hope for a rally to the $1,674 level if it manages to break through the $1,625 resistance level.”
Kunji founder Anurag Dixit offered his take, “The recent uptick in the crypto markets and US indices has provided a brief respite for investors amidst the looming rate hike on March 22. While macroeconomic indicators have yet to show significant improvement, it is possible that the markets may remain in a state of sideways consolidation for a prolonged period."
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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