Bitcoin was trading at $94,407 (roughly Rs. 79.5 lakh) on international exchanges on Monday.
The crypto market cap presently stands at $2.94 trillion
Photo Credit: Pexels/ David McBee
Bitcoin saw its price drop over the weekend, days after it rose to $97,000 at the end of last week. On Monday, Bitcoin's price fell by nearly two percent on international exchanges, where it was trading at $94,407 (roughly Rs. 79.5 lakh). On Indian exchanges, the price of BTC slipped by 2.25 percent, bringing its value to $94,413 (roughly Rs. 79.5 lakh). Market analysts told Gadgets 360 that the upcoming US Federal Open Market Committee (FOMC) meeting is causing market participants to tread cautiously.
"Bitcoin is trading at $94,400 (roughly Rs. 79 lakh) as investors remain cautiously optimistic ahead of the FOMC meeting slated for this week in the US. Bitcoin now faces resistance near the previous high of $97,900 (roughly Rs. 82.5 lakh), while major support stands at $92,000 (roughly Rs. 77.5 lakh)," Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360. "BTC just recorded its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This rise in participation reflects growing investor interest and market engagement."
Similarly, Ether's price dipped by 1.77 percent in the last 24 hours on global exchanges. Data by CoinMarketCap shows ETH is currently trading at $1,806 (roughly Rs. 1.52 lakh) on Monday. On Indian exchanges, ETH saw its price drop by 3.81 percent to trade at $1,809 (roughly Rs. 1.52 lakh).
"Investors seek stability amid volatility. We expect the market to remain range-bound in the short term, with breakout potential hinging on macro sentiment and institutional flows," Avinash Shekhar, Co-founder and CEO, Pi42 said on Monday.
The crypto price tracker by Gadgets 360 showed the prices of most altcoins were down on Monday.
These include Ripple, Solana, Avalanche, Stellar, and Shiba Inu.
Monero, Cronos, EOS Coin, and Elrond were also trading at lower values on Monday.
The overall crypto market dipped by 1.50 percent in the last 24 hours, bringing its valuation to $2.94 trillion (roughly Rs. 2,47,70,431 crore), according to CoinMarketCap.
"Bitcoin's price continues to plunge after closing the weekly trade on a bearish note. Most of the altcoins have been facing notable upward pressure. The crypto market seems to have entered a retracement phase. The top 10 tokens are closely following Bitcoin's trajectory," CoinDCX's research team told Gadgets 360.
Some altcoins remained unaffected by the current slowdown, and their prices were up on Monday. These include Tron, Leo, Iota, and Polygon.
The CoinSwitch Markets Desk, in its opinion, called the market sentiment optimistic, owing to potential US-China trade negotiations and the prevailing positive trend in traditional markets with S&P 500 and Nasdaq composite, both closing the week with a gain of ~1.5 percent. Industry analysts have advised investors to be cautious.
"Institutional interest is rising, with traditional finance exploring tokenised assets and blockchain-based fund structures. While optimism is evident, traders should remain cautious near psychological levels like $100K, where volatility tends to spike. Overall, the market tone remains constructive with broad-based support across sectors," Himanshu Maradiya, Founder and Chairman, CIFDAQ exchange 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.
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