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Cryptocurrency Price Today: Bitcoin Dips Slightly Amid Volatile Market, Ether Price Rises

Bitcoin price today drops slightly

Bitcoin price today drops slightly

Ether, the second most popular cryptocurrency jumped 1.64 per cent in a day to hit $2,798.10

Cryptocurrency Update: Bitcoin on Friday, March 18, fell slightly amid volatile markets as the Russia Ukraine tensions continued for over a month. The world’s largest cryptocurrency by market value fell 0.02 per cent in the last 24 hours to $40,755.47 at the time of writing this article, according to global crypto tracking website CoinMarketCap. It must be noted that Bitcoin gained nearly 5 per cent in the last seven days.

Ether, the second most popular cryptocurrency jumped 1.64 per cent in a day to hit $2,798.10, according to CoinMarketCap. On a weekly basis, Ether gained over 8 per cent.

Bitcoin slid below $40,000-level over the last month as the Ukraine-Russia conflict had intensified. On the other hand, gold price jumped to its highest level since June, last year. Analysts had earlier mentioned that Bitcoin may tumble further to drop below $30,000 as traders is expected to favour gold now.

“The US Federal Reserve raised interest rates for the first time since 2018, from 0.25 percent to 0.5 percent to combat the surging inflation rate. In most cases, the rise of interest rates tends to signal uncertainty for the crypto market as investors have greater access to yield from low-risk avenues of the market,” said the CoinDCX Research Team on the crypto market movement a day back.

“Yet, in contrast, the past 24 hours have witnessed the crypto market responding atypically, trending further upwards to continue its bullish trend in the greens,” it said.

This could be a case of a lag in market reaction and investors may only begin to witness its true impact on crypto down the line, it added.

The global cryptocurrency market also jumped slightly again despite the Russia Ukraine crisis as most major crypto coins gained their values. The cryptocurrency market cap was standing at $1.83 trillion, according to data from CoinMarketCap. This was up by 0.26 per cent over the last 24 hours. The The global crypto volume however plunged over the past day. The total volume of traded coins amounted to $78.85 billion over the course of the last day. This has fallen by 16.77 per cent over the last 24 hours, said data on the website.

Here are the top 10 cryptocurrencies and their prices on March 18, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $40,755.47 or 0.02 per cent loss in the last 24 hours

Ethereum $2,798.10 or 1.64 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent gain in the last 24 hours

BNB $387.79 or 0.67 per cent gain in the last 24 hours

USD Coin $0.9997 or 0.02 per cent loss in the last 24 hours

XRP $85.62 or 2.14 per cent loss in the last 24 hours

Terra $90.16 or 3.20 per cent gain in the last 24 hours

Cardano $0.8317 or 1.59 per cent loss in the last 24 hours

Solana $86.56 or 0.99 per cent loss in the last 24 hours

Avalanche $79.84 or 5.05 per cent gain in the last 24 hours

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first published:March 18, 2022, 12:44 IST