After climbing to over $30,000 (roughly Rs. 24.6 lakh) in value last week, Bitcoin has not been able to retain its value. During the course of the weekend, the most expensive cryptocurrency dropped significantly in its price. On Monday, April 24, Bitcoin opened trading at the price point of $27,727 (roughly Rs. 22.7 lakh). Bitcoin minted a small gain of 0.68 percent to hover around its current price point. In the last two days since Friday, April 22, Bitcoin dipped by $518 (roughly Rs. 42,510). Ether and majority other altcoins have also recorded losses.
Ether joined Bitcoin in the small-gains category on Monday. The second most valued cryptocurrency after Bitcoin, ETH fell from its last week price point of over $2,000 (roughly Rs 16.4 lakh) over the weekend. Despite a small profit of 0.21 percent, Ether continued to trade lowly at $1,866 (roughly Rs. 1.50 lakh).
“Throughout the weekend, Bitcoin continued a downward trend and entered a correction phase that resulted in a decrease in investor confidence. This might be due to uncertainties related to macroeconomics and the crypto industry that investors and traders were still considering. If the price turns down from the current level, the next support would be at $27,119 (roughly Rs. 22.2 lakh). Meanwhile, Ethereum erases all its gains acquired from the Shanghai upgrade. Overall, the market currently appears to be bearish,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.
Several altcoins followed Bitcoin and Ether’s price trajectory over the weekend, but entered Monday with minor profits.
These include Tether, Binance Coin, USD Coin, Ripple, Solana, and Polkadot.
Litecoin, Tron, Chainlink, Leo, Monero, and Stellar also saw small gains.
The overall crypto market valuation, that stood at $1.27 trillion (roughly Rs. 1,04,48,534 crore) last week, has slipped down to $1.17 trillion (roughly Rs. 95,82,750 crore) in the last few days, data by CoinMarketCap showed.
“Key technical indicators showed a ‘buy’ sentiment for Bitcoin,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
Meanwhile, a bunch of altcoins also saw losses on Monday. These include Cardano, Dogecoin, Polygon, Binance USD, and Shiba Inu.
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.
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