This Monday, Bitcoin showed resilience, holding steady around $112,000 (approximately Rs. 99.4 lakh). Traders are proceeding with caution, keeping an eye on upcoming macroeconomic indicators and a substantial $22.6 billion (roughly Rs. 2,00,416 crore) futures expiry. Despite recent intense market swings, the leading digital asset has held its ground. Meanwhile, Ethereum saw a notable 2.4 percent increase over the last 24 hours, reaching $4,113 (around Rs. 3.65 lakh), a gain largely attributed to its shrinking supply on exchanges. According to the Gadgets 360 price tracker, Bitcoin is currently valued at Rs. 99.1 lakh in India, with Ethereum at Rs. 3.6 lakh.
Ethereum’s Shrinking Supply: A Major Pillar of Market Strength
The broader altcoin market also experienced modest gains this Monday. Binance Coin (BNB) climbed to $1,010 (roughly Rs. 89,300), and Solana (SOL) traded at $209 (approximately Rs. 18,500). XRP saw an increase to $2.85 (around Rs. 252), while Dogecoin (DOGE) maintained its position at $0.233 (about Rs. 20).
Experts suggest that significant ‘whale’ activity—large institutional and individual investors—is providing crucial support for both Bitcoin and Ethereum. Edul Patel, CEO of Mudrex, highlighted this trend, stating, “Over just one week, whales acquired $3.3 billion (roughly Rs. 2,92,700 crore) worth of Bitcoin, followed by another $1.73 billion (approximately Rs. 1,53,468 crore) in Ethereum. This substantial accumulation points to growing confidence in the crypto market as we approach the fourth quarter. Despite considerable outflows from ETFs last week, these large buyers effectively absorbed the selling pressure, steering Bitcoin back towards a bullish trajectory.”
Offering a broader view on market fluctuations and support levels, Avinash Shekhar, Co-Founder & CEO of Pi42, advised, “It’s crucial to analyze these market movements within a larger context, not in isolation. A sustained recovery beyond $115,000 (roughly Rs. 1.02 crore) could pave the way for testing even higher price points. However, investors should maintain a focus on the bigger picture. During volatile periods like this, discipline and patience are paramount, as minor short-term dips frequently lead to stronger consolidation and ultimately, upward momentum.”
The CoinDCX Research team observed a period of tight consolidation among leading altcoins, noting that “investors breathed a sigh of relief as the markets started to rebound.” The day’s significant gainers included Zcash, soaring by over 18.43 percent; Pump.Fun, which rose by 13.76 percent; and MYX Finance, increasing by more than 11.63 percent. Conversely, ether.fi experienced a modest dip of over 1 percent, with Memecore, Tron, and XDC Network each seeing declines of less than 1 percent.
The CoinSwitch Markets Desk suggested that potential optimism surrounding ETF approvals might counteract the current subdued macroeconomic sentiment. They reported, “Bitcoin remained within a tight band of $109,000 (roughly Rs. 96.7 lakh) to $112,000 (approximately Rs. 99.4 lakh) over the weekend. Traders adopted a cautious approach after statements from Federal Reserve officials indicated a dovish stance, particularly as persistent inflation continues to influence the Fed’s outlook, thereby restricting the possibility of immediate interest rate reductions.”
Looking ahead, the crypto market is anticipated to be influenced by new macroeconomic data and the upcoming futures expiry. While a reduced supply of Ethereum on exchanges and continued whale accumulation could ignite further upward momentum, traders are currently maintaining a watchful stance as the crypto markets approach crucial resistance points.
Disclaimer: Cryptocurrency is an unregulated digital currency, it is not a legal tender, and investments are subject to market risks. The information shared in this article is for informational purposes only and should not be considered financial, trading, or investment advice. NDTV does not endorse any specific recommendations or forecasts and will not be held responsible for any losses incurred from investments made based on the information provided herein.