Bitcoin price on Friday rose by 0.69 percent, bringing the value of the world's most widely used cryptocurrency to $68,600 (roughly Rs. 57 lakh) on international exchanges like CoinMarketCap. On national exchanges like WazirX and CoinDCX, the digital asset is trading at a slightly higher price of $71,930 (roughly Rs. 59.8 lakh). Bitcoin has hovered around the same price range for over two weeks, and market experts have predicted that if BTC fails to break the resistance point of $68,800 (roughly Rs. 52.7 lakh), it could enter into a loss spiral.
“BTC continues to range in the lower time frame. It must 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 a resistance level,” the CoinDCX market team told Gadgets360 on Friday.
Ether saw 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, whereas on foreign exchanges, ETH is priced $3,745 (roughly Rs. 3.11 lakh). “Analysts have mixed opinions on the impact of potential low volumes, but Ethereum's performance remains robust,” Rajagopal Menon, Vice President, WazirX said.
Most cryptocurrencies saw their values drop on Friday, including Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche, and Polkadot.
Other altcoins that saw their prices fall include Near Protocol, Polygon, Uniswap, Cosmos, Stellar, and Cronos.
The overall crypto market cap slipped by 0.04 percent over the last 24 hours. The current valuation of the crypto sector stands at $2.54 trillion (roughly Rs. 2,11,54,720 crore), according to CoinMarketCap.
Meanwhile, cryptocurrencies that increased in value include Tether, USD Coin, Dogecoin, Chainlink, Litecoin, and Leo.
“If the Fed decides to relax monetary policy in its next meeting, the crypto market may witness an upward trend,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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