Bitcoin on Friday, December 12 clocked a loss of 1.05 percent – one day after the US SEC approved 11 BTC ETFs in a milestone decision for the global crypto sector. Bitcoin is presently trading at the price point of $46,066 (roughly Rs. 38.2 lakh). In the last 24 hours, the value of the asset has risen by $149 (roughly Rs. 12,375). As per market experts, as long as BTC stays above the mark of $44,000 (roughly Rs. 36.5 lakh), its market structure remains intact and a strong break of $48,000 (roughly Rs. 39.8 lakh) resistance is likely.
Ether saw a miniscule gain of 0.07 percent over the last day. Currently, Ether is trading at $2,594 (roughly Rs. 2.15 lakh) which is $248 (roughly Rs. 20,598) higher than what it was 24 hours ago.
“Key altcoins except Ethereum have shed yesterday’s gains and look for BTC’s direction to make their next move. As calls for a Ethereum Spot ETF intensifies, we can anticipate Ethereum and its associated layer 2 tokens (ARB, MATIC, OP etc.) to perform well in the short-term,” Vikram Subburaj, CEO, Giottus, told Gadgets360.
Most cryptocurrencies are trading in profits on Friday. These include Tether, Binance Coin, USD Coin, Cardano, Avalanche, and Dogecoin.
Tron, Polkadot, and Polygon also registered minor gains.
“After the start of BTC ETFs, the largest crypto showcased a rangebound performance which was followed by selling pressure and its return to the initial range. Even though the volatility has increased, the investor sentiment around BTC seems to have further strengthened, with a revision in analyst predictions including Cathie Wood, ARK Invest’s CEO. Cathie, who had previously predicted BTC’s price to reach $1 million (roughly Rs. 8.3 crore) by 2030, has revised her prediction to $1.5 million (roughly Rs. 12 crore) in a bullish scenario,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
A bunch of altcoins did see losses on Friday. These included Solana, Ripple, Chainlink, Near Protocol, and Elrond.
“The higher-than-expected CPI data had a negative impact on the market. BTC dominance has been on a declining trend, providing room for altcoins to gain traction. Notably, Spot Bitcoin ETFs achieved a trading volume surpassing $4.5 billion (roughly Rs. 37,349 crore) on their first day, indicating positive market sentiment,” CoinDCX told Gadgets360.
Regardless, the overall crypto market cap dropped by 0.41 percent in the last 24 hours. The sector valuation, as of Friday, stands at $1.77 trillion (roughly Rs. 1,46,91,442 crore), showed CoinMarketCap.
Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2024 hub.
