Bitcoin (BTC) and Ethereum (ETH), two of the most popular crypto coins, snapped their bull run as the overall crypto market faced a slowdown Wednesday evening. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the reds across the board. The XDC Network (XDC) token became the top gainer of the lot, with a 24-hour gain of over 5 percent. Synthetix (SNX), on the other hand, emerged to be the top loser, with a 24-hour dip of over 18 percent.
The global crypto market cap stood at $1.07 trillion at the time of writing, registering a 24-hour dip of 2.83 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $24,343.58, registering a 24-hour dip of 1.93 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 21.02 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,647.23, marking a 24-hour loss of 3.47 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.43 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour loss of 6.98 percent, as per CoinMarketCap data, currently priced at $0.07021. As per WazirX, Dogecoin price in India stood at Rs 6.19.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 8.05 percent. At the time of writing, it was trading at $77.81. LTC price in India stood at Rs 6,700.
Ripple (XRP) price today
XRP price stood at $0.3635, seeing a 24-hour loss of 3.11 percent. As per WazirX, Ripple price stood at Rs 31.45.
Solana (SOL) price today
Solana price stood at $19.33, marking a 24-hour dip of 8.28 percent. As per WazirX, SOL price in India stood at Rs 1,866.
Top crypto gainers today (March 16)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
XDC Network (XDC)
24-hour gain: 5.30 percent
24-hour gain: 4.83 percent
24-hour gain: 1.09 percent
24-hour gain: 0.91 percent
Pax Dollar (USDP)
24-hour gain: 0.59 percent
Top crypto losers today (March 16)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 18.42 percent
24-hour loss: 18.20 percent
24-hour loss: 17.22 percent
Lido DAO (LDO)
24-hour loss: 15.85 percent
24-hour loss: 14.31 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is currently trading at $24,000, experiencing a slight drop in price from the previous day as investors discuss liquidity concerns in the market. Additionally, investors are considering the possibility of a European banking crisis triggered by worries about Credit Suisse, which has faced numerous challenges. Despite dropping to $23,000 yesterday, Bitcoin has since regained its position at $24,000. Meanwhile, Ethereum has also seen a decline of 3 percent over the past 24 hours and is currently trading at the $1,600 level.”
WazirX Vice President Rajagopal Menon said, “The market witnesses an attempt to sell off assets as exchanges see increased deposits, especially for stablecoins. Bitcoin and Ethereum prices have surged since Tuesday’s level. Amidst a loss for both short-sellers and long-term holders, it is being perceived that the banking crisis may affect Crypto prices in the near term before renewed investor confidence arises in digital assets, independent of the stock market sentiment.”
Kunji founder Anurag Dixit offered his take, “The recent US PPI figures were supportive, but with ongoing issues in global banks and a fragile macroeconomic environment, caution is prevalent. While BTC and altcoins saw a slight increase, the subsequent retracement outweighed the initial gain. Overall, the combination of economic uncertainty and banking concerns has led to an environment of caution in the markets.”
Shivam Thakral, the CEO of BuyUCoin, said, “Bitcoin is hovering around the $25,000 mark as positive inflation data brought cheer to the investment community. The collapse of Silvergate and Silicon Valley banks has put the focus back on decentralized finance as a measure to protect user funds. However, the latest developments at Credit Suisse may spook the global markets and spoil the crypto party in the coming weeks.”
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.