Bitcoin’s price hovers around $93,400 while altcoins face volatility; Ether sees small losses. Overall market sentiment is cautiously optimistic, with the sector’s valuation increasing to $2.92 trillion.
Bitcoin’s price has been holding steady around $93,000 recently. On Friday, it saw a marginal increase, trading at about $93,400, which is roughly Rs. 79.7 lakh on global exchanges. In India, the price ranged from $93,086 to $93,962, indicating a sustained performance above the $93,000 mark for more than two days. In the meantime, altcoins are grappling with market fluctuations, experiencing a fair bit of volatility.
Starting the trading day positively, Bitcoin experienced a slight retreat. Altcoins are also under pressure, yet they managed to retain their gains. According to the CoinDCX Research Team, this suggests a strengthening bullish presence, which, while presently a bit subdued, could trigger a new rally shortly.
In terms of other cryptocurrencies, Ether posted small losses on both local and global platforms, with the currency trading around $1,766 (or approximately Rs. 1.50 lakh). In India, the price was slightly higher at about $1,773 (roughly Rs. 1.51 lakh). Piyush Walke from Delta Exchange mentioned that Ether seems to be stabilising after recent gains and is consolidating, with a significant resistance near the $1,800 mark (around Rs. 1.53 lakh).
Talking about the altcoin landscape, CoinMarketCap reported declines for various cryptocurrencies like Tether, Ripple, Binance Coin, Dogecoin, and Tron. Moreover, Stellar, Bitcoin Cash, and Polkadot also fell alongside Ether on Friday, indicating a broader trend.
Meanwhile, Himanshu Maradiya from CIFDAQ Group provided an outlook that remains cautiously optimistic. If liquidity levels hold strong, some altcoins might actually outperform the major players. However, he emphasised that investors need to focus on technically sound projects and adhere to disciplined risk management practices.
Some altcoins are still holding their own and trading at higher prices include Solana, Cardano, Leo, Shiba Inu, Litecoin, Monero, Cronos, and Cosmos, showing a range of performance amid the volatility.
As a whole, the cryptocurrency market saw a slight increase in overall valuation, up by 0.92 percent to a total of $2.92 trillion (approximately Rs. 2,50,03,960 crore) as per CoinMarketCap. Avinash Shekhar from Pi42 suggested that the market sentiment is leaning towards cautious optimism, as Bitcoin secures its stability. This might signal a renewal of interest and could lead to a new rally in the crypto space.
It is important to note that cryptocurrency remains an unregulated digital asset and is not regarded as legal tender. This piece does not serve as financial advice or trading recommendations. NDTV bears no responsibility for any loss resulting from potential investments based on the information provided here.
