Bitcoin Steps into April with Small Gains, Altcoins See Slight Relief from Volatility


The month of March saw tremendous ups and downs in the crypto sector, with Bitcoin reaching a new high of more than $73,000 (approximately Rs 60.8 lakh). On Monday, April 1, Bitcoin registered a marginal gain of 1.35 percent in India and traded at $67,014 (approximately Rs 55.8 lakh). The most expensive asset on the crypto block, Bitcoin saw no significant change in its value last week as it moved into April. On Binance, the asset is trading at a slightly higher price of $70,950.37 (approximately Rs 59 lakh).

“Since last week, Bitcoin has been trying to break the $71,500 (approximately Rs 59.6 lakh) resistance level only to fall back to the $70,000 level. It will be interesting to see how Bitcoin price action unfolds this halving with approximately 22 days remaining for the fourth Bitcoin halving,” Shivam Thakral, CEO of Bitcoin, told Gadgets360 while commenting on Bitcoin’s trajectory.

Ether followed Bitcoin and posted slight gains on April 1. At the time of writing, ETH was trading at $3,395 (approximately Rs 2.83 lakh).

“Although ETH is experiencing positive price action overall, its liquid supply appears to be declining. According to Glassnode data, only 11 percent of the total supply of ETH is currently available for active trading, down from 15.8 percent during the same period last year. However, given investor sentiment and whale accumulation patterns, this has driven the price of ETH up by more than 50 percent since the beginning of 2024,” Partha Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets360.

Most altcoins broke out of the volatility phase over the weekend and settled on the profit-side of the crypto charts on Monday.

These include Solana, Ripple, USD Coin, Dogecoin, Avalanche, Polkadot and Bitcoin Cash.

Small profits were also recorded by Tron, Polygon, Litecoin, Near Protocol, Cosmos and Kronos.

“DOGE has emerged as one of the biggest gainers with gains of over 25 percent in the last seven days, currently trading at $0.17 (approximately Rs 14.52). Another dog-themed meme coin entered the big league of meme coins over the weekend. Dogecoin (WIF; +6.2 percent) has become the third-largest meme coin with over 60 percent weekly gains,” Chaturvedi said.

The total crypto market cap increased by 0.48 percent in the last 24 hours. According to CoinMarketCap, the sector is currently valued at $2.67 trillion (approximately Rs 2,22,68,721 crore).

While most altcoins were trading with gains on Monday, a notable number of cryptocurrencies also recorded losses on Monday. These include Tether, Binance Coin, Cardano, Shiba Inu, Chainlink and Uniswap.

Market analysts have cautioned investors to remain cautious as overall, the crypto market remains on an extremely greedy trend.

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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