The cryptocurrency market on Monday, September 9, was largely profitable, with most digital assets recording gains. Bitcoin registered a minor gain of around one percent on Indian exchanges like CoinDCX and CoinSwitch. At the time of writing, BTC in India was trading at $58,718 (roughly Rs. 49 lakh). On international exchanges, meanwhile, the value of BTC reeled-in gains of over 1.60 percent in the last 24 hours, following which its price claimed the mark of $55,170 (roughly Rs. 46.3 lakh).
Ether followed Bitcoin's trajectory to reel-in minor gains of under one percent on Indian exchanges in the last 24 hours. With this, the value of ETH has come to the mark of $2,460 (roughly Rs .2.06 lakh), as per the crypto price tracker by Gadgets360. On international exchanges, meanwhile, ETH is trading at $2,300 (roughly Rs. 1.93 lakh).
“BTC funding rates on exchange futures are mostly negative, indicating that retail is anticipating a dump. Historically, such setups have triggered short liquidations, leading to rallies. This could imply that altcoins are at their lowest level and poised for a strong bounce. Key upcoming events include US CPI on September 11 and PPI and jobless claims on Sep 12, which could provide market direction,” the CoinSwitch markets desk told Gadgets360.
Binance Coin, Ripple, Dogecoin, Tron, Cardano, and Avalanche saw gains alongside BTC and ETH on Monday.
Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Near Protocol, Stellar, and Cronos also reflected notable price hikes.
“This rally may be aided by increased US dollar liquidity by the Fed though markets will remain volatile until the interest rate decision next week. Key altcoins - Toncoin, Cardano, and Avalanche - have outperformed Bitcoin today,” Vikram Subburaj, CEO, Giottus crypto exchange told Gadgets360.
The overall crypto market cap rose by 1.01 percent in the last 24 hours, showed CoinMarketCap. At the time of writing, the crypto market valuation has come to $1.95 trillion (roughly Rs. 1,63,67,139 crore).
Leo, Litecoin, Zcash, Iota, and Braintrust meanwhile, recorded losses on Monday.
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.
