The cryptocurrency market chart displayed widespread losses on Friday, December 27, with most major cryptocurrencies facing declines. Bitcoin, the most prominent cryptocurrency, saw its value dip by approximately 2 percent on both domestic and international exchanges. According to CoinMarketCap, Bitcoin was trading at $96,223 (roughly Rs. 82 lakh) on international platforms. Meanwhile, on Indian exchanges such as Giottus, Bitcoin traded slightly higher at $103,180 (roughly Rs. 88 lakh).
“After reaching $99,000 (roughly Rs. 84.4 lakh) on Christmas day, BTC has dropped to $96,000 (roughly Rs. 81.8 lakh) again as we are moving towards a new year. While BTC has grown by more than 120 percent in 2024, it is worth noting that BTC had pumped 25 percent and 15 percent in 2020's last week and 2021's first week respectively before topping off in April and then November that year. Given Bitcoin's four-year cyclic behaviour -- analysts predict a similar move this year as well,” said the markets desk at CoinSwitch, cautioning investors.
Ether registered a price drop of 2.30 percent over the last day. On global exchanges, ETH trades at $3,375 (roughly Rs. 2.87 lakh) whereas on Indian platforms the price of the asset stands at $3,658 (roughly Rs. 3.12 lakh).
According to CoinSwitch, “Ether is poised for another leg up with institutional interest brewing towards the only other crypto ETF that the US trades apart from BTC.”
The crypto price tracker by Gadgets 360 shows Ripple, Binance Coin, and Solana on the loss-making side of the crypto chart.
Dogecoin, USD Coin, Cardano, Tron, Avalanche, Chainlink, and Shiba Inu saw price dips alongside Stellar, Polkadot, Bitcoin Cash, and Litecoin.
The overall crypto market cap fell by two percent in the last 24 hours. Presently, the sector's valuation has reached $3.34 trillion (roughly Rs. 2,85,33,960 crore), showed CoinMarketCap.
Explaining this market plunge, Mudrex CEO Edul Patel said, “With reduced institutional activity during the holiday season, retail investors take control, waiting for a positive catalyst to drive price action.”
Tether, Uniswap, Monero, and Iota managed to see minor gains.
“The next few days could be crucial in determining whether Bitcoin can regain traction or if we're headed for a prolonged consolidation phase. As always, caution remains essential, but this market's ability to bounce back has proven time and again to be formidable,” Avinash Shekhar, Co-Founder & CEO, Pi42 told Gadgets 360.
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.
