Cryptocurrency markets in red again; Bitcoin, Ethereum nosedive

Cryptocurrency markets have slipped in the last 24 hours. The global market cap is down by 0.46 per cent in the last 24 hours and is at $1.26 trillion as of 7:30 AM IST, CoinMarketCap data showed.

Bitcoin is down by 0.20 per cent and is trading at $29,663.

Ethereum also showed major downtrend and is at $ 1,946 after sliding 1.48 per cent.

The USDT Tether showed no change in its value in the last 24 hours, whereas the USDC stablecoins showed 0.01 per cent upward change and maintained its peg at $1.

The BNB token fell by 1.01 per cent and Solana by a significant 2.53 per cent.

XRP Ripple is also down by 0.27 per cent in the last 24 hours,while the ADA token showed 3.96 per cent downtrend.

Solana fell by 0.81 per cent, and Dogecoin slipped by 0.15 per cent.

BinanceUSD, the stablecoin by Binance exchange showed 0.12 per cent downtrend in its value.

Overall, the major top tokens slid down from their positions in the last 24 hours.

In other news, JP Morgan expects Bitcoin to rise 28 per cent in the short term. Moreover, it also announced that cryptocurrency has overtaken real estate as one of its preferred alternative assets.

Also, Ethereum gas fees has dropped to its lowest levels since July 2021.

Also Read: What is Bitcoin? How does it work? Find out here  - BusinessToday

Also Read: Gita Gopinath is not alone in avoiding the crypto party: Here are top 5 economists who said no to crypto - BusinessToday