Bitcoin’s trading value on Tuesday was $92,458 (roughly Rs. 79.13 lakh).
Presently, the crypto market cap stands at $3.23 trillion
Photo Credit: Pixabay/ WorldSpectrum
The overall crypto price chart indicated a slowed market momentum on Tuesday, December 31. After marking a stellar December with a new all-time high of over $108,000 (roughly Rs. 92.4 lakh), Bitcoin's trading value on Tuesday was at $92,458 (roughly Rs. 79.13 lakh) on international exchanges. Data by CoinMarketCap showed that Bitcoin registered a loss of 0.98 percent on foreign exchanges in the last 24 hours. On Indian exchanges, meanwhile, the asset incurred a dip of around 1.88 percent. Bitcoin is trading at around $100,308 (roughly Rs. 85.8 lakh) on platforms like CoinSwitch and CoinDCX.
“Bitcoin briefly rallied near the $95,000 (roughly Rs. 81.3 lakh) mark before long-term holders booked profits bringing the price back to $92,400 (roughly Rs. 79 lakh). Over $259 million (roughly Rs. 2,216 crore) in liquidations in the past 24 hours have also added to the pressure. While retail investors are selling, institutions like MicroStrategy are taking advantage of this correction. The investor sentiment towards the market remains strong,” Mudrex CEO Edul Patel told Gadgets 360.
Ether tailed Bitcoin on the loss-making side of the crypto chart on Tuesday. The asset clocked a loss of 1.76 percent over the last day on foreign exchanges. At the time of writing, ETH was trading at $3,332 (roughly Rs. 2.85 lakh) on global platforms, showed CoinMarketCap. On Indian exchanges, the value of ETH dropped by 1.95 percent, bringing its value to $3,505 (roughly Rs. 3 lakh).
“Ethereum is showing bearish signals because of market-wide weakness but looks to be pulling away from it. The renewed upturn in funding rates signals the confidence of investors on ETH amid its possible recovery. Such increased trading volume indicates that the market sentiment may indeed be shifting towards bullishness in the midst of bearish action,” Avinash Shekhar, Co-Founder & CEO, Pi42 told Gadgets 360.
The crypto price tracker by Gadgets 360 showed that majority cryptocurrencies are trading in losses alongside Bitcoin and Ether on Tuesday.
These include Ripple, Solana, Dogecoin, Cardano, Tron, Avalanche, and Chainlink.
Shiba Inu, Polkadot, Stellar, Uniswap, Liteoin, and Near Protocol also saw losses on the price chart after a market-wide period of price correction.
The overall crypto market cap tumbled by 1. 58 percent in the last 24 hours, showed CoinMarketCap. Presently, the crypto market cap stands at $3.23 trillion (roughly Rs. 2,76,46,377 crore).
Meanwhile Tether, Binance Coin, USD Coin, Leo, Polygon, and Iota managed to hold onto gains on the price chart.
“Despite this ongoing slump, 2024 has been a remarkable year for crypto, boasting a total trading volume of $18.4 trillion (roughly Rs. 15,74,96,272 crore). Investors remain optimistic about the future, citing ongoing regulatory clarity and institutional adoption as pivotal factors that could sustain momentum into 2025,” Shivam Thakral, CEO of BuyUcoin 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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