The global crypto market cap dipped below $1 trillion yet again, showing signs of tough days ahead for overall prices. Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped down to the $21,000 level. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC) — landed in the reds across the board. The KAVA token became the top gainer, with a 24-hour jump of over 6 percent. ImmutableX (IMX) emerged to be the top loser, with a 24-hour dip of over 14 percent.
The global crypto market cap stood at $997.60 billion at the time of writing, registering a 24-hour dip of 1.79 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $21,750.45, registering a 24-hour dip of 1.84 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 18.99 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,539.28, marking a 24-hour loss of 1.42 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.35 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour dip of 2.55 percent, as per CoinMarketCap data, currently priced at $0.07188. As per WazirX, Dogecoin price in India stood at Rs 6.40.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 2.92 percent. At the time of writing, it was trading at $83.36. LTC price in India stood at Rs 7,015.09.
Ripple (XRP) price today
XRP price stood at $0.388, seeing a 24-hour gain of 2.09 percent. As per WazirX, Ripple price stood at Rs 33.85.
Solana (SOL) price today
Solana price stood at $18.55, marking a 24-hour dip of 7.35 percent. As per WazirX, SOL price in India stood at Rs 1,664.
Top crypto gainers today (March 9)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 6.01 percent
24-hour gain: 2.56 percent
24-hour gain: 2.24 percent
Bone ShibaSwap (BONE)
24-hour gain: 0.71 percent
Pax Dollar (USDP)
24-hour gain: 0.61 percent
Top crypto losers today (March 9)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 14.50 percent
24-hour loss: 13.37 percent
24-hour loss: 11.72 percent
24-hour loss: 9.49 percent
Convex Finance (CVX)
24-hour loss: 8.39 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “On Wednesday, most cryptocurrencies experienced losses as traders continued to respond to remarks from the US Fed Chair Jerome Powell regarding interest rate increases. Within the last 24 hours, Bitcoin’s value dropped below $22,000, and buyers have struggled to push it beyond the $22,800 breakdown level. This indicates a lack of aggressive purchasing at current levels, potentially causing the price to fall to the critical support level of $21,480. In the short term, this level is crucial, and if the bulls want to make a significant move, they must push the price back up to $22,000.”
WazirX Vice President Rajagopal Menon said, “Bitcoin experienced a decline to a three-week low due to a series of factors. At the same time, Ether followed a similar trajectory as Bitcoin and experienced a decrease in its value. US Fed Chair’s comments for the second consecutive day, JPMorgan’s termination of its association with Crypto exchange Gemini, and crypto-friendly bank Silvergate’s closure impacted the prices majorly.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin price fell to $21,700, and if it breaks below $21,300, it may drop as low as $16,000. Ethereum is currently trading around $1,400, the next expected level is $1,180. The market remains bearish and investors are wary of the upcoming release of hacked bitcoins on March 11, which could cause the market to fall.”
Kunji founder Anurag Dixit offered his take, “Bitcoin is now moving in the $21,700 area. The closure of Silvergate’s operations and signs of turbulent relationships between tradFI companies and digital asset companies is becoming very bearish for the whole industry as a whole. All this coupled with multiple revised macroeconomic data are hinting towards tougher times than previously anticipated by anyone.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market cap slipped below the $1 trillion mark as US central bank sent strong signals about tackling inflation through strict monetary policies and rate hikes. BTC is trading below the $22,000 level while ETH is looking for a new support level below the $1,600 mark. Hawkish monetary policies may decrease the liquidity in the market in the coming weeks which may result in further price falls. The dip in the prices will offer a buying opportunity to seasoned investors based on their risk appetite.”
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.