Cryptocurrency Market Update: Bitcoin Declines, Ether Drops, Altcoins Struggle

On April 16, Bitcoin dropped to $83,350 globally and $86,150 in India, with overall healthy crypto market activity reflected in whale accumulation. Ether fell over four percent to $1,573 globally. Many altcoins, such as Tether and Solana, registered losses, resulting in a market cap decline of 2.63%. Some analysts see potential medium-term upside amid cautious optimism despite market corrections.

On April 16, Bitcoin experienced minor declines, trading at approximately $83,350 globally, reflecting a 2.60% decrease, while on Indian exchanges like CoinDCX, it was around $86,150, down 2.30%. The overall cryptocurrency market was sluggish, with many altcoins experiencing price corrections. Bitcoin currently trades below its 50- and 100-day moving averages.

Notably, there has been an increase in whale activity, specifically among addresses holding between 1,000 and 10,000 BTC, rising to 2,014 from 1,944 since March 5. This decline in the crypto market aligns with a broader retreat observed in U.S. equities, where the Dow Jones, S&P 500, and Nasdaq recorded losses of 0.4%, 0.2%, and 0.1%, respectively.

Ether’s price faced significant losses, dropping over four percent globally to $1,573, while Indian exchanges recorded a steeper decline of eight percent to around $1,635. The price of ETH has decreased substantially, over 65% from its peak of $4,107 to a low of $1,411, though a recent rebound has seen it rise nearly 20% from its recent low.

In the last 24 hours, numerous cryptocurrencies suffered, including Tether, Ripple, Solana, and Dogecoin. The total crypto market capitalisation diminished by 2.63% to approximately $2.63 trillion. Despite the downturn, some analysts perceive this as a market reset, with strong hands acquiring assets and cautious optimism gradually surfacing in derivatives markets.

Some cryptocurrencies, including Monero, Polygon, and Zcash, managed to secure slight gains amidst the overall decline. Industry experts suggest that institutional demand and strategic purchasing indicate a potential rebound in the crypto market, reiterating the importance of long-term conviction among investors despite present uncertainties. However, it is essential to note that cryptocurrencies remain an unregulated asset and are subject to significant market risks.