Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, failed to show signs of recovery over the weekend, as it remained within the $22,000 range early Monday morning. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board. The Maker (MKR) token emerged as the biggest gainer of the lot, with a 24-hour jump of over 6 percent. SingularityNET (AGIX), on the other hand, became the biggest loser.
The global crypto market cap stood at $1.02 trillion at the time of writing, registering a 24-hour loss of 0.46 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $22,405.68, registering a 24-hour loss of 4.94 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 19.96 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,562.37, marking a 24-hour dip of 0.55 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.37 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour dip of 2.08 percent, as per CoinMarketCap data, currently priced at $0.07407. As per WazirX, Dogecoin price in India stood at Rs 6.55.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 2.15 percent. At the time of writing, it was trading at $89.07. LTC price in India stood at Rs 7,801.
Ripple (XRP) price today
XRP price stood at $0.3658, seeing a 24-hour loss of 2.44 percent. As per WazirX, Ripple price stood at Rs 31.80.
Solana (SOL) price today
Solana price stood at $20.90, marking a 24-hour dip of 2.36 percent. As per WazirX, SOL price in India stood at Rs 1,949.82.
Top crypto gainers today (March 6)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Maker (MKR)
Price: $935.16
24-hour gain: 6.15 percent
Synthetix (SNX)
Price: $3.11
24-hour gain: 4.25 percent
Theshold (T)
Price: $0.04214
24-hour gain: 3.26 percent
Conflux (CFX)
Price: $0.1988
24-hour gain: 3.08 percent
BitDAO (BIT)
Price: $0.5383
24-hour gain: 3.01 percent
Top crypto losers today (March 6)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
SingularityNET (AGIX)
Price: $0.4429
24-hour loss: 7.98 percent
Dash (DASH)
Price: $63.74
24-hour loss: 5.91 percent
Enjin Coin (ENJ)
Price: $0.4107
24-hour loss: 5.19 percent
Theta Network (THETA)
Price: $0.9819
24-hour loss: 4.77 percent
Trust Wallet Token (TWT)
Price: $1.31
24-hour loss: 12.49 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “The broader crypto market remained in the red over the weekend as market participants digest the Silvergate issue. In the past 24 hours, Bitcoin's value has fluctuated between $22,500 and $22,600, representing a 1 percent decline. BTC has been trading below its previously established support levels for a few days now, although it has still managed to rise by 63 percent since its last lowest cycle and has not fallen below the $20,000 level. Similarly, Ethereum's value has also dropped by 1 percent and is below the $1,600 level, in line with BTC's performance. However, traders and investors are anticipating positive economic data from China that is expected to be released this week, which might help them return to the market.”
WazirX Vice President Rajagopal Menon said, “Bitcoin and Ether have started the week with little to no movement. Analysts are closely watching the current state of the market, which seems to be at a crucial turning point. Though the crypto winter seems to be behind us, the market is faced with the task of balancing the negative impact of Silvergate's recent crypto failure with the positive economic news coming out of China.”
Kunji founder Anurag Dixit offered his take, “Binance executives were worried about the regulatory risks associated with their relationship with Binance US, the US-based affiliate of the company. They expressed concern that US regulators might view them as a single entity, which could lead to regulatory issues. This comes amidst growing regulatory scrutiny of Binance and the wider cryptocurrency industry. February 2023 has been one of the highest scrutinizing months for crypto industry on the regulatory front."
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is still recovering from the Silvergate fiasco as BTC, the world’s largest crypto by market cap is down by 5 percent in seven days. ETH, which usually follows BTC is also down by 4.85 percent during the same period. If the Silvergate fallout doesn’t result in a broader contagion, then we may see a gradual recovery in digital assets across the board. The good thing is that the overall crypto market cap is still holding above the $1 trillion mark. It seems that the crypto market will digest the Silvergate issue eventually.”
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.