Market Dip: Bitcoin and Ether Follow Cryptocurrency Trend, Registering Significant Declines Today
Monday, December 18, painted the cryptocurrency landscape in red as nearly all prominent digital assets recorded losses. Bitcoin, the pioneering and priciest cryptocurrency, faced a decline of 2.44 percent on this day. Presently, Bitcoin is exchanging hands at a price of $40,995 (approximately Rs. 33.9 lakh), signifying a considerable drop from its recent value of $42,854 (approximately Rs. 35.7 lakh) last week—a loss of $1,857 (approximately Rs. 1.5 lakh).
“Bitcoin is currently stabilizing above the $40,000 (roughly Rs. 33 lakh) mark following weekend profit-taking by market participants. The potential for a move towards $42,700 (roughly Rs. 35.4 lakh) exists if buyers can maintain control above the current level. With neither buyers nor sellers dominating and the rate positioned away from key support and resistance levels, BTC may trade at around $42,000 (roughly Rs. 34.8 lakh) in the coming days,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
Ether tumbled in its price point by 2.15 percent on Monday. At the time of writing, the value of ETH stood at $2,170 (roughly Rs. 1.80 lakh). This is a reduction of $116 (roughly Rs. 9,626) from Ether’s last week’s price of $2,286 (roughly Rs. 1.90 lakh).
Cryptocurrencies trading in the reds today include Binance Coin, Ripple, Solana, Cardano, and Dogecoin.
Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin, and Bitcoin Cash also joined BTC and ETH in the loss side alongside Shiba Inu, Stellar, and Monero.
The overall valuation of the crypto sector dipped by 2.22 percent in the last 24 hours. The current crypto market cap stands at $1.55 trillion (roughly Rs. 1,28,56,947 crore), as shown by CoinMarketCap.
“Following the initial shakeout, resilient investors are likely to re-enter the crypto market, given the ongoing bullish macro environment for risk-assets. The Federal Reserve’s decision to pause rate hikes and potential rate reductions in 2024 could contribute to increased demand for crypto,”
Subdued gains made a fleeting appearance on Monday for Dogefi, Bitcoin Hedge, and Nano Dogecoin.
“As the holiday season draws near, a likely decrease in trading activities might maintain the market’s current status. The countdown for Bitcoin ETF approval is underway, and once finalized, we anticipate a potential crypto super cycle in 2024. Moreover, the interest rate reduction by the US Federal Reserve could further propel momentum within the crypto market in the coming year,” expressed Shivam Thakral.
On-chain data sourced from analytics firm IntoTheBlock reveals a substantial influx of $860 million (approximately Rs. 7,133 crore) worth of Bitcoin into cryptocurrency exchanges last week, marking the highest movement since March of the current year.
“Growing investor confidence in BTC is evident, fueled by a prevailing sentiment that Bitcoin is gearing up for a robust 2024. Anticipation remains high for the market to reinvigorate its momentum,” commented Parth Chaturvedi, Investments Lead.
