Bitcoin on Wednesday, December 27, reflected a small loss of 2.71 percent. Despite this slight decline, Bitcoin managed to retain its price above the level of $42,000 (roughly Rs. 34.9 lakh) and is currently trading at $42,218 (roughly Rs. 35 lakh). This is the third consecutive day that BTC is trading above $42,000. However, in the last three days, BTC has dropped in value by $688 (roughly Rs. 57,270). BTC’s crucial resistance stands at $44,500 (roughly Rs. 37 lakh) and $42,500 (roughly Rs. 35.3 lakh) as a support level.
“Today, Bitcoin experienced a decline in price as traders swiftly closed their positions amidst rising funding rates, leading to a shift from optimistic to pessimistic market sentiment. Amid expectations of a year-end surge and the impending US SEC verdict on a Bitcoin ETF, an increase in trading volume indicates sustained market engagement amid these evolving scenarios,” Rajagopal Menon, Vice President, Wazir told Gadgets360.
Ether registered a minor dip of 0.75 percent on Wednesday. At the time of writing, ETH was trading at $2,220 (roughly Rs. 1.84 lakh). For ETH, the key resistance stands at $2,380 (roughly Rs. 1.98 lakh) whereas its critical support level stands at $2,250 (roughly Rs. 1.87 lakh).
A bunch of altcoins reflected losses on Wednesday. These include Ripple, Cardano, Avalanche, Dogecoin, and Polkadot.
Tron, Chainlink, and Shiba Inu also reflected price dips on Tuesday.
The total crypto market cap dropped by 0.27 percent in the last 24 hours. The valuation of the sector currently stands at $1.65 trillion (roughly Rs. 1,37,46,414 crore), as per CoinMarketCap. However, the crypto fear and greed index looks positive and has increased by 2 points since yesterday.
“The market is currently at a critical juncture with a narrow range, as both bulls and bears vie for control,” Edul Patel,Co-Founder and CEO, Mudrex told Gadgets360.
Meanwhile, only a small number of cryptocurrencies showed profits on Wednesday. These are Tether, Solana, Binance Coin, USD Coin, Polygon, and Wrapped Bitcoin.
Small profits were also minted by Uniswap, Leo, Monero, Elrond, Binance USD, and Bitcoin SV.
“One of the top performers after this crash turned out to be Polygon. Its native token MATIC (+11 percent) crossed a dollar mark in almost seven months. This came as Binance native coin BNB (+6.8 percent) also saw some gains and crossed the 300-dollar mark for the first time in six months. Both of these tokens, along with SOL (-7.1 percent) were part of the token lists SEC accused of being securities backed in June this year,” the CoinSwitch Markets Desk told Gadgets360.
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