The Christmas cheer does not seem to be working out quite so magically for the crypto sector, as many altcoins on Monday, December 25 reflected losses on the price chart. Bitcoin registered a loss of 0.09 percent to trade at the price point of $42,906 (roughly Rs. 35 lakh). Over the weekend, Bitcoin pricing did see a dent owing to market volatility and the ongoing holiday season. Between December 22 and Monday, the value of BTC has reduced by $1,306 (roughly Rs. 1.98 lakh).
Ether followed Bitcoin to see price dips on Monday. The asset is trading at $2,264 (roughly Rs. 1.88 lakh) after incurring a loss of 0.39 percent. ETH price dipped by $11 (roughly Rs. 915) over the weekend.
Alongside BTC and ETH, other cryptocurrencies that are trading in losses on Monday include Ripple, Cardano, Dogecoin, Shiba Inu, Litecoin, and Bitcoin Cash.
Leo, Stellar, and Cronos also registered value slashes in addition to Binance USD and Bitcoin SV
The overall crypto market cap of the crypto sector dipped by 1.30 percent in the last 24 hours. At the time of writing, the crypto sector valuation stood at $1.66 trillion (roughly Rs. 138,06,635 crore), as per CoinMarketCap.
Meanwhile, some cryptocurrencies trading in profits today include Uniswap, Near Protocol, Zcash, Iota, and Augur.
In retrospect, the members of the Indian crypto players have appreciated the overall growth of the crypto sector.
“The crypto market performance in 2023 has been really impressive. The total market capitalisation has increased by around 60 percent year-to-date. This growth was driven by factors like institutional adoption, DeFi’s rise, and NFT popularity. Bitcoin, the world’s largest digital asset by market cap is up by 155 percent at the time of writing, which makes Bitcoin one of the the best performing asset class of 2023,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
“I think we will see a crypto super cycle in 2024. The mega events like Bitcoin Halving and ETF approval anticipation will play a key role in driving the momentum of crypto assets. US monetary policy and subsequent decisions on the interest rates by the US Fed will have a sign,” he added.
