Bitcoin and Ethereum Experience Price Fluctuations; Altcoins and Stablecoins Follow Suit
Bitcoin has dipped over 3% in the last 24 hours and is trading at $29,965. The coin has declined by over 3.3% compared to the previous week. The downward trend could emanate from investor worries about the collapse of the US banking system. In the last two weeks, the price of BTC has been on an upward trend, seeing a 30% uptick since the collapse of Silicon Valley Bank. Currently, the market cap of BTC stands at over $520 billion.
ETH, the second-largest altcoin, has also been rising and declining with BTC. In the last 24 hours, ETH has recorded a 2.66% decline and is changing hands at $1,718.2. The altcoin price has dipped by 1.64% in the previous seven days. The market cap of ETH remains solid at $20 billion.
The price of the Binance coin is currently exchanging hands at $307.64. This price level represents a massive 8.32% dip in the last seven days and a 6.34% dip in the previous 24 hours. The weekly price drop can be attributed to BNB’s legal battles, with the SEC and other regulators going after the crypto exchange.
On the flip side, XRP is doing well, seeing a 5.5% uptick since yesterday to hit the $0.44 mark. The coin is also up 26% in the last week. On the other hand, Cardano is exchanging hands at $0.33, representing a 1.325 uptick in the twenty-four hours.
Solana, Shiba Inu, Polygon and Polkadot Price Movement
Solana is currently trading at $20.5, which according to the daily chart, represents a 6.81% drop. The price chart also indicates that the current price level represents crucial support, and if the candlestick turns red from this point, the dip could continue well into April.
Polkadot is also down 1.05% to trade at $6.1600, with the weekly chart showing a decent drop in the week. The indicators all point to a bearish trend for the altcoin in the coming month, but a spike above the $6.1800 psychological level could see the altcoin form a bullish momentum on the chart.
Shiba Inu is trading in the green zone, with the altcoin price seeing a significant uptick in the last 24 hours to change hands at the $0.000011 psychological level. Despite the good results on the previous day, the weekly chart shows that the altcoin lost over 0.29% in the week.
Polygon is exchanging hands at $1.04, continuing the bearish momentum for the altcoin that has lost over 7% in the last week.”
Biggest Gainers and Losers of The Day
Despite the losses, some tokens saw a significant price increase driven by different factors on their platforms. Flare is up 6.59% to trade at $0.33, while Zcash rose 5.68% to end the day in the green zone. GMX also saw a 6% increase in the last 24 hours, ending the day at $0.44.
On the flip side, newly-conceived Arbitrum was down a staggering 12.28% to trade at $1.13, while Mina and Stacks lost 9.22% and 9.09% to end the day trading at $0.77 and $0.88, respectively.
Tether and Binance USD are trading at $0.99, keeping tabs on the USD but losing 0.01%.