Bitcoin Ether Prices Drop Amid Continued Market Volatility
Bitcoin and other cryptocurrencies like Ether saw their prices fall on Friday, fueled by the ongoing market volatility that continues to affect the value of these digital assets. Bitcoin’s price fell by less than one percent on Friday, and it is currently trading at $62,655 (around Rs. 52.5 lakh) on Indian exchanges like CoinSwitch. On international exchanges, Bitcoin’s price also fell to $59,022 (around Rs. 49.4 lakh), according to data from CoinMarketCap. This is one of the few instances in recent months when Bitcoin’s value has fallen below the $60,000 (around Rs. 50 lakh) mark.
“Bitcoin is currently leading the market with 57.3 percent dominance, while altcoins are catching up. Bitcoin’s price movement suggests a rejection at higher levels. BTC ETFs have experienced net outflows of over $100 million (approximately Rs. 838 crore) in two days. BTC’s RSI and MACD indicate waning interest from buyers. This could signal a sustained period of consolidation before Bitcoin can reclaim a full $60,500 (approximately Rs. 50.7 lakh),” Vikram Subburaj, CEO of Giottus, told Gadgets360.
Ether also reflected a 0.11 percent drop in price on Indian exchanges like CoinDCX on Friday. At the time of writing, ETH was trading at $2,662 (roughly Rs. 2.23 lakh), according to the Gadgets360 crypto price tracker.
Other digital assets that saw their value drop on Friday included Solana, USD Coin, Dogecoin, Tron, Cardano and Avalanche.
Shiba Inu, Chainlink, Bitcoin Cash, Polkadot and Leo also suffered losses, as did Bitcoin and Ether.
The overall market saw a valuation decline of 0.44 percent in the past 24 hours, taking the market capitalization to $2.08 trillion (approximately Rs. 2,34,77,996 crore), according to MintMarketCap“The cryptocurrency market saw a decline, influenced by factors such as the House Financial Services Committee’s scheduled hearings on DeFi and “pig butchering,” and Nvidia’s disappointing earnings report. AI-related tokens such as Render and Injective saw significant losses,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
However, some altcoins saw their values rise on Friday. These include Litecoin, Uniswap, Cartesi, Braintrust and Spell Token.
Other altcoins whose prices rose despite market volatility include Kishu Inu, Augur, and Bitcoin Hedge.
However, market analysts have a positive outlook for the crypto market in the coming days. “Donald Trump has claimed that he will make the US the ‘crypto capital of the planet’ with his financial website World Liberty hinting at high-yielding DeFi opportunities,” CoinSwitch Markets Desk told Gadgets360. “While details about Donald Trump’s new crypto project remain scarce, the ongoing discussions highlight the growing interest and potential of cryptocurrency. This buzz indicates that innovation and investment in cryptocurrency is still evolving and is a reflection of the dynamic nature of the market and its ability to attract influential figures,” said Shivam Thakral, CEO of BuyUcoin.
© Thomson Reuters 2024
