The cryptocurrency market experienced a downturn on Monday, with Bitcoin stabilizing at approximately $93,197 (around Rs. 79.6 lakh) after a slight dip of under one percent on international exchanges, according to data from CoinMarketCap. In contrast, Indian exchanges reported a more significant decline, with Bitcoin trading at around $101,719 (approximately Rs. 86.9 lakh), reflecting a drop of over one percent.
Mudrex CEO Edul Patel noted that despite the recent pullback, Bitcoin remains above its 200-day moving average, indicating strong buying interest at lower levels. He added that the Relative Strength Index (RSI) is currently at 42, suggesting that Bitcoin is neither overbought nor oversold. The next resistance level for Bitcoin is set at $96,600, while support is at the previous low of $92,800 (roughly Rs. 79.3 lakh).
Ether (ETH) managed to hold onto minor gains, trading at $3,396 (approximately Rs. 2.90 lakh) with a slight increase of 0.42 percent over the past day. On Indian exchanges, ETH was priced at $3,674 (around Rs. 3.14 lakh), reflecting a profit of 1.15 percent. Shivam Thakral, CEO of BuyUcoin, commented on Ethereum’s resilience, attributing its performance to strong fundamentals and ongoing developments in decentralized finance and non-fungible tokens.
Cryptocurrencies such as Ripple, Solana, and Cardano faced losses
However, other cryptocurrencies such as Ripple, Solana, and Cardano faced losses, contributing to an overall market decline of 1.31 percent in the last 24 hours. The total crypto market capitalization stood at $3.29 trillion (approximately Rs. 2,81,33,743 crore) at the time of reporting.
The report also highlighted challenges faced by memecoins, which saw their total market cap plummet from a peak of $137.06 billion (around Rs. 11,71,806 crore) to $92.67 billion (approximately Rs. 7,92,290 crore) by the end of December, marking a reduction of 32.38 percent. Avinash Shekhar, Co-Founder and CEO of Pi42, noted that this steep decline indicates waning demand and a slowdown in the momentum of the meme token industry.
Despite the overall market downturn, some cryptocurrencies, including Tether, Iota, Status, Braintrust, and Dogefi, managed to retain profits.
