Ethereum (ETH), the world’s second most-valued cryptocurrency, has been on a downward spiral ever since the Ethereum Merge took place, seeing the blockchain’s switchover to a proof-of-stake mechanism from a proof-of-work model. While it was largely expected that ETH price will see notable gains the board following the Merge, the reality was rendered to be quite the opposite. Alongside, most other popular altcoins, including Bitcoin (BTC) itself saw a terrible weekend marked by deeply plunging prices. The Ethereum Classic (ETC) token turned out to be the biggest loser in the last 24 hours, with a a loss of over 17 percent.
At the time of writing, the global crypto market cap stood at $908.72 billion, marking a 6.36 percent dip in the last 24 hours, as per CoinMarketCap data.
Bitcoin (BTC) price today
As per CoinMarketCap, Bitcoin saw a 24-hour loss of 5.94 percent, priced at $18,828.30. As per Indian exchange WazirX, BTC price stood at Rs 16.53 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,303.97, marking a 24-hour dip of 7.59 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.12 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour loss of 7.36 percent as per CoinMarketCap data, currently priced at $0.05715. As per WazirX, Dogecoin price in India stood at Rs 4.81.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 10.55 percent. At the time of writing, it was priced at $51.16. LTC price in India stood at Rs 4,595.
Ripple (XRP) price today
XRP price stood at $0.3452, seeing a 24-hour loss of 6.24 percent. As per WazirX, Ripple price stood at Rs 29.19.
Solana (SOL) price today
Solana price stood at $31.25, marking a 24-hour loss of 6.80 percent. As per WazirX, SOL price in India stood at Rs 2,760.
Top crypto gainers today (September 16)
As per CoinMarketCap data, here are the top crypto gainers over the past 24 hours:
Binance USD (BUSD)
24-hour gain: 0.02 percent
24-hour gain: 0.01 percent
Top crypto losers today (September 16)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Ethereum Classic (ETC)
24-hour loss: 17.06 percent
24-hour loss: 14.92 percent
Curve DAO Token (CRV)
24-hour loss: 13.83 percent
24-hour loss: 13.78 percent
24-hour loss: 12.88 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “The global crypto market fell over the weekend due to macroeconomic conditions. Bitcoin fell by nearly 3 percent, while Ethereum fell by 8 percent in the past 24 hours. The Bitcoin market started to move negatively after the CPI data was released. BTC might likely retest the buyer’s commitment between $19,000 and $18,000 support. We may see a bullish pattern if BTC can survive above this support. On the other hand, Ethereum has lost over 24 percent in the last week. The ETH price drop after the Merge has also been reflected in the other altcoins. If buyers cannot seize the initiative above the current level today, we might see ETH dropping to another vital point below $1,300 soon. The slump might be due to the market participants’ worry over the soaring inflation and fear around the Federal Open Market Committee’s meet-up on the 21st of September over the next interest hike.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Friday presented a dull market when it comes to crypto prices across the globe. Irrespective of the sector, we saw the price drop between 2 to 6 percent. Ether continued to lose on the entire day by up to 6 percent as the news that the merger is not going to create an extra coin got settled in the brains of the investors. The weekend was bearish but the value lost is not significant except Ether which has continued to lose its value at the same phase as Friday. The weekend was lucky for Ripple, which gained over 6 percent followed by some of the metaverse and Decentralised Finance tokens that were slightly positive. The rest of the top 100 coins from other sectors ended up in red by losing up to 3-4 percent. The rest of the week is expected to be bumpy given there are no major events scheduled in the industry during the week.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “The top 100 cryptocurrencies were all in the red on Monday morning during Asia trading hours as global economic factors and an impending rate hike to control inflation in the US continue to affect trading volumes. With a 6 percent decline, the global crypto market cap was trading significantly lower at $911.97 billion. Meanwhile, all key cryptocurrencies are facing a similar decline with Bitcoin trading below $19,000 and Ethereum at $1,300. Investors should maintain calm in the face of this bearish sentiment.”
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.
This news is republished from another source. You can check the original article here