Current Crypto Landscape: Bitcoin and ETH Continue on a Downtrend, While Majority of Altcoins Experience Declines
Bitcoin’s 24-Hour Slip: Cryptocurrency Experiences a $170 Drop in Value
On Wednesday, January 24, Bitcoin faced a 1.06 percent loss, with its current trading price hovering around $39,650 (approximately Rs. 32.9 lakh) as of the latest update. Over the past 24 hours, Bitcoin experienced a decline of $170 (roughly Rs. 14,134). Market analysts attribute the ongoing selling pressure in the crypto market to the increased accessibility of Bitcoin ETFs, making entry and exit into this investment vehicle more convenient for traders.
Ether, the second-largest cryptocurrency, also saw a notable drop of 5.38 percent in the last 24 hours, currently trading at $2,213 (approximately Rs. 1.84 lakh). Analysts suggest that users might be liquidating their positions to secure profits while simultaneously establishing new positions in anticipation of an upcoming market rally.
The substantial drops in both Bitcoin and Ether contributed to a decline in the overall cryptocurrency market cap. Looking ahead, market participants are keeping a close eye on the potential impact of the US Federal Reserve’s signaled rate cut announcement, which could emerge as the next significant market influencer following the hints made towards the end of 2023.
Just like the market trend has shown so far this week, most cryptocurrencies are trading in the reds on Wednesday.Binance Coin, Cardano, Solana, Ripple, Avalanche, Tron, Polkadot — all of these cryptocurrencies saw losses.
Chainlink, Polygon, Shiba Inu, Litecoin, and Bitcoin Cash also succumbed to the market pressure and tumbled.A small number of cryptocurrencies, however, did manage to log profits. These include USD Coin, Leo, Bitcoin SV, Iota, and Augur.
“While investors are turning fearful for the Bitcoin support to not hold with more than 300 million dollars’ worth liquidations in the last 24 hours as per the data from Coinglass, a U-shaped recovery to take Bitcoin back to nearing $50,000 (roughly Rs. 41.5 lakh) is still a possibility,” the CoinSwitch Markets Desk
