In the past day, Bitcoin witnessed a price surge of $221 (approximately Rs. 18,366).
On Wednesday, January 17, Bitcoin registered a modest gain of 0.07 percent, reaching a trading value of $42,846 (approximately Rs. 35.6 lakh) according to Gadgets360’s crypto price tracker. Over the last 24 hours, Bitcoin witnessed a price spike of $221 (around Rs. 18,366). Market experts suggest that Bitcoin’s potential for a gradual increase in value remains if it can sustain levels above $42,000 (roughly Rs. 34.9 lakh).
Ether followed Bitcoin in the profit margin of the crypto chart, recording a minor gain of 1.64 percent and currently trading at $2,564 (roughly Rs. 2.13 lakh). Ether’s price saw a nominal rise of $2 (approximately Rs. 166) in the last 24 hours.
Commenting on the market dynamics, Edul Patel, CEO of Mudrex, stated, “The last 24 hours witnessed quite a bit of profit booking from traders as Bitcoin almost fell below $42,000 (roughly Rs. 34.9 lakh). However, this steep decline was immediately followed by a bullish phase, taking the price as far as $43,500 (roughly Rs. 36.15 lakh) before consolidating just below the $43,000 (roughly Rs. 35.7 lakh) mark. As it stands, Bitcoin’s next resistance level stands at $43,918 (roughly Rs. 36.4 lakh), with the previous support level at $42,510 (roughly Rs. 35.3 lakh). Ethereum, on the other hand, has seen some steady gains, although its trading volume in the past 24 hours has soared by 30 percent. The overall market sentiment continues to lean towards greed.
Tether, Solana, Ripple, USD Coin, Uniswap, Monero, and Chainlink joined BTC and ETH on the profit-making side of the crypto chart.
“Altcoins are exhibiting a mixed performance, with tokens associated with ETH showcasing strength, while others experience a decline,” CoinDCX.
Among loss-making cryptocurrencies, Cardano, Avalanche, Dogecoin, Tron, and Polkadot marked their names.
The overall crypto market dipped by 0.44 percent in the last 24 hours. Its currently sitting at $1.69 trillion (roughly Rs. 1,40,46,544 crore), as per CoinMarketCap.
“The crypto market remained in a rather tight range. With global crypto narrative heating up, the Hong Kong Virtual asset Consortium has removed Ripple from its top five crypto indexes and replaced it with Solana – which is up by five percent in the last 24 hours as it manages to catch some momentum again,” the CoinSwitch Markets Desk