Bitcoin and Dogecoin slipped again in the crypto market, Ether showed strength

NDTV Gadgets 360 Hindi

The cryptocurrency market is called the market of volatility. But these days this instability is more visible. Different opinions are emerging about the use of cryptocurrencies in different countries. Due to this, fluctuations in the prices of digital currency can be seen continuously these days. Bitcoin and Dogecoin prices were slightly lower today while Ether, Cardano and other cryptocurrencies were trading with gains.

According to CoinDesk, Bitcoin fell 0.5% to $34,472 (approximately Rs 25.61 lakh) after rising above the $35,000 level in the last 24 hours. Ether was trading 2% higher, moving above $2,300. While digital coins like Cardano, XRP also registered a growth of over 1% in the last 24 hours. At the same time, Dogecoin fell more than 1% to $ 0.24 (about Rs 18). Dodgecoin price in India stood at Rs 18.4 at 5 PM (IST) on 5th July.

Bitcoin doesn’t seem to be showing good signs for its investors. Evidence of this was also seen just last week when Ethereum outperformed Bitcoin’s daily active addresses. Ether’s daily active addresses surpass bitcoin’s in numbers. This has happened for the first time in the history of ether. While Ether took this record to a new level, doubts began to loom over the crown of Bitcoin’s top cryptocurrency. These figures are indicating that bitcoin is losing its position as the top cryptocurrency. At the same time, there are indications regarding Ether that the world’s second largest cryptocurrency is now on its way to become the world’s most preferred cryptocurrency. The price of bitcoin in India was Rs 25.42 lakh on July 5 at 5 PM (IST).

The world’s largest cryptocurrency is up almost 19% this year, despite the recent crypto drop. According to Coinmarketcap the Ether market cap is almost three times behind that of Bitcoin. While bitcoin is bullish with its market cap of $600 million, ether has a market cap of around $200 million, which is three times less than bitcoin. Yet ether’s overtaken daily active address in numbers indicates that investors interested in cryptocurrencies seem to be moving in favor of ethereum over bitcoin.

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