Friday, June 21, 2024
HomeTechnologyBitcoin Price Rises Above $48,000 Mark, Values of Several Cryptocurrencies Drop

Bitcoin Price Rises Above $48,000 Mark, Values of Several Cryptocurrencies Drop

- Advertisement -

Bitcoin on Monday reflected a small gain of 0.74 percent and the price of the world’s most popular cryptocurrency was $48,101 (roughly Rs. 39.9 lakh) at the time of publishing. Over the weekend, the value of the digital asset rose by $1,826 (roughly Rs. 1.5 lakh). As per market analysts, if the Bitcoin price rises above $48,970 (roughly Rs. 40 lakh), the next target would be $50,000 (roughly Rs. 41.5 lakh) — a milestone Bitcoin has not managed to cross since December 2021.

Ether failed to follow Bitcoin on the profit trail on Monday and saw its value drop by 0.55 percent. Presently, the value of Ether stands at $2,498 (roughly Rs. 2.07 lakh).

“Over the weekend, Bitcoin hovered above $48,000 (roughly Rs. 39.8 lakh), reaching its highest level in 26 months, fuelled by significant net inflows into spot Bitcoin ETFs in the previous week. Meanwhile, Ethereum also hit the $2,540 (roughly Rs. 2 lakh) mark — its highest since January 19 — and is currently consolidating around $2,500 (roughly Rs. 2.07 lakh), with resistance at $2,620 (roughly Rs. 2.17 lakh) and support at $2,440 (roughly Rs. 2.02 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.

Like Ether, most cryptocurrencies reflected losses on Monday. These include Binance Coin, Ripple, Dogecoin, Cardano, and Avalanche.

Even other altcoins like Solana, Binance Coin, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap saw their values fall on Monday.

The overall valuation of the crypto sector dipped by 0.76 percent in the last 24 hours. At present, the crypto market cap holds ground at the mark of $1.8 trillion (roughly Rs. 1,49,40,576 crore), showed CoinMarketCap. While the Bitcoin dominance on the market currently stands at 52.5 percent, Ether dominance stands at 16.7 percent.

“Once Bitcoin dominance cools down, Ethereum and altcoins can also see a potential rapid jump in their market capitalisation,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Meanwhile, Bitcoin Cash, Litecoin, Uniswap, Near Protocol, Monero — managed to see small profits on Monday.

“We are likely to see some prominent token unlocks this week, including the release of over $96 million (roughly Rs. 796 crore) worth of Sandbox’s SAND, equivalent to approx. Nine percent of SAND’s entire supply. This is slated for Valentine’s Day. Other unlocks include Aptos with a release of over seven percent (roughly worth $224.8 million (roughly Rs. 1,865 crore)) of its total token supply, and ApeCoin on February 16 with a release of 2.5 percent (roughly Rs. worth $21.84 million (roughly Rs. 181 crore) of its total token supply,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

However, market experts have advised caution to the global investor community. “Overall, BTC’s resilience amidst regulatory scrutiny and market dynamics underscores its potential for further gains, but investors should remain vigilant of key resistance levels and external factors influencing market sentiment,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

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.

- Advertisement -

Most Popular