More number of cryptocurrencies, as of Wednesday, April 24 saw losses owing to the volatility that has taken over the market post the BTC halving. Bitcoin recorded a loss of 0.56 percent to trade at the price point of $65,693 (roughly Rs. 54.7 lakh), as per the crypto price tracker by Gadgets360. On international exchanges like Binance, Bitcoin is trading at a slightly higher price point of $66,359.69 (roughly Rs. 55.2 lakh). As per market analysts, a gradual uptrend in BTC would benefit altcoins.
Ether joined Bitcoin on the loss-making side of the crypto market. The asset, at the time of writing, was trading at $3,037 (roughly Rs. 2.5 lakh) after incurring a price dip of 1.79 percent.
“Bitcoin saw its first red day after five consecutive green days, with market holding a steady balance between bulls and bears. Ethereum, on the other hand, has shown a slight strength against BTC even as the chances of ETF approval in May has been considerably low,” the CoinSwitch Markets Desk told Gadgets360. “Bitcoin's 200-day average price, one of the most tracked indicators, is reaching its highest levels in more than two years. As far as Ether is concerned, the year-end pricing target stands at $8,000 (roughly Rs. 6.66 lakh).”
Amongst most cryptocurrencies that are reflecting losses on Wednesday, Tether, Ripple, Dogecoin, Shiba Inu, Avalanche, and Polkadot marked their names.
Chainlink, Near Protocol, Cronos, Stellar, and Cosmos also settled in losses.
“Altcoins showed mixed results. Meme coins like Bonk and Pepe are currently leading the market. However, there's a concern regarding Mt. Gox's plan to distribute cryptocurrencies, including a substantial amount of BTC and yen, by October 2024. Some creditors anticipate earlier payouts, while others fear selling pressure in October,” the CoinDCX team told Gadgets360.
Meanwhile, Binance Coin, Solana, Dogecoin, Tron, Polygon, and Litecoin reflected minor gains alongside Leo and Uniswap.
Minor profits were also recorded by EOS Coin, Ardor, Iota, and Zcash.
“Solana has surpassed its resistance at $150 and is showing signs of further rally. The next resistance is perceived to be at $161 if the current trading volumes persists. XRP has been able to keep its steady momentum despite its ongoing legal tussle with the SEC. It seems to have minimal effect on the investors. The crypto market seems to be on a steady trajectory after its retracement right before the halving,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The overall market cap of the crypto sector rose by 1.37 percent in the last 24 hours. With this, the crypto market valuation stands at $2.47 trillion (roughly Rs. 2,05,73,988 crore), showed CoinMarketCap.
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