Crypto Price Today: Bitcoin Hits and Recedes From $106,000 Mark, Most Altcoins Trade in Gains

BTC is presently trading at $104,527 (roughly Rs. 88.6 lakh) on global exchanges.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 16 December 2024 13:09 IST

Crypto Price Today: Bitcoin Hits and Recedes From $106,000 Mark, Most Altcoins Trade in Gains

Photo Credit: Unsplash/ Rodnae Productions

The current market cap of the sector stands at $3.69 trillion

Highlights

Tron, Avalanche saw profits
Stellar, Uniswap recorded losses
Near Protocol, Monero registered gains

The crypto market is seeing record gains as Bitcoin's upward momentum continues to create new benchmarks. Over the weekend, BTC spiked to its new all-time high, exceeding $106,000 (roughly Rs. 89.9 lakh). On Monday, the world's most valuable cryptocurrency underwent some price correction. At the time of writing, BTC was trading at $104,527 (roughly Rs. 88.6 lakh) on global exchanges after climbing 2.15 percent in the last 24 hours, showed CoinMarketCap. On Indian exchanges like CoinSwitch and CoinDCX, meanwhile, BTC's price grew by 2.57 percent to trade at $104,344 (roughly Rs. 88.5 lakh).

“Bitcoin seems to have marked its support over $2 trillion (roughly Rs. 1,69,66,500 crore) dollar market cap - making it the 7th largest asset in the world by market cap with Amazon and Google being less than 15 percent away,” the CoinSwitch market desk told Gadgets 360. “Pro Bitcoin company Microstrategy is set to enter Nasdaq 100 as per its 100th annual reshuffling. This means that it will now be a part of one of the world's largest ETF with more than $300 billion (roughly Rs. 25,44,975 crore) in assets under management,” the crypto firm added.

At a time when US President-elect Donald Trump is talking about establishing Bitcoin as a reserve asset as soon as he takes offices, several crypto assets are rallying. Ether grew by 1.80 percent in the last 24 hours and is presently trading at $3,966 (roughly Rs. 3.36 lakh) on international exchanges. The price of ETH on Indian exchanges, meanwhile, stands at $3,935 (roughly Rs. 3.33 lakh).

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As per the crypto price tracker by Gadgets 360, Solana, Dogecoin, USD Coin, and Cardano are trading in gains.

Tron, Avalanche, Polkadot, Bitcoin Cash, and Litecoin also reflected profits on Monday.

“Optimism for bullish momentum remains firm as the market awaits a 25-basis point cut by the Federal Reserve, triggering high overtures in the market. In the derivatives market, open interest in Bitcoin futures and options had hit record highs, indicative of an overwhelmingly bullish sentiment. The market can see short-term consolidations before a new bull run as selling volumes can outpace buying volumes,” Avinash Shekhar, the co-founder and CEO, Pi42, told Gadgets 360.

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The valuation of the crypto sector rose by 1.61 percent over the last day. The current market cap of the sector stands at $3.69 trillion (roughly Rs. 3,13,00,425 crore), as per CoinMarketCap.

Tether, Ripple, Binance Coin, Chainlink, and Shiba Inu recorded losses on the price chart on Monday.

Prices of Stellar, Uniswap, Cronos, Cosmos, and Elrond also registered minor slips.

Market analysts have warned investors to be ready for price corrections in the coming days.

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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