The crypto market witnessed a surge in value on Monday, January 6, with most cryptocurrencies showing gains. Bitcoin, the largest and most expensive crypto asset, saw a 1.23 percent increase in value over the past 24 hours on global exchanges, bringing its price to $99,537 (roughly Rs. 85.4 lakh), according to CoinMarketCap data. On Indian exchanges such as CoinDCX and Giottus, Bitcoin's price rose by about one percent, reaching $103,114 (roughly Rs. 88.5 lakh).
“After 10 days of chopping BTC is again close to testing the crucial $99,500 (roughly Rs. 85.3 lakh) mark -- with six consecutive green days. If Bitcoin fails to breach this resistance we can see a downslide in the entire market. However, if Bitcoin flips 100,000 (roughly Rs. 85.8 lakh) with volumes, this could start a major rally like what we saw in 2024 January,” the CoinSwitch Markets Desk told Gadgets 360, commenting on the market situation.
Ether joined Bitcoin on the profit-making side of the crypto chart. On global exchanges, Ether saw a price rise of 1.08 percent in the last 24 hours bringing its value to $3,683 (roughly Rs. 3.16 lakh). According to Indian exchanges, ETH is trading at $3,785 (roughly Rs. 3.24 lakh) after registering a gain of around 0.65 percent.
The markets desk at CoinSwitch said, “Ethereum is struggling to make new highs against BTC with the ETH/BTC pair trading around 0.037 BTC per ETH. 0.04. For Ether to outperform Bitcoin in terms of price action, it needs to surge over this point of difference.”
The crypto price chart by Gadgets 360 showed that majority cryptocurrencies are trading in profits on Monday.
Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo saw profits alongside BTC and ETH on Monday.
Monero, Cosmos, EOS Coin, and Bitcoin SV also registered gains on the price chart.
The overall crypto market cap went up by 0.53 percent in the last 24 hours, data by CoinMarketCap showed. At present, the valuation of the sector stands at $3.52 trillion (roughly Rs. 3,02,11,385 crore). Bitcoin presently holds 55.74 percent dominance over the crypto price chart.
Meanwhile, cryptocurrencies that registered losses on Monday include Tether, Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar.
“Solana is facing resistance at the 50-day simple moving average (SMA) but showing some optimism as the 20-day estimated moving average (EMA) has started to move up. Sui is also showing a bullish uptrend after buyers pushed the price above $5 (roughly Rs. 430). Dogecoin's recent upward momentum, backed by whale activity, could see it hit $1 (roughly Rs. 85) and can touch the market cap of $100 billion (roughly Rs. 8,58,286 crore)," - Avinash Shekhar, Co-Founder and 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.
