Bitcoin price on Friday rose 0.69 percent, taking the value of the world's most widely used cryptocurrency to $68,600 (roughly Rs. 57 lakh) on international exchanges such as CoinMarketCap. On domestic 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 more than two weeks, and market experts have predicted that if BTC fails to break the $68,800 resistance point (roughly Rs. 52.7 lakh), it could enter a spiral of losses
“BTC continues to fluctuate in the lower time frame. It needs to break above $67,000 (roughly Rs. 55.7 lakh) to avoid a possible small dip. The highs are weaker compared to BTC as the pair ETH/BTC 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, while in foreign currencies, ETH is priced at $3,745 (roughly Rs. 3.11 lakh of rupees). “Analysts have mixed views on the impact of possible low volumes, but Ethereum's performance remains robust,” said Rajagopal Menon, vice president of WazirX.
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 global crypto market cap fell by 0.04 percent over the past 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 rose 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, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business 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.
