Bitcoin, Ether See Minor Dip in Value as Crypto Market Goes Through Volatile Period

Bitcoin is trading range-bound as investors remain cautious. While BTC and other major tokens show strong resilience near the support levels, bulls must step in to see some price action.

Bitcoin price saw a small dip on Friday, as the world's most popular digital asset declined by 0.65 percent on global exchanges. According to data by CoinMarketCap, BTC's value has come to $93,724 (roughly Rs. 80 lakh). Indian exchanges, however, showed a steeper decline, with Giottus and CoinSwitch showing BTC's price down by over four percent. At the time of writing, BTC was trading at $99.007 (roughly Rs. 85 lakh) on Indian exchanges. Other altcoins also saw their values fall alongside Bitcoin.

“Bitcoin is trading range-bound as investors remain cautious. While BTC and other major tokens show strong resilience near the support levels, bulls must step in to see some price action. Investors are now eyeing the December jobs report due later today to decide the market momentum. Bitcoin faces resistance at the $95,900 (roughly Rs. 82.3 lakh) level while strong support lies at the previous low of $91,200 (roughly Rs. 78.3 lakh),” Edul Patel, CEO Of Mudrex told Gadgets 360.

Ether's price also dropped on Friday, just like Bitcoin. On global exchanges, ETH price dropped by 0.19 percent, bringing its price point to $3,244 (roughly Rs. 2.78 lakh). On Indian exchanges, the asset price dipped by 2.67 percent to trade at $3,386 (roughly Rs. 2.90 lakh).

The crypto market is going through a volatile period and market experts have advised investors to tread with caution. The crypto price tracker by Gadgets 360 showed most altcoins trading at lower values on Friday.

Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot saw their prices drop, like BTC and ETH.

Similarly Leo, Stellar were also trading at lower prices.

The overall valuation of the crypto market tumbled by 1.06 percent over the past 24 hours. With this, the market cap dropped to $3.27 trillion (roughly Rs. 2,80,83,577 crore), as per CoinMarketCap data.

On the other hand, Shiba Inu, Uniswap, and Litecoin managed to retain minor profits.

“These dips are buying opportunities for the investors as the historical trends suggests such fluctuations are preceded by potentially significant rallies. This period therefore is very important and investors should keep their eyes on the long haul, rather than on the short-term profits,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360, claiming that the next major moves are likely to be dictated by key support and resistance levels across these assets.

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.