Bitcoin Falls to $27,000 Over Weekend, Ether Value Also Recedes Amid Market Uncertainty

On Monday, April 24, Bitcoin opened trading at the price point of $27,727 (roughly Rs. 22.7 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 24 April 2023 11:30 IST

Bitcoin Falls to $27,000 Over Weekend, Ether Value Also Recedes Amid Market Uncertainty

Photo Credit: Pexels/ Rodnae Productions

The valuation of the global crypto sector stands at $1.17 trillion as of April 24

Highlights

Polkadot recorded gains
Litecoin, Chainlink also reeled-in profits
Cardano saw losses

After climbing to over $30,000 (roughly Rs. 24.6 lakh) in value last week, Bitcoin has not been able to retain its value. During the course of the weekend, the most expensive cryptocurrency dropped significantly in its price. On Monday, April 24, Bitcoin opened trading at the price point of $27,727 (roughly Rs. 22.7 lakh). Bitcoin minted a small gain of 0.68 percent to hover around its current price point. In the last two days since Friday, April 22, Bitcoin dipped by $518 (roughly Rs. 42,510). Ether and majority other altcoins have also recorded losses.

Ether joined Bitcoin in the small-gains category on Monday. The second most valued cryptocurrency after Bitcoin, ETH fell from its last week price point of over $2,000 (roughly Rs 1.6 lakh) over the weekend. Despite a small profit of 0.21 percent, Ether continued to trade lowly at $1,866 (roughly Rs. 1.50 lakh).

“Throughout the weekend, Bitcoin continued a downward trend and entered a correction phase that resulted in a decrease in investor confidence. This might be due to uncertainties related to macroeconomics and the crypto industry that investors and traders were still considering. If the price turns down from the current level, the next support would be at $27,119 (roughly Rs. 22.2 lakh). Meanwhile, Ethereum erases all its gains acquired from the Shanghai upgrade. Overall, the market currently appears to be bearish,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

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Several altcoins followed Bitcoin and Ether's price trajectory over the weekend, but entered Monday with minor profits.

These include Tether, Binance Coin, USD Coin, Ripple, Solana, and Polkadot.

Litecoin, Tron, Chainlink, Leo, Monero, and Stellar also saw small gains.

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The overall crypto market valuation, that stood at $1.27 trillion (roughly Rs. 1,04,48,534 crore) last week, has slipped down to $1.17 trillion (roughly Rs. 95,82,750 crore) in the last few days, data by CoinMarketCap showed.

“Key technical indicators showed a ‘buy' sentiment for Bitcoin,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Meanwhile, a bunch of altcoins also saw losses on Monday. These include Cardano, Dogecoin, Polygon, Binance USD, and Shiba Inu.

Xiaomi launched its camera focussed flagship Xiaomi 13 Ultra smartphone, while Apple opened it's first stores in India this week. We discuss these developments, as well as other reports on smartphone-related rumours and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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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

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