BTC, ETH Join Most Altcoins on Losing Side of Crypto Charts
The crypto market seems to be struggling to regain momentum amid a slow week. On Friday, September 6, Bitcoin suffered a loss of between 1.06 and 2.03 percent across domestic and international exchanges. The oldest and most expensive cryptocurrency is trading at a price of $56,530 (approximately Rs. 47.4 lakh) across international exchanges, data from CoinMarketCap shows. Meanwhile, BTC is trading at around $60,355 (approximately Rs. 50.6 lakh) across Indian exchanges such as CoinDCX and CoinSwitch.
“The crypto market remains choppy as investors and traders await the release of the key US unemployment figures today. BTC is currently attempting to settle above the $56,000 (around Rs. 47 lakh) support level and is moving in a range. A strong push from here could take the price towards the $61,600 (around Rs. 51.7 lakh) resistance level, but if BTC loses the $56,000 (around Rs. 47 lakh) support, it could fall further. Most altcoins continue to decline and appear weak,” the CoinDCX team told Gadgets360.
Ether, according to Indian exchanges, is hovering above the $2,550 (roughly Rs. 2.13 lakh) mark, Gadgets360’s crypto price tracker showed. On foreign exchanges, the price of ETH is close to $2,378 (roughly Rs. 1.99 lakh). Over the past day, the price of ETH has fallen by less than one percent.
Solana, Ripple, Shiba Inu, Chainlink, Bitcoin Cash, Leo and Near Protocol showed losses on Friday.
Stellar, Cronos, Polygon, Cosmos and Elrond also showed price drops.
“In the altcoin space, performance has been mixed. Ethereum, XRP, Solana, and BNB saw modest declines, reflecting broader market consolidation. However, Toncoin stood out with a four percent gain. Altcoins are poised to underperform Bitcoin if the bearish trend continues,” Vikram Subburaj, CEO of Giottus, told Gadgets360.
The total market capitalization of cryptocurrencies fell by 0.88 percent over the past 24 hours, showing MintMarketCapkeeping the sector’s value at $1.99 trillion (approximately Rs. 1,67,06,964 crore) for the third day in a row.
USD Coin, Dogecoin and Cardano emerged as profitable cryptocurrencies on Friday. Polkadot, Litecoin and Bitcoin SV also managed to hold on to small gains on the price chart.
“The upcoming release of US payroll data is eagerly awaited by investors as it could influence the Federal Reserve’s decision on the size of its potential rate cut this month. The market volatility reflects the uncertainty surrounding this crucial economic indicator,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
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