The crypto market volatility is only getting heated up by the day but is also spelling losses for majority altcoins on an almost regular basis. Bitcoin on Thursday, April 4 recorded a loss of 1.62 percent. This took its trading value to $64,354 (roughly Rs. 53.7 lakh). In the last 24 hours, the value of Bitcoin slipped by $1,134 (roughly Rs. 94,625). With Bitcoin’s next halving slated for later this month, market analysts have predicted volatility in the coming weeks.
“The largest cryptocurrency has reflected a slump in price momentum after experiencing negative net flows into the spot ETFs. The spot ETFs were the main reason for rallies during the first quarter of 2024. With just around two weeks left for halving, we can expect more volatility due to the favourable change in supply dynamics,” said Shivam Thakral, CEO of BuyUcoin, commenting on the market situation.
Ether saw a price drop of 2.15 percent on Thursday, April 4. At the time of writing, Ether was trading at $3,190 (roughly Rs. 2.66 lakh). Over the last 24 hours, the value of ETH had dropped by $72 (roughly Rs. 6,007).
“ETH like BTC also traded sideways in a smaller timeframe, with $3,200 (roughly Rs. 2.67 lakh) being a key level to hold. Tomorrow’s announcement of the US monthly unemployment rate may bring further volatility to the market,” the CoinDCX markets desk told Gadgets360.
Solana, Ripple, Dogecoin, Cardano, Avalanche, Shiba Inu, Bitcoin Cash, and Polkadot recorded losses alongside BTC and ETH.
Tron, Polygon, Litecoin, Near Protocol, Uniswap, Leo, and Cosmos also saw losses.
“While the possibility of a Fed rate cut in June has subdued gains, the consistent rise in stablecoin supply provides a strong reassurance to Bitcoin enthusiasts amid market fluctuations,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The overall crypto market cap dipped by 0.93 percent in the last 24 hours. It’s valuation currently stands at $2.47 trillion (roughly Rs. 2,06,14,496 crore), data by CoinMarketCap showed.
Meanwhile cryptocurrencies that recorded profits on Thursday included Binance Coin, USD Coin, Monero, and Bitcoin SV.
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