Cryptocurrency price in India 3 March 2023: Bitcoin decreases 5%, Ethereum below $1600, overall market suffer

By Nidhi Bhardwaj: The market on Friday traded in the red. Bitcoin decreased by 4.90 percent to stand at $22,356. Moreover, the value of Ethereum went below $1600 to stand at $1568, marking a 4.89 percent fall from the previous day.

As per the recent information, Silvergate Capital, a bank that specialises in cryptocurrencies, has shocked the whole cryptocurrency industry. Due to a ‘crisis of confidence’, the bank has postponed filing with the Securities and Exchange Commission (SEC) of the United States.

Read More

The current scenario has caused the crypto market to experience significant selling pressure. Around $50 billion in investor capital has been lost in the last few hours as a result of the over 5 percent decline in Bitcoin and the overall cryptocurrency market.

As the market struggled, the price of Solana plunged by 5.19 percent to $20.93. On the other hand, Litecoin also suffered negatively with an 8 percent fall to $89.11. The reduction in the market further led to a fall in Cardano’s value by 6 percent to stand at $0.335050. This decrease was continued in XRP and Monero by 3.42 percent and 4.44 percent, respectively. The value of Avalache tumbled 7 percent to trade at $16, along with noticed lows in Cosmos of 6 percent to $11.86.

On 3 March, the global crypto market cap decreased by 4.59 percent to $1.02 trillion in the past 24 hours. Contrarily, the total crypto market volume increased 12.87 percent to stand at 53.93 billion.

Top gainers and losers

According to CoinMarketCap, the top gainers were Threshold, ssv.network, yearn.finance, and XDC Network. Contrarily, the top losers were dYdX, Frax Share , Stacks, and Conflux.

Meme coins plunge

On Friday, the value of meme coins plunged. Shiba Inu recorded a slip of 6.29 percent to $0.000011. The value of Dogecoin fell 7 percent to $0.075340. This continued in Dogelon Mars with a 6.50 percent decrease.

Metaverse tokens in the red

A majority of the top metaverse tokens plunged. The price of The Sandbox recorded a loss of 8.74 percent. Moreover, Axie Infinity fell by 8.87 percent, along with the sink in Decentraland by 7.73 percent.