With US CPI data expected on Wednesday, the market remains volatile.
The valuation of the sector presently stands at $3.63 trillion
Photo Credit: Pixabay/ Sergei Tokmakov
The crypto market seems to have stepped into a period of price correction after Bitcoin exceeded the price point of $100,000 (roughly Rs. 84 lakh) last week. On Monday, December 9, Bitcoin saw a minor profit of around 0.35 percent on national and international exchanges. At the time of writing BTC was trading at $99,395 (roughly Rs. 84.2 lakh) on global exchanges, showed CoinMarketCap. Meanwhile, on Indian exchanges like Giottus and CoinSwitch, BTC was trading at over $102,000 (roughly Rs. 86.7 lakh).
“As Bitcoin is trading near the all-time highs around the prestigious five-digit mark, bears have been showing glimpses of confidence. BTC dropped by two percent early this morning with altcoins following suit. After more than 15 days of decreasing bitcoin dominance (54.8 percent) and the start of an altcoin rally, major altcoins seem to have taken a breather today with the start of the new week,” the CoinSwitch markets desk told Gadgets 360.
Ether registered a price hike of 0.42 percent Monday morning. At the time of writing, ETH was trading at $3,943 (roughly Rs. 3.34 lakh) on foreign exchanges. As shown by the crypto price tracker by Gadgets 360, ETH price dropped by 1.63 percent, taking its value to $3,925 (roughly Rs. 3.32 lakh). This mixed price movement of ETH indicates the prevailing volatility on the crypto charts.
Ripple, Sonala, Binance Coin, Dogecoin, Cardano, Tron, and Avalanche — all registered price dips on Monday.
Shiba Inu, Polkadot, Stellar, Bitcoin Cash, Litecoin, and Near Protocol also recorded losses amid market fluctuations.
“With US CPI data expected on Wednesday, we anticipate some volatility in the crypto markets leading into it. Bitcoin dominance continues to be below 56 percent with Ethereum gaining strength against it last week. Ethereum is at a critical resistance level against Bitcoin. Most altcoins are following the market trend and are down modestly today,” Vikram Subburaj, CEO, Giottus, told Gadgets 360.
The crypto market cap dipped by 1.44 percent in the last 24 hours. The valuation of the sector presently stands at $3.63 trillion (roughly Rs. 3,07,55,153 crore), as shown by CoinMarketCap.
Tether, USD Coin, Uniswap, Monero, and Iota managed to hold onto minor gains of under one percent on Monday.
“The altcoin market is buoyed by the recent US presidential victory of Donald Trump, whose crypto-friendly policies have sparked optimism among investors. The market remains bullish driven by strong institutional demand and positive sentiment across the crypto landscape,” Shivam Thakral, CEO of BuyUcoin, told Gadgets 360.
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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