Over the weekend, the price of Bitcoin hiked by $473 (roughly Rs. 39,200).
The overall crypto market cap stands at $1.99 trillion
Photo Credit: Pexels/ Rodnae Productions
The overall crypto price chart on Monday, February 26 reflected instability in the market. Bitcoin recorded a loss of 0.25 percent on Monday, with which its trading value currently stands at $51,490 (roughly Rs. 42.6 lakh). It is notable, that over the weekend the price of Bitcoin did rise by $473 (roughly Rs. 39,200). Bitcoin fanatics have been waiting for the asset to cross the resistance of $53,000 (roughly Rs. 43.9 lakh). However, Bitcoin has failed to cross the mark in the last two weeks.
“Bitcoin is experiencing consolidation over the last few weeks. A breakout above this level would push the price of the biggest cryptocurrency up to $60,000 (roughly Rs. 49.7 lakh) soon,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
A bunch of cryptocurrencies are trading in the losses on Monday. These include Tether, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink.
Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV also logged losses on Monday.
The overall crypto market cap dropped by 0.67 percent in the last 24 hours. At the time of writing, the sector valuation stood at $1.99 trillion (roughly Rs. 1,64,94,960 crore) -- showed CoinMarketCap. The dominance of BTC on this market cap is presently 50.7 percent whereas the dominance of ETH has claimed the mark of 18.7 percent.
Ether performed better than Bitcoin on the price chart on Monday. Having minted a profit of 2.05 percent, the asset is trading at $3,004 (roughly Rs. 2.49 lakh). This is the second time in recent days that ETH has breached the value point of $3,000 (roughly Rs. 2.48 lakh).
“Ethereum sustains a robust upward trend despite bearish attempts near $3,000, supportedby an ascending 20-day EMA and an overbought RSI. A dip below the 50-SMA may signal weakening buyer resolve, potentially leading to further decline,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Cryptocurrencies trading in profits on Monday include Binance Coin, USD Coin, Avalanche, Polkadot, Polygon, and Shiba Inu.
Cosmos, Stellar, Cronos, and Monero also managed to reel-in minor gains.
“In the altcoin universe, UNI, Uniswap's governance token, surged 60 percent on Friday evening following a proposal from a prominent Uniswap Foundation member to revamp the protocol's fees-sharing arrangement for token holders. Since then, the token has been able to hold its level around $11 (roughly Rs 910). Simultaneously, Avalanche (AVAX, +0.57 percent) suffered a major outage on Friday, failing to produce blocks for more than four hours due to network strain,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures 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.
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