Bitcoin Celebrates 15th Anniversary with Trading Above $45,000; Altcoins Struggle to Follow Suit
Bitcoin’s 15th Anniversary: A Milestone Celebration Since Its First Mined Block in 2009
On Wednesday, January 3, 2024, Bitcoin entered the trading arena with a notable price rally, marking a gain of over one percent as it reached $45,201 (approximately Rs. 27.6 lakh). Demonstrating a surge of more than seven percent in recent days, Bitcoin’s uptrend coincides with the annual celebration of its inception, marking the 15th anniversary since the mining of its first block in 2009.
“As Bitcoin commemorates its 15th year, its journey has been nothing short of transformative in the realm of finance. From initial skepticism to its escalating embrace by both retail and institutional investors, Bitcoin has emerged as a revolutionary force. It has taken center stage in discussions surrounding the future of decentralized systems and currency, making an indelible impact on the financial landscape,” commented Edul Patel, CEO of Mudrex, in a statement to Gadgets360.
Meanwhile, Ethereum experienced a minor dip of 0.27 percent, touching $2,366 (approximately Rs. 1.97 lakh) on the same day. Despite this slight retreat, Ethereum had recently reached a 19-month high, flirting with the significant milestone of $2,500 (approximately Rs. 2.08 lakh).
“According to insights from the CoinDCX Research Team, Ethereum (ETH) has showcased a relatively measured pace recently, yet consistently sets new higher highs. However, the true stride for ETH is projected to intensify once Bitcoin (BTC) finds stability. From a technical standpoint, ETH needs to overcome the resistance level at $2,450 (approximately Rs. 2.04 lakh) to ignite a robust upward trajectory.”
Amidst Wednesday’s market dynamics, a clear divergence emerged between BTC and ETH, delineating the trajectory for various altcoins. Altcoins mirroring BTC’s gains included Tether, USD Coin, Tron, Near Protocol, Leo, and Cronos, registering marginal gains. Conversely, altcoins aligned with ETH’s losses encompassed Chainlink, Shiba Inu, Cardano, and Dogecoin, appearing as some of the major contributors to the downtrend in the crypto sphere. Additionally, Wrapped Bitcoin, Litecoin, Bitcoin Cash, Uniswap, Cosmos, alongside Avalanche, Polkadot, and Polygon, all experienced price declines on Wednesday, adding to the list of altcoins witnessing setbacks in their market valuations.
“The ongoing correction is anticipated to persist in the coming days, countering the bullish trend observed in the previous week. Profit-taking activities by short sellers have contributed to the downward pressure on prices during this correction phase. The upcoming verdict on the ETF could potentially alter market sentiment and impact the corrective trajectory, particularly if the results are revealed later this week,” Rajagopal Menon, Vice President, WazirX
The crypto market cap, at the time of writing, stood at $1.73 trillion (roughly Rs. 1,44,13,235 crore) after seeing a 2.47 percent decline in the last 24 hours, showed CoinMarketCap. Despite the current fluctuation in altcoin prices, industry experts remain hopeful about what’s to come in the future.
“The crypto fear and greed index has been consistently positive for the last one month now. BTC saw its highest level in 21 months as Bitcoin started the new year by breaking out of its consolidation zone. The market may also see a Bitcoin ETF approval in the first week of January,” the Coinswitch markets desk
