Bitcoin saw a loss of 2.87 percent on Friday, November 17. With this, the value of Bitcoin slipped to $36,341 (roughly Rs. 30.2 lakh). The value of Bitcoin, in the last 24 hours, dipped by $1,132 (roughly Rs. 94,243) in terms of value. This week, Bitcoin saw price dips twice. While these drops have been minor, experts label them as an important phase of price correction for crypto assets. Along with Bitcoin, several other cryptocurrencies also reflect losses today.
A loss of 3.52 percent struck Ether on Friday. At the time of writing, ETH was trading at $1,979 (roughly Rs. 1.64 lakh). Over the last day, the price of ETH has reduced by $76 (roughly Rs. 6,327).
“BTC continues its price-correction phase. While approximately $21 million (roughly Rs. 174 crore) in long positions have been wiped as per CoinGlass data, we are in such a market condition that investors seem to have left the possibility open for both new highs or deeper price action in the red. If green price action is registered, we may even see an attempt by BTC for the $38,000 (roughly Rs. 31.6 lakh)-$40,000 (roughly Rs. 33.3 lakh) range,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Binance Coin, Ripple, Cardano, Tron, Polygon, Chainlink, and Polkadot — all recorded losses today.
There were further joined by Litecoin, Shiba Inu, Bitcoin Cash, Leo, Stellar, and Uniswap on the red side of the crypto chart.
The overall crypto market valuation dropped by 2.53 percent in the last 24 hours. At present, the crypto market cap stands at $1.39 trillion (roughly Rs. 115,73,292 crore), as per CoinMarketCap.
“A prevailing sense of caution remains prominent among investors, underscoring the nuanced nature of the current market environment. While trading volumes for the top two market-cap tokens, BTC and ETH, have shown robust activity, the application for an Ethereum ETF by BlackRock appears to have influenced market sentiment favourably towards Ethereum at least for some time,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Meanwhile, cryptocurrencies that managed to mint profits include Tether, Solana, USD Coin, and Dogecoin.
Avalanche grew by over 76 percent in the last week, following JPMorgan and Apollo using the network to demonstrate how asset managers could tokenise funds.
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