Nearing the middle of September ahead of the festive season, the crypto market has found itself surrounded by volatility. On Tuesday, September 13, Bitcoin rose by 1.36 percent to open trading at $22,165 (roughly Rs. 17.5 lakh) as per Gadgets 360’s crypto price tracker. The reigning king of the crypto sector also scored gains on international exchanges. On Binance and CoinMarketCap, for instance, BTC values hiked by up to 2.40 percent to touch and trade at the price point of $22,206 (roughly Rs. 17.6 lakh).
Ether today did not show its conventional market movement to trail behind Bitcoin. Instead, Ether met with losses of about 2.71 percent to trade at the value of $1,693 (roughly Rs. 1.3 lakh).
“On September 8, the climate and energy implications of crypto-assets in the US were released by the White House. Simultaneously Beijing-based mining pool Poolin has suspended withdrawals from its wallet citing liquidity issues. Even though 10 percent of the Bitcoin hash rate corresponds to the Poolin mining pool, this has not significantly affected the hashing power of the network as the number of unique Bitcoin accumulation addresses continues to reach all-time highs. On-chain analytics suggest that there is a redistribution of Bitcoin from whales to retail users which is a net positive for adoption and concentration metrics of Bitcoin,” the CoinDCX Research Team told Gadgets 360.
With BTC and ETH going different ways on the market, the crypto price charts seemed divided with some altcoins like BTC having garnered profits while the others like Ether having faced losses.
As per Gadgets 360’s crypto tracker, Polygon, Avalanche, Uniswap, and Cosmos saw gains.
Meanwhile, small but significant loss struck stablecoins such as Tether, USD Coin, and Binance USD, along with Cardano, Polkadot, and Tron, among other altcoins.
“Even though we’ve seen an increasing amount of liquidations and deleveraging events over the last few weeks, currently both futures and perpetual open interest are at all-time highs, which increases the odds of further volatility in the markets especially ahead of the Federal Open Market Committee (FOMC) meeting and other important macro events that are lined up this September,” the CoinDCX Research Team added.
The global crypto market cap, which slipped off the trillion-dollar mark for a brief period recently, has reclaimed its stronger position.
With a rise of 1.22 percent in the last two hours, the valuation of the global crypto market currently stands at $1.07 trillion (roughly Rs. 84,61,000 crore), as per CoinMarketCap.
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