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Bitcoin Price Drops to $54,000, But Ether, Cardano Continue Steady Climb

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After a stellar run during the week, bitcoin saw it rise 25 percent, with a slight drop in valuation on Friday, with a 2.84 percent drop. After crossing $56,000 on Thursday, the most valuable cryptocurrency in the world was trading at Rs. 41,67,663 (approximately $55,500). Bitcoin’s bullish rally this week has dropped significantly from its all-time high of nearly $65,000, but investors have had a good week with a market cap of over $1 trillion.

Bitcoin’s fall has had a mixed effect on altcoins and some of the popular crypto-coins have seen a change in fortunes over the past 24 hours. Gadgets360’s cryptocurrency price tracker shows that the valuation of Ether has been rising steadily. The second most valuable cryptocurrency for the week had a rough start but ended with a slight jump of 0.66 per cent at Rs. 2,77,246 (around $3,715) on Friday, the Ethereum-based crypto-coin sees its value in the green for the fourth day in a row.

In the battle for Memecoin, both Dogecoin and SHIB saw a drop in values. DOGE, started the week with gains in double digits, trading with a small fall of 1.19 per cent on the rupee. 18.89 (about $0.24). Meanwhile, the rival Shiba Inu’s dramatic climb of more than 40 percent on Thursday, fueled by an Elon Musk post on Twitter of his pet dog Floki, saw a sharp drop of 26.46 percent in values.

Meanwhile, Polkadot started the day as the biggest gainer among the popular altcoins with a gain of 5.85 percent, while Cardano also made a strong start with a gain of 2.17 percent. On the other hand, Ripple, Tether and Litecoin all saw declines.

With a surge in institutional investors, bitcoin’s bull run this week was a breath of fresh air for the crypto market, which saw an uncertain week following China’s ban on all crypto-transactions.

Friday’s downturn for bitcoin may be temporary as Switzerland reported news for the popular cryptocurrency to heat up on Thursday. The Swiss national railway firm (SSB) has now decided to allow customers to buy bitcoin on its railway ticket machines, a feature that was initially limited to 1,000 ticket machines but has now seen a wider rollout.

Elsewhere, billionaire entrepreneur Mark Cuban came out and said that people prefer to spend Dogecoin to purchase goods and services – a pattern he observed with Dallas Mavericks fans – because of how often the crypto-coin appreciates in value, More so than its major rivals like bitcoin.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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