Bitcoin on Wednesday, January 17 minted a small gain of 0.07 percent. At the time of writing, the oldest and most expensive crypto asset was trading at $42,846 (roughly Rs. 35.6 lakh) as shown by Gadgets360's crypto price tracker. In the last 24 hours, Bitcoin has managed to spike in price by $221 (roughly Rs. 18,366). Market experts believe as long as Bitcoin manages to stay above the mark of $42,000 (roughly Rs. 34.9 lakh), it has a scope of rising price-wise, gradually.
Ether tailed behind BTC on the profit-making side of the crypto chart. With a minor gain of 1.64 percent, ETH is presently trading at $2,564 (roughly Rs. 2.13 lakh). With a rise of $2 (roughly Rs. 166), Ether price remains almost unchanged in the last 24 hours.
“The last 24 hours witnessed quite a bit of profit booking from traders as Bitcoin almost fell below $42,000 (roughly Rs. 34.9 lakh). However, this steep decline was immediately followed by a bullish phase, taking the price as far as $43,500 (roughly Rs. 36.15 lakh) before consolidating just below the $43,000 (roughly Rs. 35.7 lakh) mark. As it stands, Bitcoin's next resistance level stands at $43,918 (roughly Rs. 36.4 lakh), with the previous support level at $42,510 (roughly Rs. 35.3 lakh). Ethereum, on the other hand, has seen some steady gains, although its trading volume in the past 24 hours has soared by 30 percent. The overall market sentiment continues to lean towards greed,” Edul Patel CEO of Mudrex told Gadgets360.
Tether, Solana, Ripple, USD Coin, Uniswap, Monero, and Chainlink joined BTC and ETH on the profit-making side of the crypto chart.
“Altcoins are exhibiting a mixed performance, with tokens associated with ETH showcasing strength, while others experience a decline,” CoinDCX told Gadgets360.
Among loss-making cryptocurrencies, Cardano, Avalanche, Dogecoin, Tron, and Polkadot marked their names.
Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Cosmos, and Leo are also trading in losses on Wednesday.
The overall crypto market dipped by 0.44 percent in the last 24 hours. Its currently sitting at $1.69 trillion (roughly Rs. 1,40,46,544 crore), as per CoinMarketCap.
“The crypto market remained in a rather tight range. With global crypto narrative heating up, the Hong Kong Virtual asset Consortium has removed Ripple from its top five crypto indexes and replaced it with Solana – which is up by five percent in the last 24 hours as it manages to catch some momentum again,” the CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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