Over the last week, the value of Bitcoin has risen by $2,254 (roughly Rs. 1.87 lakh).
The valuation of the crypto market currently stands at $1.62 trilion
Photo Credit: Pixabay
Bitcoin on Monday, January 29, stepped into the trading rink at the price point of $42,175 (roughly Rs. 35 lakh). After a dull week, the asset has reclaimed its pricing above the mark of $42,000 (roughly Rs. 34.9 lakh) despite reflecting a loss of 0.50 percent on Monday. Over the last week, the value of Bitcoin has risen by $2,254 (roughly Rs. 1.87 lakh). As per market analysts, investors can expect Bitcoin to touch the $45,000 (roughly Rs. 37.4 lakh) level if the current momentum sustains and there are no surprising news headlines.
Ether recorded a loss of 1.18 percent to trade at the value of $2,259 (roughly Rs. 1.87 lakh).
“BTC has also successfully reclaimed both the 20 Exponential Moving Average (EMA) Daily and 7EMA Weekly, showcasing a highly bullish last weekly close and implying overall bullishness. ETH, however, closed on a bearish note and is still positioned below the 20EMA Daily. Currently, the key support and resistance levels for ETH are at $2,175 (roughly Rs. 1.80 lakh) and $2,388 (roughly Rs. 1.98 lakh), respectively,” the CoinDCX Research Team told Gadgets360.
Alongside the top two crypto assets by market cap, a big number of cryptocurrencies recorded losses on Monday. These include Ripple, Cardano, Avalanche, Polygon, Shiba Inu, Litecoin, and Bitcoin Cash.
Comos, Stellar, Near Protocol, Cronos, and Bitcoin SV also showed price dips.
The overall crypto sector dipped by 0.83 percent in the last 24 hours. At present, the sector valuation stands at $1.62 trillion (roughly Rs. 1,34,68,388 crore), showed CoinMarketCap.
“A 31.9 percent increase in trading volumes in the last 24 hours as the market exudes bullish sentiment. Bitcoin's dominance is back at 50.58 percent which is driving the broader market sentiment with its price surge. Crypto enthusiasts are predicting a $2 trillion market cap for crypto, similar to its early 2022 levels, largely due to the conclusion of Bitcoin's price correction phase, increase in institutional investments, Ethereum network upgrade and a potential spot ETF approval for the token,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Meanwhile, USD Coin, Tron, Polkadot, Chainlink, Leo, Uniswap, and Monero reflected small profits on Monday.
“Solana has gotten a strong start in 2024. While earlier in January, the SOL network witnessed its highest transaction volumes in over a year, the network recorded its highest-ever level of daily new addresses over the weekend. Other cryptos posting gains in the last 24 hours also include Injective (INJ, nine percent), Polkadot (DOT,+3.2 percent), and Chainlink (+2.7 percent),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Investors are keeping a close watch on the FOMC meeting scheduled for the 30th and 31st of this month.
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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