Bitcoin Price Rises Above $48,000 Mark, Values of Several Cryptocurrencies Drop

Over the weekend, the price of Bitcoin rose by $1,826 (roughly Rs. 1.5 lakh).

Written by Radhika Parashar, Edited by David Delima | Updated: 12 February 2024 12:43 IST

Bitcoin Price Rises Above $48,000 Mark, Values of Several Cryptocurrencies Drop

Photo Credit: Unsplash/ Ash_Ismail

The overall valuation of the crypto sector dipped by 0.76 percent in the last 24 hours

Highlights

Cardano, Dogecoin saw losses
Uniswap, Litecoin saw gains
Solana, Ripple recorded price drops

Bitcoin on Monday reflected a small gain of 0.74 percent and the price of the world's most popular cryptocurrency was $48,101 (roughly Rs. 39.9 lakh) at the time of publishing. Over the weekend, the value of the digital asset rose by $1,826 (roughly Rs. 1.5 lakh). As per market analysts, if the Bitcoin price rises above $48,970 (roughly Rs. 40 lakh), the next target would be $50,000 (roughly Rs. 41.5 lakh) — a milestone Bitcoin has not managed to cross since December 2021.

Ether failed to follow Bitcoin on the profit trail on Monday and saw its value drop by 0.55 percent. Presently, the value of Ether stands at $2,498 (roughly Rs. 2.07 lakh).

“Over the weekend, Bitcoin hovered above $48,000 (roughly Rs. 39.8 lakh), reaching its highest level in 26 months, fuelled by significant net inflows into spot Bitcoin ETFs in the previous week. Meanwhile, Ethereum also hit the $2,540 (roughly Rs. 2 lakh) mark — its highest since January 19 — and is currently consolidating around $2,500 (roughly Rs. 2.07 lakh), with resistance at $2,620 (roughly Rs. 2.17 lakh) and support at $2,440 (roughly Rs. 2.02 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.

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Like Ether, most cryptocurrencies reflected losses on Monday. These include Binance Coin, Ripple, Dogecoin, Cardano, and Avalanche.

Even other altcoins like Solana, Binance Coin, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap saw their values fall on Monday.

The overall valuation of the crypto sector dipped by 0.76 percent in the last 24 hours. At present, the crypto market cap holds ground at the mark of $1.8 trillion (roughly Rs. 1,49,40,576 crore), showed CoinMarketCap. While the Bitcoin dominance on the market currently stands at 52.5 percent, Ether dominance stands at 16.7 percent.

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“Once Bitcoin dominance cools down, Ethereum and altcoins can also see a potential rapid jump in their market capitalisation,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Meanwhile, Bitcoin Cash, Litecoin, Uniswap, Near Protocol, Monero — managed to see small profits on Monday.

“We are likely to see some prominent token unlocks this week, including the release of over $96 million (roughly Rs. 796 crore) worth of Sandbox's SAND, equivalent to approx. Nine percent of SAND's entire supply. This is slated for Valentine's Day. Other unlocks include Aptos with a release of over seven percent (roughly worth $224.8 million (roughly Rs. 1,865 crore)) of its total token supply, and ApeCoin on February 16 with a release of 2.5 percent (roughly Rs. worth $21.84 million (roughly Rs. 181 crore) of its total token supply,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

However, market experts have advised caution to the global investor community. “Overall, BTC's resilience amidst regulatory scrutiny and market dynamics underscores its potential for further gains, but investors should remain vigilant of key resistance levels and external factors influencing market sentiment,” Rajagopal Menon, Vice President, WazirX 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