Bitcoin’s price has jumped past $94,000 amid strong whale buying, while Ether has dipped slightly. Market sentiment remains cautiously bullish despite recent fluctuations. Altcoins mostly saw declines, but some, like Ripple and Chainlink, experienced ups. The overall crypto market cap also increased, with projections suggesting Bitcoin could reach $124,000.
Bitcoin has crossed the $94,000 mark, currently trading at approximately $94,200 (around Rs. 80.3 lakh) on global exchanges. This surge coincides with intensified buying activity from whales and institutions. The price rose 7.80 percent over the past week, with a slight increase of 0.12 percent on Monday. However, in India, Bitcoin saw a minor decline of 0.09 percent, trading between $91,400 (about Rs. 78 lakh) and $94,150 (close to Rs. 80.3 lakh). The previous month proved challenging for investors, as Bitcoin dropped to a low of $76,000 (approximately Rs. 64.8 lakh) due to macroeconomic shifts and ongoing trade tensions between China and the US.
Edul Patel, Co-founder and CEO of Mudrex, noted that Bitcoin faces immediate resistance at $96,000 (roughly Rs. 81.9 lakh) and support at $90,500 (about Rs. 77.2 lakh). Data from Glassnode indicates a significant uptick in whale accumulations, with wallets holding over 10,000 BTC rising from 124,000 to 137,600 within a month. This accumulation trend seems to bolster Bitcoin’s upward trajectory.
Meanwhile, Ether (ETH) saw a 0.33 percent decline on international exchanges, trading at $1,792 (around Rs. 1.52 lakh) on Monday. Following Bitcoin’s descent, ETH also fell on Indian platforms, currently priced at around $1,798 (nearly Rs. 1.53 lakh) on exchanges like CoinSwitch and CoinDCX. The cryptocurrency is attempting to break past the key $1,800 (approx. Rs. 1.53 lakh) resistance level, which could signal stronger momentum ahead according to Himanshu Maradiya, Founder of CIFDAQ exchange.
The market sentiment remains cautiously bullish, with various altcoins showing some losses. On Monday, prices of Tether, Solana, Dogecoin, Cardano, and Tron were notably lower, while Stellar, Shiba Inu, Bitcoin Cash, and Polkadot experienced minor declines too. Despite such fluctuations, the CoinDCX research team suggests that market stability remained resilient, backed by bulls showing confidence in sustaining an upward trend.
On a positive note, some cryptocurrencies like Ripple, Chainlink, Avalanche, and Leo reported gains on Monday, alongside a rise in prices for Monero and Near Protocol. The overall cryptocurrency market cap increased by 0.21 percent over the last 24 hours, now standing at $2.95 trillion (about Rs. 2,51,57,146 crore), according to CoinMarketCap.
Avinash Shekhar, Co-Founder and CEO of Pi42, remarked on the market’s overall bullish sentiment, which is driven by increasing institutional demand, positive macroeconomic conditions, and improving fundamentals. He suggested that Bitcoin could potentially surge to $124,000 (roughly Rs. 1.05 crore) based on indicators from the golden ratio multiplier.
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