Bitcoin stepped into the final week of January 2024, trading in losses. The asset, on Monday, January 22 recorded a loss of 1.72 percent. This took its trading value to $40,955 (roughly Rs. 34 lakh). Over the weekend, the value of BTC dropped by $50 (roughly Rs. 4,155). After showing a stellar performance in an upward trajectory in the last two months of 2023, Bitcoin price cascaded around its current price point a few days into January. Despite the US approving 11 BTC ETFs, the asset recorded no spike in its pricing.
Ether dipped in pricing by 2.28 percent on Monday, as shown on the crypto price tracker by Gadgets360. Ether, at the time of writing, stands at $2,417 (roughly Rs. 2 lakh).
“Over the weekend, Bitcoin maintained its position at $41,000 (roughly Rs. 34 lakh) amid a challenging tug-of-war between bulls and bears for market dominance. With BTC trading above the $40,000 (roughly Rs. 33.2 lakh) zone, indications point towards a possible sideways trend. In contrast, Ethereum is presently valued at $2,400 (roughly Rs. 1.99 lakh) and a failure by bulls to push beyond the $2,500 (roughly Rs. 2.07 lakh) level could result in Ethereum dropping below $2,400 (roughly Rs. 1.99 lakh) this week,” Edul Patel CEO of Mudrex told Gadgets360.
Tether, Cardano, Solana, Ripple, Avalanche, Tron, and Polkadot also recorded price dips alongside USD Coin, Leo, and Uniswap.
“With every slight lower move of BTC however, altcoins have been bleeding as the ETH/BTC pair too failed to hold above the 0.06 Bitcoin per Ethereum mark. With a lot of hot altcoins like Arbitrum (ARB, -4 percent) currently trading on trend line support, Monday US hours would be very crucial to see which way the market will take this week,” the CoinSwitch Markets Desk told Gadgets360.
The overall crypto market cap tumbled by 1.78 percent in the last 24 hours, and it presently stands at the mark of $1.61 trillion (roughly Rs. 1,33,80,146 crore), shows CoinMarketCap.
Meanwhile Litecoin, Leo, Iota, and Qtum managed to register small gains.
Dogecoin, experienced a notable surge of more than 10 percent after X (formerly Twitter) hinted about soon launching a payment service. The current price of DOGE stands at $0.083 (roughly Rs. 6.87).
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
