As of Wednesday, April 24, a majority of cryptocurrencies saw losses due to market volatility following the BTC halving. According to Gadgets360’s crypto price tracker, Bitcoin recorded a loss of 0.56 percent while trading at a price point of $65,693 (approximately Rs 54.7 lakh). On international exchanges like Binance, Bitcoin is trading at a slightly higher price of $66,359.69 (approximately Rs 55.2 lakh). According to market analysts, altcoins will benefit from the gradual rise in BTC.
Ether joined Bitcoin on the loss side of the crypto market. At the time of writing, the asset was trading at $3,037 (approximately Rs 2.5 lakh) after a 1.79 percent price decline.
“Bitcoin saw its first red day after five consecutive green days, with the market maintaining a stable balance between bulls and bears. Ethereum, on the other hand, has shown a little strength against BTC, even though the chances of ETF approval in May have decreased significantly,” CoinSwitch Markets Desk told Gadgets360. “The 200-day moving average price of Bitcoin, one of the most-tracked indicators, is reaching its highest level in more than two years. As far as Ether is concerned, the year-end pricing target is $8,000 (approximately Rs 6.66 lakh).
Tether, Ripple, Dogecoin, Shiba Inu, Avalanche and Polkadot were among the majority of cryptocurrencies showing losses on Wednesday.
Chainlink, Near Protocol, Chronos, Stellar and Cosmos were also among the losers.
“Altcoins showed mixed results. Meme coins like Bonk and Pepe are currently the market leaders. However, there are concerns over Mt. Gox’s plans to distribute a substantial amount of cryptocurrencies, including BTC and Yen, by October 2024. Some creditors expect payment earlier, while others fear selling pressure in October,” the CoinDCX team told Gadgets360.
Meanwhile, Leo and Uniswap as well as Binance Coin, Solana, Dogecoin, Tron, Polygon and Litecoin showed modest gains.
Minor gains were also recorded by EOS Coin, Ardor, Iota and Zcash.
“Solana has overcome its resistance at $150 and is showing signs of further rally. If the current trading volume continues the next resistance is considered at $161. XRP has been able to maintain its steady momentum despite the ongoing legal tussle with the SEC. It seems to have very little impact on investors. “The crypto market appears to be on a stable trajectory after the retracement just before the halving,” Rajagopal Menon, vice president of WazirX, told Gadgets360.
The total market cap of the crypto sector increased by 1.37 percent in the last 24 hours. With this, the crypto market valuation has reached $2.47 trillion (approximately Rs 2,05,73,988 crore), as shown coinmarketcap,
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.
| Denial of responsibility! Thelocalreport.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us.The content will be deleted within 24 hours. |
