Bitcoin Price Sees Slight Rise, Altcoin Values Plummet
Bitcoin price rose 0.69 percent on Friday, taking the world’s most-used cryptocurrency to $68,600 (roughly Rs. 57 lakh) on international exchanges like CoinMarketCap. On domestic exchanges like WazirX and CoinDCX, the digital asset is trading at a slightly higher price of $71,930 (roughly Rs. 59.8 lakh). Bitcoin has been hovering around the same price range for over two weeks now and market experts have predicted that if BTC fails to break the $68,800 (roughly Rs. 52.7 lakh) resistance point, it could enter a losing spiral.
“BTC continues to range in the lower timeframe. It needs to stay above $67,000 (approximately Rs. 55.7 lakh) to avoid a potential small dip. Alts are weaker compared to BTC as the ETH/BTC pair is at a resistance level,” the CoinDCX markets team told Gadgets360 on Friday.
Ether saw a loss of 1.58 percent on Friday. Ether, the second most expensive asset after Bitcoin, is trading at $3,951 (around Rs. 3.2 lakh) on Indian exchanges, while ETH is trading at $3,745 (around Rs. 3.11 lakh) on foreign exchanges. “Analysts have mixed views on the impact of potential low volumes, but Ethereum’s performance remains robust,” said Rajagopal Menon, Vice President, WazirX.
Most cryptocurrencies fell in value on Friday, including Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche and Polkadot.
Other altcoins that saw their prices drop include Near Protocol, Polygon, Uniswap, Cosmos, Stellar, and Cronos.
The total crypto market capitalization decreased by 0.04 percent in the past 24 hours. The current valuation of the crypto sector stands at $2.54 trillion (approximately Rs. 2,11,54,720 crore), according to MintMarketCap.
Meanwhile, cryptocurrencies that have increased in value include Tether, USD Coin, Dogecoin, Chainlink, Litecoin, and Leo.
“If the Fed decides to ease monetary policy at its next meeting, the crypto market could see an uptrend,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
