Bitcoin on Monday, December 11, recorded a dip of 4.37 percent to trade at the price point of $42,026 (roughly Rs. 35 lakh). The most expensive crypto asset essentially failed to maintain its value above the mark of $43,000 (roughly Rs. 36 lakh) over the weekend. Between December 8 and today, the value of BTC has dipped by $1,422 (roughly Rs. 1.18 lakh). As per market analysts, Bitcoin is currently experiencing a surge in take-profit and sell orders, leading to widespread market liquidations.
“The market is in a tug-of-war between bulls and bears, and a potential uptrend resumption may occur if BTC price surpasses the $44,700 (roughly Rs. 37.2 lakh) resistance. Conversely, a dip below may find support at the $40,600 (roughly Rs. 33.8 lakh) level,” Edul Patel,Co-Founder and CEO, Mudrex told Gadgets360.
The price of Ether fell by 4.76 percent on December 11. At the time of writing, the value of ETH stood at $2,234 (roughly Rs. 1.86 lakh). Over the weekend, Ether value saw a dip of $133 (roughly Rs. 11,096).
"The week has started with corrections within the crypto market. As per data on CoinGecko, the top 10 cryptocurrencies by market capitalisation are currently trading in the reds. Most of the losses, however, happened around 6 AM IST onwards. These could be a result of liquidations of over $335 million (roughly Rs. 2,793 crore) over the last 12 hours, with $300 million (roughly Rs. 2,501 crore) in long positions, as per data from Coinglass,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Binance Coin, Ripple, Solana, Cardano, and Dogecoin — all are trading under losses today.
Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin, and Bitcoin Cash are among other loss-making cryptocurrencies alongside Shiba Inu, Stellar, and Monero.
The overall market cap slipped by 3.40 percent in the last 24 hours. From $1.61 trillion (roughly Rs. 134,22,046 crore) recorded last week, the crypto market valuation as of today, stands at $1.58 trillion (roughly Rs. 1,31,74,679 crore), as per CoinMarketCap.
Avalanche, Leo, and Braintrust emerged today as the only three cryptocurrencies that are trading in profits.
With a gain of 7.57 percent, Avalanche is trading at $35 (roughly Rs. 2,926), whereas Braintrust and Leo minted miniscule profits of around a percent each.
“The abrupt market movement seems to be more of a correction or profit booking, considering BTC's eight consecutive weekly candle closures in the green,” the CoinDCX team told Gadgets360, advising investors to take cautious investment decisions.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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