Bitcoin registered a dip of 4.37 percent on Monday, December 11, to trade at the price of $42,026 (approximately Rs. 35 lakh). The most expensive crypto asset essentially failed to maintain its value above $43,000 (approximately Rs. 36 lakh) over the weekend. Between December 8 and today, the value of BTC has fallen by $1,422 (approximately Rs. 1.18 lakh). According to market analysts, Bitcoin is currently experiencing a surge in take-profit and sell orders, leading to widespread market liquidations.
“The market is in a tug-of-war between bulls and bears, and a potential resumption of the uptrend could occur if the BTC price surpasses the resistance at $44,700 (approximately Rs. 37.2 lakh). Conversely, a dip below may find support at the $40,600 level (approximately Rs. 33.8 lakh),” Edul Patel, co-founder and CEO of Mudrex told Gadgets360.
The price of Ether fell 4.76 percent on December 11. At the time of writing, the value of ETH was $2,234 (approximately Rs. 1.86 lakh). Over the weekend, Ether's value saw a dip of $133 (approximately Rs. 11,096).
“The week has started with corrections within the crypto market. According to data on CoinGecko, the top 10 cryptocurrencies by market cap are currently trading in the red. However, most of the losses occurred around 6am IST. This could be a result of liquidations of over $335 million ( about Rs. 2,793 crore) in the last 12 hours, with $300 million (about Rs. 2,501 crore) in long positions, according to data from Coinglass,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets360.
Binance Coin, Ripple, Solana, Cardano and Dogecoin are all trading at losses today.
Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin and Bitcoin Cash are among other loss-making cryptocurrencies alongside Shiba Inu, Stellar and Monero.
The total market capitalization has fallen by 3.40 percent in the past 24 hours. From $1.61 trillion (approximately Rs. 134,22,046 crore) last week, the crypto market's valuation as of today stands at $1.58 trillion (approximately Rs. 1,31,74,679 crore), according to CoinMarketCap.
Avalanche, Leo and Braintrust emerged today as the only three cryptocurrencies trading in profit.
With a gain of 7.57 percent, Avalanche is trading at $35 (approximately Rs. 2,926), while Braintrust and Leo saw minuscule gains of around one percent each.
“The abrupt market move appears to be more of a correction or profit booking, given BTC's eight consecutive weekly candle closes in the green,” the CoinDCX team told Gadgets360, advising investors to make cautious investment decisions.
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.
