On Friday, the price of Bitcoin increased by 0.69 percent, reaching $68,600 (approximately Rs. 57 lakh) on international exchanges like CoinMarketCap. However, on national exchanges like WazirX and CoinDCX, the digital asset is trading slightly higher at $71,930 (approximately Rs. 59.8 lakh). Bitcoin has maintained this price range for over two weeks, with market experts warning that failure to break the resistance point of $68,800 (approximately Rs. 52.7 lakh) could lead to a downward spiral.
The CoinDCX market team stated to Gadgets360 on Friday that Bitcoin continues to range in the lower time frame and must hold above $67,000 (approximately Rs. 55.7 lakh) to avoid a potential small dip. Altcoins are weaker compared to Bitcoin, with the ETH/BTC pair at a resistance level.
Ether experienced a loss of 1.58 percent on Friday. Trading at $3,951 (approximately Rs. 3.2 lakh) on Indian exchanges and $3,745 (approximately Rs. 3.11 lakh) on foreign exchanges, Ethereum's performance remains robust despite analysts having mixed opinions on the impact of potential low volumes, according to Rajagopal Menon, Vice President of WazirX.
On Friday, the values of most cryptocurrencies experienced a decline. This included Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche, and Polkadot.
Additionally, other altcoins such as Near Protocol, Polygon, Uniswap, Cosmos, Stellar, and Cronos also saw drops in their prices.
The overall cryptocurrency market cap decreased by 0.04 percent over the last 24 hours, with the current valuation of the crypto sector standing at $2.54 trillion (approximately Rs. 2,11,54,720 crore), according to CoinMarketCap.
Conversely, some cryptocurrencies experienced an increase in value during this period. These include Tether, USD Coin, Dogecoin, Chainlink, Litecoin, and Leo.
"If the Fed decides to ease monetary policy in its upcoming meeting, the crypto market could see an upward trend," stated Shivam Thakral, CEO of BuyUcoin, to Gadgets360.
