On Monday, Bitcoin’s value lingered around the $107,400 (approximately Rs. 95.4 lakh) mark, as investors grappled with declining spot demand and broader economic uncertainties. This dip occurred despite recent global efforts to inject liquidity into markets. The overall cryptocurrency market capitalization currently stands at roughly $3.61 trillion (about Rs. 3,20,61,000 crore), with most leading digital assets experiencing losses. Ethereum (ETH) mirrored Bitcoin’s movement, falling by 4.44 percent to $3,700 (around Rs. 3.3 lakh), according to CoinMarketCap data. Specifically, a price tracker reports Bitcoin at Rs. 95.4 lakh and Ethereum at Rs. 3.31 lakh.
Altcoins Experience Significant Declines as Market Sentiment Softens
Following Bitcoin’s downward trend, a range of altcoins also saw their values decrease. Binance Coin (BNB) fell 5 percent to $1,036 (approximately Rs. 91,980). Solana (SOL) experienced a 5.7 percent dip, trading at $176 (around Rs. 15,640). Dogecoin (DOGE) saw a sharp 7.5 percent decline to $0.17 (roughly Rs. 15.1), and XRP was down 4 percent, reaching $2.42 (about Rs. 215).
Edul Patel, CEO of Mudrex, commented that Bitcoin is currently in a consolidation phase, fluctuating between $109,500 and $111,000 (roughly Rs. 97.2 lakh–Rs. 98.6 lakh). He suggests this period is crucial for building momentum for a future rally, emphasizing the bullish sentiment within the crypto market, further supported by the nearing finalization of a trade deal between the US and China.
Riya Sehgal, a research analyst at Delta Exchange, views the current market as a healthy correction. She explained that the crypto market experienced a 1.22 percent slip due to factors like trapped leverage and subdued spot demand. Sehgal suggests that a consistent upward movement past $111,500 could signal a bullish reversal, whereas a drop below $108,000 (about Rs. 95.8 lakh) might lead to a more significant downturn. Ethereum, trading around $3,760 (approximately Rs. 3.34 lakh), has been rejected from its $3,880–$3,950 (roughly Rs. 3.44 lakh–Rs. 3.51 lakh) resistance levels, echoing Bitcoin’s softer performance.
Avinash Shekhar, CEO of Pi42, emphasized that Bitcoin’s recent price drop is more indicative of market consolidation than an inherent weakness. He pointed out that the move from over $116,000 (approximately Rs. 1.03 crore) down to the $106,000–$111,000 (roughly Rs. 94 lakh–Rs. 98.6 lakh) range underscores the evolving, yet still emotionally influenced, character of the current crypto upswing. He added that while short-term investors are taking profits and reacting to broader economic cues, like the Federal Reserve’s policy decisions, the underlying long-term outlook remains positive.
Overall, market sentiment continues to be uncertain, with traders closely monitoring regulatory developments and macroeconomic data. Analysts predict ongoing volatility for the week, suggesting that Bitcoin’s future price action will largely be shaped by prevailing liquidity trends and the engagement of institutional investors.
Disclaimer: Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to significant market risks. The information presented here is for general knowledge only and should not be construed as financial advice, trading advice, or any form of recommendation endorsed by the source. The source will not be held responsible for any losses incurred from investments made based on information or perceived recommendations in this article.