On international exchanges like CoinMarketCap, there was some recovery in the price of bitcoin from Monday and it was up by 4.05 percent to $51,141 (about Rs 38.52 lakh). According to CoinGecko, the value of bitcoin fell by more than 11.6 percent last week.
Bitcoin and other cryptocurrencies were affected by the sell-off due to the increasing threat of Corona’s new variant Omicron. Ether lost 6.81 percent on Saturday, but the second-largest cryptocurrency has since outperformed Bitcoin and is priced at $4,626 (approximately Rs.3.48 lakh) on CoinSwitch Kuber. Its price on international exchanges was $ 4,354 (about Rs 3.27 lakh). Gadgets 360’s cryptocurrency tracker shows that Ether’s value was down only 2 percent last week.
The situation was mixed for the prices of altcoins. Tether, Polkadot, Ripple, Polygon and Litecoin lost their value in the past one day, while Baby Doge Coin, Floki Inu and Kishu Inu gained in value. However, the price of Dogecoin is down 0.44 percent and is at $0.1897. The price of Shiba Inu was up 4.92 percent at 0.000037.
Investor interest in riskier assets has increased with new variants of Corona showing signs of being less lethal. Data from Glassnode shows that long-term holders of Bitcoin did not book much profit even during last week’s selloff. This indicates that they are bullish about this world’s largest cryptocurrency. Some big companies have also started taking payments in cryptocurrencies. Recently, Croatia’s big supermarket chain ‘Konjam’ has allowed thousands of its customers to pay in crypto as well. It has added nine cryptocurrencies as payment options. These include bitcoin, ethereum bitcoin cash, tether and USD coin.