Bitcoin Price Hovers Above $103,000 as Values of Most Altcoins Rise

Bitcoin's price rose by 1.02 percent over the last 24 hours on international exchanges and the asset was trading at $103,740 (roughly Rs. 88.5 lakh) on Wednesday, according to CoinMarketCap. This is the third day that the price of Bitcoin has remained steady above $103,000 (roughly Rs. 87.9 lakh). On Indian exchanges, Bitcoin rose by less than three percent on Wednesday to trade at $102,712 (roughly Rs. 87.6 lakh). Analysts believe that the asset could face sharp rejection at $106,000 (roughly Rs. 90.4 lakh), highlighting the intense selling pressure at local highs.

"Going forward, market participants should brace for choppier price action, especially if Bitcoin fails to reclaim and consolidate above $105,000 (roughly Rs. 89.6 lakh)," Avinash Shekhar, Co-Founder and CEO of Pi42 told Gadgets 360.

On the other hand, the price of Ether rose by 9.13 percent over the last 24 hours. According to CoinMarketCap, the asset is trading at $2,667 (roughly Rs. 2.27 lakh). This is the first time in over three months that Ether has crossed the crucial $2,500 (roughly Rs. 2.13 lakh) threshold. On Indian exchanges, ETH reflected gains of over 11 percent to trade at $2,623 (roughly Rs. 2.23 lakh).

"Ethereum is showing strong signs of a trend reversal after an impressive 45 percent rally last week, reclaiming major technical levels and reigniting optimism in the broader altcoin market. ETH has strong resistance at $2,850 (roughly Rs. 2.43 lakh). If it breaks and closes above this level with good volumes, then we can expect prices to rally further up to $3,000 (roughly Rs. 2.56 lakh) and $3,350 (roughly Rs. 2.85 lakh)," ZebPay Trade Desk told Gadgets 360.

The crypto price tracker by Gadgets 360 showed the prices of most altcoins such as Ripple, Tether, Solana, Binance Coin, and Dogecoin alongside Avalanche, Shiba Inu, and Polkadot were up on Wednesday.

Similarly, the prices of Leo, Litecoin, Monero, Near Protocol, and Cronos also rose alongside Bitcoin and Ether.

"After the recent upswing, Bitcoin is withstanding the bearish pressure. As a result, the altcoins also remain above their respective resistance levels," said the CoinDCX research team.

The overall valuation of the crypto sector surged by 3.15 percent over the last 24 hours. Presently, the crypto market cap stands at $3.38 trillion (roughly Rs. 2,88,43,134 crore), shows CoinMarketCap.

Meanwhile, the prices of a few altcoins were down on Wednesday. These include Cardano, Bitcoin Cash, EOS Coin, and Zcash.

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.