Following the Bitcoin halving, the cryptocurrency market has been marked by volatility, with multiple altcoins experiencing losses on Wednesday, April 24, 2023. Bitcoin (BTC), the leading cryptocurrency, registered a decline of 0.56%, bringing its value down to $65,693 (approximately Rs. 54.7 lakh). On international exchanges such as Binance, Bitcoin was trading slightly higher at $66,359.69 (roughly Rs. 55.2 lakh). Market analysts anticipate that a progressive uptrend in BTC could lead to positive returns for altcoins.
Joining Bitcoin in the downward trend, Ether (ETH), the second-largest cryptocurrency, recorded a price dip of 1.79%, trading at $3,037 (approximately Rs. 2.5 lakh). Experts from CoinSwitch Markets Desk commented on the market situation, stating that Bitcoin faced its first red day after a consecutive five green days, indicating a balance between bullish and bearish sentiments. Ether, on the other hand, has shown some resilience against Bitcoin, despite low expectations for ETF approval in May.
The 200-day average price of Bitcoin, a closely monitored indicator, is approaching its highest levels in over two years. Ether’s year-end price target is set at $8,000 (approximately Rs. 6.66 lakh).
Tether, Ripple, Dogecoin, Shiba Inu, Avalanche, Polkadot, Chainlink, Near Protocol, Cronos, Stellar, and Cosmos are among the notable altcoins that incurred losses on Wednesday.
However, some altcoins managed to secure minor gains. Binance Coin, Solana, Dogecoin, Tron, Polygon, and Litecoin all witnessed slight increases, along with Leo and Uniswap. EOS Coin, Ardor, Iota, and Zcash also registered modest profits.
Solana surpassed its resistance level of $150 and shows potential for further rally. XRP maintained steady momentum despite its ongoing legal battle with the SEC, with minimal impact on investor sentiment.
The overall market capitalization of the crypto sector grew by 1.37% within the last 24 hours, reaching $2.47 trillion (approximately Rs. 2,05,73,988 crore), as indicated by CoinMarketCap.
It is crucial to note that cryptocurrencies are unregulated digital assets and not legal tender. They carry inherent market risks, and the information provided in this article should not be construed as financial advice or endorsement.
