Micro losses hit BTC and ETH leaving Altcoins in market turbulence
The crypto market is currently more unstable than usual following the election of pro-crypto Donald Trump as the 47th President of the US. Bitcoin, which rose past the $89,900 (approximately Rs. 75.9 lakhs) price point earlier this week, saw a small decline of just over one percent in the last 24 hours. On Wednesday, November 13, Bitcoin’s trading value stood at $87,382 (approximately Rs. 73.7 lakh) on international exchanges, showing CoinMarketCap. On Indian exchanges, BTC prices fell by 2.10 percent. Despite this loss, Bitcoin is trading at $85,987 (approximately Rs. 72.5 lakh).
“This marks Bitcoin’s first downturn since Trump’s recent victory, which initially led to market optimism. Despite this minor setback, analysts remain optimistic about Bitcoin’s future. Recent volatility has been attributed to investor profit-taking, broader market dynamics and economic uncertainties. According to investors, Bitcoin’s fundamentals are still solid and could see further regulatory developments and continued institutional interest,” said Shivam Thakral, CEO of BuyUcoin.
Ether saw bigger losses than Bitcoin on both national and international exchanges. With this dip of over four percent, ETH is trading at $3,180 (approximately Rs. 2.68 lakhs) on global exchanges. In India, ETH costs $3,117 (approximately Rs. 2.63 lakh), Gadgets360’s crypto price tracker showed.
Tether, Solana, Binance Coin, Dogecoin, USD Coin, Cardano and Shiba Inu joined BTC and ETH in registering losses.
Commenting on this small change in asset prices, Giottus CEO Vikram Subburaj said that these price corrections are natural but the overall market sentiment is bullish at the moment.
Leading altcoins such as Solana, Cardano, BNB and Ethereum have mirrored Bitcoin’s slight downturn but have managed to stabilize and are showing early signs of recovery on the hourly charts. Weekly gains remain firmly in the double digits. Market sentiment remains bullish with the Fear and Greed Index rising to 84, indicating extreme greed,” Subburaj said.
Due to market fluctuations, the total crypto market capitalization fell by 4.12 percent in the past day. According to CoinMarketCapthe total valuation of the crypto market currently stands at $2.86 trillion (approximately Rs. 2,41,39,115 crore).
Ripple, Tron and Stellar managed to maintain small gains on the price chart.
According to Edul Patel, the founder of Mudrex, Dogecoin is expected to see increased activity now that Trump chooses Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this 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.
