Bitcoin Price Rises Above $48,000 Mark, Values of Several Cryptocurrencies Drop

Feb 12, 2024

Bitcoin saw a marginal gain of 0.74 percent on Monday and the world's most popular cryptocurrency was priced at $48,101 (approximately Rs 39.9 lakh) at the time of publishing. Over the weekend, the value of the digital asset increased by $1,826 (approximately Rs 1.5 lakh). According to market analysts, if Bitcoin price rises above $48,970 (approximately Rs 40 lakh), the next target will be $50,000 (approximately Rs 41.5 lakh) – a milestone Bitcoin has not managed to cross since December 2021. Is.

Ether failed to follow Bitcoin on the profit path on Monday and saw its value fall by 0.55 percent. Currently, the price of Ether is $2,498 (approximately Rs 2.07 lakh).

“Over the weekend, Bitcoin surged above $48,000 (roughly Rs. 39.8 lakhs), reaching its highest level in 26 months, driven by significant net inflows into spot Bitcoin ETFs over the past week. Meanwhile, Ethereum also touched $2,540 (roughly Rs. 2 lakh) – its highest level since January 19 – and is currently consolidating around $2,500 (roughly Rs. 2.07 lakh), with a support near $2,620 (roughly Rs. There is resistance and support at Rs 2.17 lakh). $2,440 (approximately Rs 2.02 lakh),'' Edul Patel, CEO of Mudrex, told Gadgets360.

Like Ether, most cryptocurrencies posted losses on Monday. These include Binance Coin, Ripple, Dogecoin, Cardano and Avalanche.

Even the values ​​of other altcoins like Solana, Binance Coin, Shiba Inu, Litecoin, Bitcoin Cash and Uniswap saw a decline on Monday.

The overall valuation of the crypto sector fell by 0.76 percent in the last 24 hours. Currently, the crypto market cap stands at the $1.8 trillion mark (approximately Rs 1,49,40,576 crore), as shown by CoinMarketCap. While Bitcoin's dominance on the market currently stands at 52.5 percent, Ether's dominance stands at 16.7 percent.

“Once Bitcoin’s dominance cools, Ethereum and altcoins could also see their market capitalization surge sharply,” Shivam Thakral, CEO of BuyUcoin, told Gadgets 360.

Meanwhile, Bitcoin Cash, Litecoin, Uniswap, Near Protocol, Monero – managed to see small profits on Monday.

“We are likely to see some major token unlocks this week, including the release of sandbox coins worth over $96 million (roughly Rs. 796 crores), which is almost at par. Nine percent of the entire supply of SAND. It is scheduled for Valentine's Day. Other unlocks include Aptos, with a release of more than seven percent of its total token supply (approximately $224.8 million (approximately Rs 1,865 crore)), and Apecoin with a release of 2.5 percent on February 16 (approximately $21.84 million (approximately Rs 1,865 crore). .21.84 million) “Its total token supply is Rs 181 crore,” Parth Chaturvedi, investment lead at CoinSwitch Ventures, told Gadgets360.

However, market experts have advised the global investor community to exercise caution. “Overall, BTC’s resilience amid regulatory scrutiny and market dynamics underlines the potential for further gains, but investors should remain aware of key resistance levels and external factors impacting market sentiment,” Rajagopal Menon, vice president at WazirX, told Gadgets 360. “We should be cautious about this.”

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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