Crypto Market Faces Correction
The cryptocurrency market appears to be entering a phase of price correction after Bitcoin surpassed the $100,000 mark (approximately Rs. 84 lakh) last week. On Monday, December 9, Bitcoin recorded a slight gain of around 0.35 percent on both national and international exchanges. At the time of writing, Bitcoin (BTC) was trading at $99,395 (roughly Rs. 84.2 lakh) on global exchanges, according to CoinMarketCap. In contrast, Indian exchanges such as Giottus and CoinSwitch reported BTC trading at over $102,000 (approximately Rs. 86.7 lakh).
“As Bitcoin hovers near its all-time highs around the prestigious five-digit mark, bearish sentiment has begun to emerge. BTC experienced a two percent drop early this morning, with altcoins following suit. After more than 15 days of declining Bitcoin dominance (54.8 percent) and the onset of an altcoin rally, major altcoins seem to be taking a breather as the new week begins,” noted the CoinSwitch markets desk in a statement to Gadgets 360.
Ether (ETH) registered a price increase of 0.42 percent on Monday morning. At the time of writing, ETH was trading at $3,943 (approximately Rs. 3.34 lakh) on foreign exchanges. However, according to the crypto price tracker by Gadgets 360, ETH’s price dropped by 1.63 percent, bringing its value down to $3,925 (roughly Rs. 3.32 lakh). This mixed price movement reflects the ongoing volatility in the cryptocurrency market.
“With the US Consumer Price Index (CPI) data expected on Wednesday, we anticipate some volatility in the crypto markets leading up to the announcement. Bitcoin dominance remains below 56 percent, with Ethereum gaining strength against it last week. Ethereum is currently at a critical resistance level against Bitcoin. Most altcoins are following the market trend and are down modestly today,” commented Vikram Subburaj, CEO of Giottus.
The overall crypto market capitalization dipped by 1.44 percent in the last 24 hours, currently standing at $3.63 trillion (approximately Rs. 3,07,55,153 crore), as reported by CoinMarketCap. Tether, USD Coin, Uniswap, Monero, and Iota managed to maintain minor gains of under one percent on Monday.
“The altcoin market is buoyed by the recent US presidential victory of Donald Trump, whose crypto-friendly policies have sparked optimism among investors. The market remains bullish, driven by strong institutional demand and positive sentiment across the crypto landscape,” stated Shivam Thakral, CEO of BuyUcoin.
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