Bitcoin price rose 0.69 percent on Friday, taking the value of the world’s most used cryptocurrency to $68,600 (roughly Rs. 57 lakh) on international exchanges such as CoinMarketCap. On national exchanges such as WazirX and CoinDCX, the digital asset is trading at a slightly higher price of $71,930 (roughly Rs. 59.8 lakh). Bitcoin has been hovering around the same price range for more than two weeks and market pundits have predicted that if BTC fails to break the resistance point of $68,800 (Rs 52.7 lakh approx), it could enter a losing spiral.
“BTC continues to move in a lower time frame. It needs to hold above $67,000 (roughly Rs. 55.7 lakh) to avoid a potential small dip. Alts are weaker compared to BTC, as the ETH/BTC pair is at resistance,” CoinDCX’s market team told Gadgets360 on Friday.
Ether recorded a loss of 1.58 percent on Friday. The second most expensive asset after Bitcoin, Ether is trading at $3,951 (roughly Rs. 3.2 lakh) on Indian exchanges, while ETH is priced at $3,745 (roughly Rs. 3.11 lakh) on foreign exchanges. “Analysts are mixed on the impact of potentially low volumes, but Ethereum’s performance remains strong,” said Rajagopal Menon, vice president of WazirX.
Most cryptocurrencies saw their value fall on Friday, including Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche and Polkadot.
Other altcoins whose prices fell include Near Protocol, Polygon, Uniswap, Cosmos, Stellar and Cronos.
The total capitalization of the crypto market fell by 0.04 percent in the last 24 hours. The current valuation of the crypto sector is $2.54 trillion (roughly Rs. 2,11,54,720 crore), according to CoinMarketCap.
Meanwhile, cryptocurrencies that gained in value include Tether, USD Coin, Dogecoin, Chainlink, Litecoin and Leo.
“If the Fed decides to ease monetary policy at its next meeting, the crypto market could witness an uptrend,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is 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 shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
