Bitcoin, Ethereum Prices Drop Amid Ongoing Crypto Market Volatility

Bitcoin price dropped by 1.23 percent over the past 24 hours on international exchanges, as the prices of most cryptocurrencies reflected a mixed market sentiment on Friday. According to CoinMarketCap, the asset was trading at $104,002 (roughly Rs. 90.1 lakh) on Friday, on global crypto exchanges. Bitcoin also fell by less than two percent on Indian exchanges — the digital asset was trading at $105,486 (roughly Rs. 91.4 lakh) on BuyUcoin. Analysts believe that the market is likely to experience some volatility over the next few days.

“Bitcoin reached an intraday high of $104,782 (roughly Rs. 90.8 lakh), spurred by $15 million (roughly Rs. 130 crore) in short liquidations in the futures market. However, the rally is not likely to sustain itself unless spot buying increases,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

Ether also saw its value fall on Friday, alongside Bitcoin. On international exchanges, ETH was trading at $3,224 (roughly Rs. 2.79 lakh) after a 1.03 percent drop, as per CoinMarketCap. On Indian exchanges such as Giottus and CoinDCX, ETH price dipped by 2.18 percent to trade at $3,357 (roughly Rs. 2.91 lakh).

“Ethereum continues to experience a problem with breaking through the $3,500 (roughly Rs. 3.03 lakh) threshold due to decreasing layer-2 activity and increased competition from other blockchains. Though the Pectra upgrade, as well as possible changes in regulation of Ethereum ETFs, could support Ethereum,” Shekhar added.

Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink joined Bitcoin and Ethereum as their prices fell on Friday, according to the crypto price tracker by Gadgets 360.

Leo, Uniswap, Cronos, EOS Coin, and Bitcoin SV prices also dipped on Friday.

The overall crypto market cap fell by 0.51 percent over the past 24 hours. With this, the valuation of the sector dropped to $3.54 trillion (roughly Rs. 3,06,79,844 crore), CoinMarketCap data showed. The dominance of BTC on the market presently stands at 58.28 percent.

“As we approach the end of the monthly trade, the markets are displaying a sense of stability as top cryptos have been trading within a consolidated range. While the US, Argentina, and the Czech Republic are moving ahead with Bitcoin, the European Central Bank President is not in favour of the cryptocurrencies being included as central bank reserves,” the CoinDCX research team told Gadgets 360. The exchange has also advised investors to be mindful while investing in digital assets during the ongoing market volatility.

On the other hand, some crypto assets like Tether, USD Coin, Tron, Avalanche, and Stellar rose in value on Friday. Shiba Inu, Litecoin, Polkadot, Near Protocol, and Monero also showed minor gains.

“All eyes are on the ETH/BTC pair holding steady at 0.03 mark. If this level is not breached, we can see a mega altcoin rally very soon,” the CoinSwitch markets desk 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.