Bitcoin and other cryptocurrencies like Ether saw their prices fall on Friday, fuelled by the ongoing market volatility that has continued to affect the value of these digital assets. The price of Bitcoin dropped by less than one percent on Friday, and it is currently trading at $62,655 (roughly Rs. 52.5 lakh) on Indian exchanges like CoinSwitch. On international exchanges, Bitcoin's price also dropped to trade at $59,022 (roughly Rs. 49.4 lakh), according to data by CoinMarketCap. This is one of the few instances in recent months where Bitcoin's value has slipped under the mark of $60,000 (roughly Rs. 50 lakh).
“Bitcoin is currently front running the market with its dominance holding 57.3 percent while altcoins playing catch-up. Bitcoin's price movement suggests a rejection at higher levels. BTC ETFs have experienced net outflows of more than $100 million (roughly Rs. 838 crore) in two days. BTC's RSI and MACD point to weakening buyer interest. This could signal a continued period of consolidation before Bitcoin can comprehensively reclaim $60,500 (roughly Rs. 50.7 lakh),” Vikram Subburaj, CEO, Giottus told Gadgets360.
Ether also reflected a price drop of 0.11 percent on Indian exchanges like CoinDCX on Friday. At the time of writing, ETH was trading at $2,662 (roughly Rs. 2.23 lakh), as per the Gadgets360 crypto price tracker.
Other digital assets that dropped in value on Friday included Solana, USD Coin, Dogecoin, Tron, Cardano, and Avalanche.
Shiba Inu, Chainlink, Bitcoin Cash, Polkadot, and Leo also registered losses, like Bitcoin and Ether.
The overall market saw a valuation dip of 0.44 percent in the last 24 hours, with which its capitalisation has come to $2.08 trillion (roughly Rs. 2,34,77,996 crore) as per CoinMarketCap. “The cryptocurrency market experienced a decline, influenced by factors such as the House Financial Services Committee's planned hearings on DeFi and "pig butchering," and Nvidia's disappointing earnings report. AI-related tokens like Render and Injective saw notable losses,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
However, some altcoins saw their values rise on Friday. These include Litecoin, Uniswap, Cartesi, Braintrust, and Spell Token.
Other altcoins that saw their prices rise despite market volatility include Kishu Inu, Augur, and Bitcoin Hedge.
Market analysts, however, have a positive outlook about the upcoming days for the crypto market. “Donald Trump has claimed that he will make US the ‘crypto capital of the planet' with his World Liberty financial website hinting at high-yield DeFi opportunities,” the CoinSwitch Markets Desk told Gadgets360. “While details about Donald Trump's new crypto project remain scarce, the ongoing discussions highlight cryptocurrency's growing interest and potential. This buzz indicates that innovation and investment in cryptocurrency are still evolving and is a reflection of the market's dynamic nature and capacity to draw influential figures,” said Shivam Thakral, CEO of BuyUcoin.
© Thomson Reuters 2024
