Baby Doge Coin and Bitcoin Hedge reflected small gains
The present crypto market cap stands at $2.7 trillion (roughly Rs. 2,35,48,050 crore)
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The crypto market remained sluggish over the weekend, showing little change in momentum. On Monday, March 10, Bitcoin recorded a 3.88 percent decline on international exchanges, trading at $82,680 (roughly Rs. 72 lakh), according to CoinMarketCap. Meanwhile, on Indian exchanges such as CoinSwitch and Giottus, BTC saw a 3.30 percent drop, bringing its value to $88,563 (roughly Rs. 77.2 lakh).
“Bitcoin is on a recovery trend, trading over $82,200 (roughly Rs. 71.6 lakh). The broader market reflects a similar trend, showing buying interest among retail investors. However, investors must remain cautious as Bitcoin volatility remains the highest since December. Currently, BTC faces major resistance near $89,400 (roughly Rs. 77.9 lakh), while the support stands at $80,000 (roughly Rs. 69.7 lakh),” Alankar Saxena, CTO and co-founder of Mudrex told Gadgets 360.
Ether's value dropped by 5.50 percent over the last day. Currently, Ether is trading at $2,067 (roughly Rs. 1.80 lakh) on international exchanges whereas its value stands at $2,234 (roughly Rs. 1.94 lakh) on Indian platforms.
“After another bearish weekend, the crypto markets are trying to restore strength while the bulls remain uncertain. As a result, the prices of most of the cryptos have rebounded from the monthly lows but the fear of another pullback hovers over the markets. The market sentiments suggest extreme fear. Therefore, the prices of Bitcoin and Ethereum are expected to break the support and test new lows soon,” The CoinDCX Research Team told Gadgets 360, commenting on the market status.
The crypto price tracker by Gadgets 360 showed majority altcoins trading in losses on Monday.
The crypto market cap witnessed a notable dip of 4.35 percent in the last 24 hours owing to the bearish market momentum. As shown by CoinMarketCap, the global crypto market cap stands at $2.7 trillion (roughly Rs. 2,35,48,050 crore).
USD Coin, Leo, Iota, and Status managed to hold onto small profits on the price chart in an otherwise bleeding market.
“While short-term volatility is expected in any emerging market, the overall trend seems positive. Bitcoin and other cryptocurrencies continue to attract attention from both retail and institutional investors. With each regulatory development, we're one step closer to a more stable future for crypto,” said Avinash Shekhar, Co-founder and CEO, Pi42.
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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