Bitcoin Retreats to $62,000, Ether Drops to $3,100 as Crypto Market Sees Notable Slowdown

The decline in BTC price began after the US decided to not reduce interest rate charges for the time being.

Written by Radhika Parashar | Updated: 20 March 2024 12:09 IST

Bitcoin Retreats to $62,000, Ether Drops to $3,100 as Crypto Market Sees Notable Slowdown

Photo Credit: Pixabay/ WorldSpectrum

The valuation of the crypto sector currently stands at $2.31 trillion

Highlights

Binance Coin, Solana saw losses
USD Coin, Ripple also showed price drops
Wrapped Bitcoin and Braintrust managed to see gains

The overall crypto market, after witnessing a bull run earlier this month, is presently undergoing some notable volatility. Bitcoin on Wednesday, March 20 reflected a loss of 5.38 percent. The trading value of crypto market's most expensive asset currently stands at $62,800 (roughly Rs. 52.1 lakh). In the last week, the value of BTC reached its new all-time high of $73,000 (roughly Rs. 60.6 lakh) before retreating to its present price point. The decline in BTC price started after the US decided not to reduce interest rate charges for the time being.

“The dip could be a buying opportunity for investors who have been sidelined for the longest time as the halving approaches. This temporary consolidation phase of Bitcoin could be a good opportunity for investors to add it to their long-term portfolios, as the overall outlook remains positive,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether tumled in prices by six percent on Wednesday. At the time of writing, the value of ETH stood at $3,104 (roughly Rs. 2.57 lakh). Ether, as part of its bull run, had breached the price point of $3,900 (roughly Rs. 3.23 lakh).

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“Should Ethereum manage to stay above the $3,000 (roughly Rs. 2.49 lakh) support level, it could signal potential for a price recovery, as buyers may find confidence in this historically significant level. However, a breach below this support level could lead to a swift descent towards the next support area around $2,800 (roughly Rs. 2.32 lakh), suggesting a weakening of upward momentum,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Majority cryptocurrencies, at this point, are facing the brunt of the ongoing slowdown of the market momentum. These include Solana, Binance Coin, Avalanche, Dogecoin, Shiba Inu, and Polkadot.

Polygon, Near Protocol, Bitcoin Cash, Uniswap, Chainlink, and Tron also failed to register any gains.

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Against all odds, Wrapped Bitcoin, Leo, Iota, and Braintrust managed to reel-in minor gains on Wednesday.

The overall market cap of the crypto sector dropped by 5.76 percent in the last 24 hours. The valuation of the crypto sector, as per CoinMarketCap, stands at $2.31 trillion (roughly Rs. 1,91,80,992 crore) as of March 20.

“Strengthening the case that with BTC halving less than just 30 days away -- another shake out might be on the cards. Solana lost more than 13 percent value in a day, other layer-1 blockchains and said ‘Solana Killers' like Aptos (+4.5 percent) and Fantom (+18.8 percent) have shown decent strength which shows that investors' confidence is still not lost and a bit of cool off before another leg up might be on the cards,” the CoinSwitch market desk told Gadgets360, commenting on the market status.

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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

Email Radhika

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