Crypto Price Today: Bitcoin Trades Close to $44,000 Mark, Losses Strike Ether, Tether, Solana

In the last 24 hours, the value of Bitcoin rose notably by $252 (roughly Rs. 21,009).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 7 December 2023 11:28 IST

Crypto Price Today: Bitcoin Trades Close to $44,000 Mark, Losses Strike Ether, Tether, Solana

Photo Credit: Reuters

The crypto market cap, as of December 7, stands at $1.6 trillion

Highlights

Litecoin, Bitcoin Cash recorded losses
Stellar, Monero saw gains
Elrond, Cronos registered price dips

Bitcoin on Thursday, December 7 managed to mint a minor profit of 0.43 percent. At the time of writing, Bitcoin was trading very close to the mark of $44,000 (roughly Rs. 36.6 lakh) -- precisely at the price point of $43,922 (roughly Rs. 36.6 lakh). In the last 24 hours, the value of Bitcoin rose notably by $252 (roughly Rs. 21,009). Market analysts predict, studying the bull run, Bitcoin can end the year of 2023 trading above the price point of $50,000 (roughly Rs. 41.6 lakh).

“From a technical standpoint, BTC is currently situated at the $44,000 (roughly Rs. 36.6 lakh) resistance level. The overall momentum remains positive, with no clear signals of a reversal or bearish trend. Minor pullbacks and corrections are considered healthy for the current scenario,” CoinDCX research team told Gadgets360.

In a rather unconventional market movement, Ether did not see any profits on Thursday. Having incurred a loss of 1.38 percent, Ether is trading around the price point of $2,250 (roughly Rs. 1.87 lakh).

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“Ether is in between two crucial levels at $2,130 (roughly Rs. 1.77 lakh) and $2,450 (roughly Rs. 2 lakh). Minor pullbacks and corrections are considered healthy for the current scenario,” the CoinDCX team added.

Among other profit-making cryptocurrencies, Binance Coin, Ripple, Cardano, Dogecoin, and Tron marked their presence.

Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero also managed to bag small gains.

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The overall valuation of the crypto sector rose by 0.56 percent in the last 24 hours. As of Thursday, the crypto market cap stands at $1.6 trillion (roughly Rs. 1,33,37,600 crore) as per CoinMarketCap.

“The market is signalling a strong 'Buy' sentiment, driven by the remarkable rally of Bitcoin. Memecoins, including Shiba Inu and Dogecoin, are riding a fresh wave of momentum, experiencing significant price gains amid the broader market upswing. Bitcoin, commanding a market dominance of over 53 percent, is not only shaping the crypto landscape but also paving the way for notable developments across the ecosystem,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Meanwhile, other cryptocurrencies that are trading in losses alongside Ether include Tether, Solana, Aavalanche, Chainlink, Litecoin, Bitcoin Cash, Cosmos, and Uniswap among others.

“In a very counterintuitive move, however, JP Morgan's CEO expressed his strong dislike of crypto assets such as Bitcoin. During a Senate banking committee hearing, CEO Jamie Dimon called for government shutdown on crypto. It is worth mentioning that cryptos, due to their inherent nature, possess attributes of censorship resistance. Even if someone holds unfavourable views, they may face practical challenges in impeding the operation of a genuinely decentralised cryptocurrency such as Bitcoin,” the CoinSwitch Markets Desk told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More