Bitcoin Surges Past $56,000, But Continues to See Losses Alongside Ether, Solana, Dogecoin

On Indian exchanges like CoinSwitch and CoinDCX, Bitcoin is priced $60,708 (roughly Rs. 50.9 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 13 September 2024 13:32 IST

Bitcoin Surges Past $56,000, But Continues to See Losses Alongside Ether, Solana, Dogecoin

Photo Credit: Pexels/ Rodnae Productions

The valuation of the crypto sector presently stands at $2.04 trillion

Highlights

Cardano, Chinlink saw profits
USD Coin, Avalanche saw losses
Stellar, Bitcoin SV recorded price dips

Bitcoin, on Friday, September 13, posted minor losses of about 0.77 percent across both national and international exchanges. According to CoinMarketCap, BTC's value dropped to $57,854 (roughly Rs. 48.5 lakh) on global exchanges. However, on Indian platforms like CoinSwitch and CoinDCX, the leading cryptocurrency traded at $60,708 (roughly Rs. 50.9 lakh). In the US, the Producer Price Index (PPI) outpaced expectations, while unemployment figures slightly exceeded forecasts in recent days. These mixed economic signals have contributed to increased volatility in the crypto market.

“In the last 24 hours, Bitcoin has shown resilience, trading around $57,916 (roughly Rs. 48.6 lakh) despite volatility due to mixed US macroeconomic data. With leverage in the Bitcoin market increasing to 0.2060, the highest since October 2023, traders are willing to take on more risk, indicating the potential for heightened volatility. The market remains optimistic as institutional demand increases, with ETFs showing renewed inflows,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether reflected a loss of 0.70 percent on Friday. On international and national exchanges, the asset is trading at $2,350 (roughly Rs. 1.97 lakh) and $2,484 (roughly Rs. 2.08 lakh) respectively.

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As per the crypto price tracker by Gadgets360 Solana, USD Coin, Dogecoin, Tron, Avalanche, and Shiba Inu also joined BTC and ETH on the loss-making side of the crypto charts on Friday.

Leo, Stellar, Bitcoin SV, and Elrond also registered price dips.

“Investors are reacting to broader market trends and new inflows into crypto exchange-traded funds (ETFs). As anticipation builds for next week's crucial FOMC meeting, where the Fed is expected to announce a 25-basis point interest rate cut, there is optimism that this could positively impact the crypto market,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

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The overall crypto market cap saw a minor dip of 0.49 percent in the last 24 hours, as per CoinMarketCap. The valuation of the crypto sector presently stands at $2.04 trillion (roughly Rs. 1,71,22,648 crore).

Meanwhile, Tether, Binance Coin, Ripple, Cardano, Chainlink, Polkadot, and Cronos managed to hold onto minor gains on the price chart.

Cosmos, Polygon, EOS Coin, Status, and Cartesi also showed profits on Friday.

“AI tokens, in particular, are demonstrating strength, correlating with NVDA's impressive performance, which is up by more than 10 percent over the last three days. Looking ahead, next week's Fed Funds rate data will be a key event and could introduce significant volatility to the market,” the CoinDCX research team told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, 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, Qutm, Wrapped Bitcoin, Zcash

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