Sun. Jul 21st, 2024

Bitcoin on Tuesday, November 28, reflected losses for the second consecutive day. The crypto asset, at the time of writing, was trading at the price point of $37,034. Despite this minor loss streak, the value of BTC has not dwindled as much as one would fear. In the last 24 hours, the price of the oldest cryptocurrency fell by $204 (roughly Rs. 17,000). With the holiday season around the corner and the recent downfall of former Binance CEO Changpeng Zhao, the investor sentiment seems to have slowed down in the crypto market.

Ether joined Bitcoin on the loss-making side of the crypto chart on Tuesday. Recording a dip of 1.83 percent, ETH is presently trading at the price point of $2,012 (roughly Rs. 1.6 lakh).

It is noteworthy that despite the ongoing market volatility, both BTC and ETH have managed to hold strong at their respectively risen price points, which spiked around the beginning of this month.

“The overall investor sentiment towards the crypto market seems to be taking a breather as the market trades flat. Data from Glassnode highlight that BTC’s short-term holders have reached a historic low after observing the most significant divergence ever witnessed between its long-term holders (LTHs) and short-term holders (STHs). This may mean that long-term investor confidence in BTC seems to be maintained, if not furthered. Another report from CoinShares has highlighted that in the last week, crypto investment funds experienced their highest net inflows of the year, mirroring the 2021 bull market in the backdrop of a spot bitcoin (BTC) ETF potentially getting approved in the US,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

Binance Coin, Tether, Ripple, Solana, Cardano, and Dogecoin — all are trading in losses today.

Tron, Chainlink, Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also clocked losses for the second day in a row today.

The overall crypto market valuation dipped by 1.65 percent in the last 24 hours. At present, the crypto market cap stands at the mark of $1.4 trillion (roughly Rs. 1,16,73,473 crore), as per CoinMarketCap.

“The BTC dominance remains steady, and altcoins have mirrored recent movements in BTC. Notably, the US market has shown stability in the past few days, and tomorrow’s announcement of US preliminary GDP (quarterly) might introduce some volatility to the market,” the CoinDCX research team told Gadgets360.

Meanwhile, a few altcoins did reflect small profits today. These include USD Coin, Uniswap, Leo. Binance USD, and Iota.

Market experts remain optimistic for the crypto market to bounce back into recovery soon.

“Optimism is mounting around a potential Bitcoin Exchange-Traded Fund (ETF) approval, backed by substantial capital inflows into cryptocurrency-related assets. While Bitcoin is being foreseeing to potentially rise to $57,000 (roughly Rs. 47.5 lakh), Ethereum aims for a resurgence around the mark of $4,800 (roughly Rs. 4 lakh) signalling at a renewed bullish sentiment,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

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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