Bitcoin Hovers Near $63K, Altcoins Slide as Crypto Market Cap Dips

On April 29th, Bitcoin entered the market at $63,192 after experiencing a decline of 0.57%. Market analysts predict a bearish trend for BTC, indicating potential sluggish price movement. Altcoins also faced losses, with Tether, Binance Coin, Solana, Ripple, and Dogecoin witnessing price reductions. Ethereum, however, gained 2.35%, currently valued at $3,130. The overall crypto market cap fell by 0.73%, while Stripe announced the reintroduction of crypto payments in 2024, focusing on USDC.

Bitcoin Hovers Near $63,000, Altcoins Witness Red as Crypto Market Cap Dips

On Monday, April 29, Bitcoin (BTC) commenced trading at $63,192, marking a modest decline of 0.57% in the Indian market. On international platforms like Binance, the digital asset exhibited an analogous price point of $63,102. Market analysts anticipate a bearish outlook for Bitcoin in the near term.

"BTC appears to be forming a bearish pattern, suggesting a period of gradual price movement. Immediate resistance lies around $63,400," remarked Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

A majority of altcoins experienced losses on Monday, according to Gadgets360's crypto price tracker. Notable declines were observed in Tether, Binance Coin, Solana, Ripple, and Dogecoin.

Cardano, Shiba Inu, Avalanche, Polkadot, and Chainlink, along with Polygon, Near Protocol, and Leo, also registered minor but visible price reductions.

"Following Bitcoin's halving, crypto assets have exhibited elevated volatility, with key tokens maintaining neutral sentiment. A recent decline instigated by Bitcoin's fall resulted in liquidations that significantly impacted altcoins," explained Rajagopal Menon, Vice President of WazirX. "The price reductions may also have been influenced by the Japanese yen's depreciation against the USD."

The overall crypto market capitalization witnessed a 0.73% decline over the previous 24 hours. At the time of writing, the sector's valuation stands at $2.35 trillion, as reported by CoinMarketCap.

Ether (ETH), the second largest cryptocurrency by market capitalization, charted a distinct path from Bitcoin, registering marginal gains on Monday. The value of ETH currently stands at $3,130, representing a 2.35% increase. On international exchanges, ETH is priced at approximately $3,218, according to CoinMarketCap.

Only a select few cryptocurrencies managed to join ETH's upward trajectory on Monday, including Tron, Litecoin, Cronos, Neo Coin, Qtum, and Iota.

"Macroeconomic events this week, such as the Fed's fund rate and unemployment rate announcements, have the potential to introduce further volatility into the market," observed the CoinDCX Research Team in a statement to Gadgets360.

In unrelated news, financial technology giant Stripe announced plans to reintroduce cryptocurrency payments in late 2024. The company will facilitate payments exclusively through the USDC stablecoin on Solana, Ethereum, and Polygon blockchains.

Meanwhile, in the United States, Metamask's parent company, Consensys, has filed a complaint against the Securities and Exchange Commission (SEC) alleging "unlawful seizure of authority" over Ethereum held by the company.

Disclaimer:

Cryptocurrency is a decentralized digital currency that is not regulated by any central authority. It is not a legal tender and is subject to market risk. The information provided in this article should not be construed as financial or investment advice. Readers are advised to conduct thorough research before making any investment decisions. NDTV shall not be held responsible for any losses incurred as a result of reliance on the information contained within this article.