The cryptocurrency market has entered a phase of price correction, experts shared with Gadgets360. On Wednesday, December 11, Bitcoin recorded a modest gain of 0.85 percent on global exchanges. At the time of writing, BTC was trading at $97,520 (roughly Rs. 82.7 lakh) on foreign exchanges, as per CoinMarketCap. On Indian exchanges, meanwhile, the price of BTC managed to rise by 0.60 percent. The asset is trading around $97,427 (roughly Rs. 82.6 lakh) on CoinSwitch and Giottus.
“The cryptocurrency market has witnessed remarkable developments, highlighted by a record-breaking inflow of $3.85 billion (roughly Rs. 32,675 crore) into crypto investment products, bringing the total for the year to $41 billion (roughly Rs. 3,47,934 crore). This surge is primarily driven by institutional interest, particularly in Bitcoin and Ethereum,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether reflected minor losses of around one percent on both national as well as international exchanges. At the time of writing, ETH was trading at $3,655 (roughly Rs. 3.10 lakh) on global platforms. On Indian exchanges, the asset was priced almost the same — $3,664 (roughly Rs. 3.10 lakh).
“Ethereum faced rejection at $4,094 (roughly Rs. 3.47 lakh) on December 6, as sellers aggressively defended the level, signaling strong bearish resistance. The price is now at risk of retreating towards the 20-day EMA, a critical support zone in the short term. A sustained move below this level could indicate a shift in momentum,” the ZebPay trade desk told Gadgets360.
According to the crypto price tracker by Gadgets360 — Tether, Ripple, Solana, USD Coin, and Cardano are trading in minor profits on Wednesday.
Tron, Avalanche, Shiba Inu, Polkadot, and Uniswap also managed to retain gains to the crypto charts.
The overall crypto market cap rose by 0.50 percent in the last 24 hours. The valuation of the crypto market presently stands at $3.46 trillion (roughly Rs. 2,93,58,856 crore), showed CoinMarketCap.
Binance Coin, Dogecoin, Chainlink, Stellar, Bitcoin Cash, and Litecoin emerged on the loss-making side of the crypto chart on Wednesday.
“Memecoins turn bearish as selling pressure mounted and erase earlier gains. The memecoin sector has plunged to its three-week lows at $119.6 billion (roughly Rs. 10,14,800 crore) in market capitalisation on December 10. That puts things into a different light for Bitcoin with a relatively better view while the memecoins turn increasingly speculative and away from BTC’s optimistic bullish position,” said Avinash Shekhar, Co-Founder & CEO, Pi42.
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