Bitcoin, Ethereum suffer losses as volatility hits most altcoins hard

The cryptocurrency industry is going through a volatile phase as Bitcoin is about to enter its fourth halving process later this month. On Wednesday, April 10, Bitcoin fell 2.30%. According to Gadgets360’s crypto price tracker, Bitcoin’s value has fallen to $66,147 (roughly Rs. 55 lakh). On international exchanges like Binance, Bitcoin is trading at a slightly higher price of $69,058 (roughly Rs. 5.74 crore).

“Bitcoin’s market demand appears to be declining slightly amid ongoing price volatility. Bitcoin’s Hull Moving Average suggests ‘sell’ sentiment reflects the broader market pulse. US CPI data is the next focus for the market and could Providing some insight into the Fed’s rate cut. WazirX Vice President Rajagopal Menon told Gadgets360 that there is still ambiguity surrounding the rate cut expected in June.

On the price chart, Ethereum has seen bigger losses than Bitcoin. On Wednesday, Ethereum was trading at $3,190 (roughly Rs. 2.65 lakh) in India, down 3.28%. On Binance, Ethereum is trading at $3,514 (roughly Rs. 2.92 lakh).

“Ethereum supporters continue to struggle with confidence in the ETF due to lack of fresh news from the SEC. ETH faced a fade despite trying to break above $3,650 (~Rs 3.03 Lakhs) levels. To regain bullish momentum, ETH needs to clear up and remain above this level,” the CoinDCX team told Gadgets360.

Tether, Binance Coin, Solana, Dogecoin, Cardano, Avalanche, Shiba Inu and Polkadot – all followed BTC and ETH on the path to loss.

Tron, Chainlink, Polygon, Litecoin, Uniswap, Leo, Cosmos and Stellar also posted losses on Wednesday.

“The biggest losers among the top cryptocurrencies continue to be memecoins, with WIF (-18%), PEPE (-12%), and DOGE (-7.4%) all continuing to struggle as the market tumbles. As Solana Network Congests Over the past week, price action has also started to reflect this, with Solana trading below $170 (roughly Rs. 12,145),” CoinSwitch Markets Desk told Gadgets360.

Only a handful of altcoins posted profits on Wednesday. These include Ripple, Ripple Cash, Qtum, Iota and Braintrust.

The overall cryptocurrency market fell by 3.22% in the past 24 hours. According to data, the industry is currently valued at $2.59 trillion (approximately Rs. 21,555,443 crore) coin market cap.

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