The crypto market is going through a phase of volatility, and most altcoins are going through a price correction. Bitcoin recorded a loss of up to 1.95 percent on both national and international exchanges on Tuesday, June 11. On Indian exchanges like CoinSwitch and WazirX, Bitcoin is hovering around a price point of $72,653 (roughly Rs. 60.6 lakh). Meanwhile, the asset is trading at $68,049 (roughly Rs. 56.8 lakh) on foreign platforms like CoinMarketCap. Most other cryptocurrencies trailed Bitcoin on the losing side of the crypto chart on Tuesday.
Ether recorded a loss of less than one percent in the last 24 hours. At the time of writing, Ether is trading at $3,233 (approximately Rs. 2.70 lakh) on Indian exchanges, while its price on international exchanges is $3,560 (approximately 2.97 percent).
“The recent decline in prices has fueled buying activity mainly from institutional investors as the digital asset prepares for its next rally. Regulatory developments and positive macroeconomic factors may lead to more momentum in the second half of 2024,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “Bitcoin-led investment activity added more than $1.97 billion (roughly Rs. 16,448 crore) in inflows, while Ethereum witnessed its best performance since March adding nearly $70 million (roughly Rs. 584 crore) in inflows, according to Coinshares data.”
Tether, Solana, Ripple, Dogecoin, Cardano and Shiba Inu recorded losses alongside Bitcoin and Ether.
They were joined by Avalanche, Polkadot, Chainlink, Near Protocol, Polygon and Cosmos.
The total capitalization of the crypto market fell by 2.36 percent in the last 24 hours. Additionally, the sector’s valuation currently stands at $2.49 trillion (roughly Rs. 2,07,90,379 crore), CoinMarketCap data showed on Tuesday.
Only a few cryptocurrencies managed to see gains. These include Binance Coin, USD Coin, Tron, Leo and Iota.
“The broader altcoin market is showing a downward trend. The recently launched memecoin NOT suffered the most with a 14 percent drop as people booked profits from the largest memecoin TON. Another well-known memecoin, PEPE, also fell nine percent with 24-hour total crypto market liquidations reaching over $150 million (roughly Rs. 1,252 crore) according to Coinglass data,” CoinSwitch Markets Desk 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.
