The crypto price chart was drenched in reds with almost all popular cryptocurrencies reflecting losses on Monday, December 18. Bitcoin registered a loss of 2.44 percent on Monday. With this, the oldest and most expensive cryptocurrency is currently trading at the price point of $ 40,995 (roughly Rs. 33.9 lakh). This marks a notable decline of $1,857 (roughly Rs. 1.5 lakh) in Bitcoin’s price point from last week when the asset was trading at $42,854 (roughly Rs. 35.7 lakh).
“Bitcoin is currently stabilizing above the $40,000 (roughly Rs. 33 lakh) mark following weekend profit-taking by market participants. The potential for a move towards $42,700 (roughly Rs. 35.4 lakh) exists if buyers can maintain control above the current level. With neither buyers nor sellers dominating and the rate positioned away from key support and resistance levels, BTC may trade at around $42,000 (roughly Rs. 34.8 lakh) in the coming days,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
Ether tumbled in its price point by 2.15 percent on Monday. At the time of writing, the value of ETH stood at $2,170 (roughly Rs. 1.80 lakh). This is a reduction of $116 (roughly Rs. 9,626) from Ether’s last week’s price of $2,286 (roughly Rs. 1.90 lakh).
Cryptocurrencies trading in the reds today include Binance Coin, Ripple, Solana, Cardano, and Dogecoin.
Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin, and Bitcoin Cash also joined BTC and ETH in the loss side alongside Shiba Inu, Stellar, and Monero.
The overall valuation of the crypto sector dipped by 2.22 percent in the last 24 hours. The current crypto market cap stands at $1.55 trillion (roughly Rs. 1,28,56,947 crore), as shown by CoinMarketCap.
“Following the initial shakeout, resilient investors are likely to re-enter the crypto market, given the ongoing bullish macro environment for risk-assets. The Federal Reserve’s decision to pause rate hikes and potential rate reductions in 2024 could contribute to increased demand for crypto,” the CoinDCX research team told Gadgets360.
Negligible profits did strike Dogefi, Bitcoin Hedge, and Nano Dogecoin on Monday.
“As we approach the holiday season, we can expect some dip in trading activity due to which the market may remain at current levels. The Bitcoin ETF approval clock is ticking and we can expect a crypto super cycle in 2024 once the final approval is achieved. The interest rate cut by the US Fed may also drive the momentum in the crypto market in 2024,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Meanwhile, as per data from analytics firm IntoTheBlock, on-chain data signals an inflow of $860 million (roughly Rs. 7,133 crore) worth of Bitcoin into crypto exchanges during last week, the highest since March this year.
“Investor confidence in BTC continues to strengthen due to common belief that BTC is primed for a strong 2024. The market is most likely to pick up again,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
