The cryptocurrency market was largely profitable on Monday, September 9, with most digital assets posting gains. Bitcoin posted a small gain of around one percent on Indian exchanges such as CoinDCX and CoinSwitch. At the time of writing, BTC was trading at $58,718 (roughly Rs. 49 lakh) in India. On international exchanges, BTC saw gains of over 1.60 percent in the past 24 hours, after which the price touched the $55,170 (roughly Rs. 46.3 lakh) mark.
Ether followed Bitcoin’s trajectory of posting small gains of less than one percent on Indian exchanges over the past 24 hours, sending ETH’s value soaring to $2,460 (roughly Rs. 2.06 lakh), according to Gadgets360’s crypto price tracker. Meanwhile, ETH is trading at $2,300 (roughly Rs. 1.93 lakh) on international exchanges.
“BTC funding rates on exchange futures are mostly negative, indicating that retail traders are expecting a dump. Historically, such setups have caused short liquidations, leading to rallies. This could mean that altcoins are at their lowest levels and are poised for a strong bounce. Key upcoming events include US CPI on September 11 and PPI and unemployment claims on September 12, which could determine market direction,” CoinSwitch markets desk told Gadgets360.
Binance Coin, Ripple, Dogecoin, Tron, Cardano and Avalanche posted gains on Monday, as did BTC and ETH.
Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Near Protocol, Stellar and Cronos also showed significant price increases.
“This rally could be aided by increased US dollar liquidity from the Fed, although markets will remain volatile until the rate decision next week. Major altcoins – Toncoin, Cardano and Avalanche – have outperformed Bitcoin today,” Vikram Subburaj, CEO of Giottus crypto exchange, told Gadgets360.
The total market capitalization of cryptocurrencies increased by 1.01 percent over the past 24 hours, showing MintMarketCapAt the time of writing, the crypto market value stands at $1.95 trillion (approximately Rs. 1,63,67,139 crore).
Leo, Litecoin, Zcash, Iota and Braintrust suffered losses on Monday.
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.
