Bitcoin on Monday, April 22 joined majority cryptocurrencies on the loss side of the crypto chart. The value of the asset, at the time of writing, stood at $62,734 (roughly Rs. 52.3 lakh) after minting a profit of 2.20 percent as per Gadgets360's crypto price tracker. On international exchanges like Binance, however, Bitcoin is trading at a slightly higher price point of $64,493 (roughly Rs. 53.8 lakh). The asset, over the weekend, underwent its fourth halving process that has reduced the incentives of Bitcoin miners for adding new blocks to the blockchain. This slows down the addition of newer BTC tokens into circulation.
“Following the fourth halving event, Bitcoin price witnessed a surge. The rebound signals robust buying interest at lower levels. Over the past year, BTC has soared by 137 percent. Currently, neither bulls nor bears hold sway, suggesting a potential sideways movement between $62,000 (roughly Rs. 51.7 lakh) and $66,000 (roughly Rs. 55 lakh) in the near term,” Edul Patel, CEO of Mudrex told Gadgets360.
Ether rose in value by 2.61 percent as it stepped into the trading arena on Monday. The asset is trading at the price point of $2,985 (roughly Rs. 2.49 lakh).
“Overall, the market appears bullish after the BTC halving, especially as tensions from the Iran-Israel war fade. ETH is currently below the 50 EMA D. The key resistance for ETH stands at $3,656 (roughly Rs. 3.05 lakh),” the CoinDCX team told Gadgets360.
On Monday, majority cryptocurrencies reflected profits alongside BTC and ETH. These include Ripple, Dogecoin, Cardano, Binance Coin, Solana, and USD Coin.
Litecoin, and Uniswap, Bitcoin Cash, Polkadot, Chainlink, Avalanche, Shiba Inu, and Bitcoin Cash also reflected gains on Monday.
“Shiba Inu (SHIB) approaches a crucial juncture, nearing its 50-day EMA, a pivotal position amidst conflicting sentiments of bulls and bears. A breakthrough above the $0.00003 (roughly Rs. 0.0025) mark could propel SHIB further upwards,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The overall crypto market cap spiked by 1.12 percent over the last day, to currently sit atop the valuation of $2.43 trillion (roughly Rs. 2,02,71,181 crore), as per CoinMarketCap.
Polygon, Elrond, and Augur emerged among cryptocurrencies that recorded losses.
Market analysts have suggested caution to the investor and trader communities for the upcoming days.
“This week could see significant volatility, probably in favour of bulls as the Hong Kong ETFs are gear up to launch and the economic calendar is also inconsequential,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
