The crypto price chart was drenched in red shades, with almost all popular cryptocurrencies reflecting losses on Monday, December 18. Bitcoin posted a loss of 2.44 percent on Monday. With this, the oldest and most expensive cryptocurrency is currently trading at the price of $40,995 (approximately Rs. 33.9 lakh). This marks a notable drop of $1,857 (approximately Rs. 1.5 lakh) in the price of Bitcoin from last week, when the asset was trading at $42,854 (approximately Rs. 35.7 lakh).
“Bitcoin is currently stabilizing above $40,000 (approximately Rs. 33 lakh) following profit-taking by market participants over the weekend. The potential for a move towards USD 42,700 (approximately Rs. 35.4 lakh) exists if buyers can maintain control above current levels. With neither buyers nor sellers dominating and the price being far away from key support and resistance levels, BTC could trade around $42,000 (approximately Rs. 34.8 lakh) in the coming days,” Edul Patel, co-founder and CEO of Mudrex, told Gadgets 360. .
Ether fell 2.15 percent in price on Monday. At the time of writing, the value of ETH was $2,170 (approximately Rs. 1.80 lakh). This is a reduction of $116 (approximately Rs. 9,626) from Ether's price last week of $2,286 (approximately Rs. 1.90 lakh).
Cryptocurrencies trading in the red today include Binance Coin, Ripple, Solana, Cardano, and Dogecoin.
Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin and Bitcoin Cash also joined BTC and ETH in the loss side alongside Shiba Inu, Stellar and Monero.
The total valuation of the crypto sector has fallen by 2.22 percent in the past 24 hours. The current crypto market cap stands at $1.55 trillion (approximately Rs. 1,28,56,947 crore), as shown by CoinMarketCap.
“After the initial shakeout, resilient investors are likely to re-enter the crypto market given the continued bullish macro environment for risky assets. The Federal Reserve's decision to pause rate hikes and possible rate cuts in 2024 could contribute to increased demand for crypto,” CoinDCX's research team told Gadgets360.
Negligible gains hit Dogefi, Bitcoin Hedge and Nano Dogecoin on Monday.
“As we approach the holiday season, we can expect a dip in trading activity, which could allow the market to remain at current levels. The Bitcoin ETF approval clock is ticking and we can expect a crypto supercycle in 2024 once final approval is achieved. The US Fed rate cut could also boost momentum in the crypto market in 2024,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Meanwhile, on-chain data, according to data from analytics firm IntoTheBlock, signals an inflow of $860 million (roughly Rs. 7,133 crore) of Bitcoin into crypto exchanges over the past week, the highest since March this year.
“Investor confidence in BTC continues to increase due to the general belief that BTC is poised for a strong 2024. The market will most likely rebound,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
