Bitcoin Dips for Fifth Day, Ether Loses Marginally as Crypto Market Sentiment Remains Mixed

The global crypto market cap fell by 0.30 percent in the last 24 hours. As shown by CoinMarketCap, the crypto market valuation presently stands at $3.21 trillion (roughly Rs. 2,78,83,648 crore).

Bitcoin price slipped marginally on cryptocurrency exchanges on Friday, continuing its decline for the fifth session in a row. The world’s largest cryptocurrency by market capitalisation lost nearly 1 percent during the past 24 hours to trade at $96,812 (roughly Rs. 84 lakh) on international exchanges, as per Gadgets 360’s crypto price tracker. A similar trend was observed on Indian exchanges like CoinSwitch and Giottus, where Bitcoin traded at around $97,704 (roughly Rs. 84.8 lakh) after a 1 percent dip in the past 24 hours.

“With BTC trading around the $96,500 (roughly Rs. 83.2 lakh) mark for the 13th day in a row, it has become difficult for the bears to breach through this support and at the same time there are continuous lower highs forming in BTC - signalling towards a short-term downtrend,” the CoinSwitch markets trend told Gadgets 360.

“Altcoins may show some strength as Bitcoin consolidates.”

Ether prices also clocked a loss of 0.58 percent on international platforms on Friday. As shown by CoinMarketCap, the asset is presently trading at $2,700 (roughly Rs. 2.34 lakh). On local exchanges, meanwhile, Ether dropped by 0.76 percent to trade at $2,697 (roughly Rs. 2.34 lakh).

“Following the higher-than-expected Consumer Price Index (CPI) data, the Producer Price Index (PPI) also exceeded forecasts at 0.4 percent, further adding to the inflation concerns,” Mudrex CEO Edul Patel said, commenting on the market status.

“However, the market showed strong resilience near the key support levels even as expectations of a Federal Reserve rate cut remained low for the first half of the year.”

The crypto price tracker by Gadgets 360 showed majority altcoins trading under losses on Friday.

These include Tether, Binance Coin, Solana, Dogecoin, and Tron.

Chainlink, Avalanche, Shiba Inu, Leo, and Monero also registered price drops on Friday.

The global crypto market cap fell by 0.30 percent in the last 24 hours. As shown by CoinMarketCap, the crypto market valuation presently stands at $3.21 trillion (roughly Rs. 2,78,83,648 crore).

Ripple, USD Coin, Cardano, Stellar, Litecoin, and Polkadot, meanwhile, reflected minor but notable gains on the price charts.

Uniswap, Iota, and Qtum also emerged on the green-side of the price chart on Friday.

“Overall market sentiment hangs in neutral territory, but several vital developments are becoming growth drivers,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

“The meme and small-cap tokens are climbing in prices, showing that investors are excited. As the trading scenario evolves in all areas of the crypto market, due diligence and patience are key to making the most of any chance that pops up in ever-changing market dynamics.”

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.