Bitcoin’s rally above $60,000 is faltering as prices of other Altcoins fall
Bitcoin’s price surge faltered on Friday as the value of the world’s most widely used cryptocurrency fell one percent on international exchanges after crossing the $60,000 (roughly Rs. 50 lakh) mark earlier this week. According to CoinMarketCap, the value of the most expensive crypto asset fell to $60,990 (approximately Rs. 51.2 lakh). This is the first time this week that the value of Bitcoin on foreign exchanges has fallen to this level. BTC is currently trading sideways in India at $63,453 (approximately Rs. 53.2 lakh), according to FIU-registered exchanges such as CoinSwitch and CoinDCX.
“Tensions on the geopolitical front have strengthened the US dollar, impacting cryptocurrency prices. The rising SOFR (covered overnight rate) indicates liquidity problems. Relief could come with Friday’s US jobs report, improving the outlook for risky assets if rate cuts are promised,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Ether fell 2.17 percent in price on Friday. This took the value of ETH to $2,143 (approximately Rs. 1.80 lakh) on Friday, Gadgets360 crypto price tracker showed. On global exchanges, Ether is trading at $2,373 (approximately Rs. 1.99 lakh).
Tether, Binance Coin, Solana, Ripple, Cardano and Avalanche saw losses in addition to BTC and ETH. Similarly, Chainlink, Polkadot, Near Protocol, Litecoin, Stellar, Cronos and Cosmos also recorded price slips.
The total cryptocurrency market capitalization has fallen by 0.93 percent in the past 24 hours. This has taken the total market capitalization to $2.11 trillion (approximately Rs. 1,77,17,427 crore), according to CoinMarketCap.
Meanwhile, some altcoins rose in value on Friday, including USD Coin, Dogecoin, Tron, Leo and Binance USD.
“Despite this downturn, institutional demand for Bitcoin remains robust, with purchases matching or exceeding daily mined amounts. In the altcoin space, Solana and Cardano both maintain solid technical foundations and progress. Overall, the outlook for Bitcoin and a few other altcoins is still cautiously optimistic despite the difficulties presented by current volatility,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
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