As we enter the final week of 2024, most cryptocurrencies have registered gains on the price charts. Bitcoin showed a gain of over one percent over the last day on Monday, December 23. At the time of writing, BTC was trading at the price point of $95,661 (roughly Rs. 81.3 lakh) on global exchanges, showed crypto tracking site CoinMarketCap. On Indian exchanges like Giottus, meanwhile, the value of BTC reached $100,499 (roughly Rs. 85.4 lakh) after recording a minor loss of 2.86 percent over the last day.
“The market continues to watch Bitcoin closely, poised for a move back above $100,000 (roughly Rs. 85 lakh) from current consolidation near $95,460 (roughly Rs. 81.19 lakh). Sentimental analysis of conditions suggests a recovery against prior sentiment contraction, despite ETF outflows and profit bookings. A move above $100,000 (roughly Rs. 85 lakh) would open up optimism-aimed toward $125,000 (roughly Rs. 1.06 crore) for BTC. A failure to maintain above $85,000 (roughly Rs. 72.2 lakh) will lead it downward in more extended corrections,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Ether mimicked Bitcoin's price movement on Monday and registered a minor gain of under one percent. The price of ETH stood at $3,315 (roughly Rs. 2.81 lakh) on foreign exchanges at the time of writing. On Indian exchanges, the value of ETH hit 3,317 (roughly Rs. 2.82 lakh) after seeing a loss of 0.16 percent.
“The market, at the time being, appears a bit skeptical yet leaning toward being bullish. The macroeconomic environment remains improving, with a resurgence of activity coming from smart investors in the market. Investors should remain cautious yet optimistic in this highly volatile market,” Shekhar noted.
Tether, Ripple, Binance Coin, Solana, and Dogecoin clocked gains on Monday.
Other altcoins that saw profits include Cardano, Tron, Avalanche, Chainlink alongside Stellar, Polkadot, Bitcoin Cash, and Litecoin also clocked gains.
“President-elect Donald Trump announced the appointment of Bo Hines as the executive director of the newly formed Presidential Council of Advisers for Digital Assets, also known as the "Crypto Council." This council aims to foster innovation and growth in the digital assets sector. The market is optimistic about these developments, anticipating increased regulatory clarity and support for the crypto industry,” Shivam Thakral, CEO of BuyUcoin told Gadgets360 explaining the rally of altcoins.
The overall crypto market cap rose by 0.17 percent in the last 24 hours. With this, the valuation of the sector has reached $3.3 trillion (roughly Rs. 2,80,71,268 crore).
USD Coin, Monero, Augur, and Circuits of Value saw minor losses on Monday.
