BTC undergoes price correction and records slight dip alongside most Altcoins
The cryptocurrency market has entered a phase of price correction after a sustained upward rally in recent weeks. On Wednesday, November 27, Bitcoin registered a marginal decline of 0.12 percent on global stock markets. According to CoinMarketCap, the asset is currently trading at a price of $92,530 (approximately Rs. 78 lakh) on foreign exchanges. On Indian exchanges, meanwhile, BTC is trading at $92,708 (approximately Rs. 78.2 lakh) after a price decline of around two percent.
“Over the past 24 hours, Bitcoin has experienced significant volatility. Investors are cautiously optimistic, suggesting this decline could be temporary, portending a potential recovery. Institutional interest in BTC remains robust, with notable inflows into Bitcoin ETFs and MicroStrategy increasing its holdings. Positive regulatory developments and continued institutional investment could strengthen Bitcoin’s position in the financial landscape, potentially leading to a recovery in market sentiment,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Ether joined Bitcoin on Tuesday and recorded losses. At the time of writing, ETH was trading at $3,400 (approximately Rs. 2.87 lakh) after losing 0.52 percent on global exchanges. On Indian exchanges, ETH showed a loss of around six percent while trading at $3,304 (approximately Rs. 2.79 lakh).
According to Gadgets360’s crypto price tracker, most cryptocurrencies posted losses.
Solana, Binance Coin, Ripple, Dogecoin and Cardano emerged on the losing side of the crypto chart.
Tron, Shiba Inu, Stellar, Polkadot, Chainlink, Bitcoin Cash and Near Protocol also recorded price drops on Wednesday.
“Top altcoins including Ethereum, Solana,
The total valuation of the crypto sector has fallen by 1.13 percent in the past 24 hours. At the time of writing, the crypto market cap stood at $3.21 trillion (approximately Rs. 2,71,09,156 crore), as per CoinMarketCap. Bitcoin’s market dominance stands at 57.35 percent, with the fear and greed index leaning towards greed.
Meanwhile, Tether, USD Coin, Avalanche, Polygon, Zcash and Iota managed to post small gains.
“The broader bullish structure for Bitcoin and altcoins remains intact, with dips being aggressively bought – an encouraging sign of market resilience. The Greed and Fear Index, which recently reached an extreme greed of 90+, has now cooled to 75, indicating a healthier sentiment reset,” the CoinSwitch Markets Desk told Gadgets360.
