Bitcoin price continues to plummet, most altcoins suffer losses

The cryptocurrency market is increasingly volatile, but most altcoins are also suffering losses almost regularly. On Thursday, April 4, Bitcoin fell 1.62%. This brings the transaction value to $64,354 (approximately Rs. 5.37 crore). The value of Bitcoin has fallen by $1,134 (roughly Rs. 94,625) in the past 24 hours. With Bitcoin’s next halving scheduled for later this month, market analysts are predicting volatility in the coming weeks.

“The largest cryptocurrency reflects declining price momentum after experiencing negative net inflows into spot ETFs. Spot ETFs were the main reason for the gains in Q1 2024,” said Shivam Thakral, CEO of BuyUcoin. With only about two weeks left until the halving, we expect greater volatility due to favorable changes in supply dynamics. “market outlook.

On Thursday, April 4, the price of Ethereum fell by 2.15%. At the time of writing, Ethereum was trading at $3,190 (roughly Rs. 2.66 lakh). The value of ETH has fallen by $72 (roughly Rs. 6,007) in the past 24 hours.

“Like BTC, ETH is also trading sideways in the shorter term, with $3,200 (roughly Rs. 2.67 lakh) being a key level to hold on to. The US monthly unemployment rate due out tomorrow could bring further volatility to the market ,” CoinDCX Market Desk told Gadgets360.

Solana, Ripple, Dogecoin, Cardano, Avalanche, Shiba Inu, Bitcoin Cash and Polkadot all posted losses, as did BTC and ETH.

Tron, Polygon, Litecoin, Near Protocol, Uniswap, Leo and Cosmos also saw losses.

WazirX Vice President Rajagopal Menon told Gadgets360: “While the possibility of a rate cut by the Federal Reserve in June has dampened gains, the continued growth in stablecoin supply provides Bitcoin enthusiasts with strong reassurance amid market volatility.”

The overall cryptocurrency market capitalization fell by 0.93% in the past 24 hours. Its data shows that the current valuation is US$2.47 trillion (approximately 206,144.96 billion rupees) coin market cap show.

Meanwhile, cryptocurrencies that recorded profits on Thursday included Binance Coin, USD Coin, Monero, and Bitcoin SV.

Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.