Over the weekend, Bitcoin (BTC) witnessed a decline of $50 (roughly Rs. 4,155) in its value, contributing to the overall market downturn.
As the final week of January 2024 unfolds, Bitcoin finds itself navigating through losses, with a 1.72 percent dip recorded on Monday, January 22. The cryptocurrency’s current trading value hovers at $40,955 (approximately Rs. 34 lakh), marking a weekend decrease of $50 (about Rs. 4,155). Despite a robust performance in the concluding months of 2023, Bitcoin’s price has stabilized around its current point, even in the face of the US approval for 11 BTC ETFs, which failed to trigger an upward surge in its valuation.
Meanwhile, Ether experienced a 2.28 percent decline in value on the same Monday, settling at $2,417 (roughly Rs. 2 lakh) according to the crypto price.
Notably, Bitcoin sustained its position at $41,000 (approximately Rs. 34 lakh) over the weekend, amidst a challenging struggle for market dominance between bulls and bears. With BTC maintaining levels above $40,000 (about Rs. 33.2 lakh), signs suggest a potential sideways trend. In contrast, Ethereum is presently valued at $2,400 (approximately Rs. 1.99 lakh). Edul Patel, CEO of Mudrex, warns that a failure by bulls to breach the $2,500 (roughly Rs. 2.07 lakh) mark could lead to Ethereum slipping below $2,400 (about Rs. 1.99 lakh) within the week.
Tether, Cardano, Solana, Ripple, Avalanche, Tron, and Polkadot also recorded price dips alongside USD Coin, Leo, and Uniswap.
“With every slight lower move of BTC however, altcoins have been bleeding as the ETH/BTC pair too failed to hold above the 0.06 Bitcoin per Ethereum mark. With a lot of hot altcoins like Arbitrum (ARB, -4 percent) currently trading on trend line support, Monday US hours would be very crucial to see which way the market will take this week,” the CoinSwitch Markets Desk told Gadgets360.
The overall crypto market cap tumbled by 1.78 percent in the last 24 hours, and it presently stands at the mark of $1.61 trillion (roughly Rs. 1,33,80,146 crore), shows CoinMarketCap.
Dogecoin, experienced a notable surge of more than 10 percent after X (formerly Twitter) hinted about soon launching a payment service. The current price of DOGE stands at $0.083 (roughly Rs. 6.87).