Bitcoin enters April with small gains, Altcoins see slight relief from volatility

The cryptocurrency sector has undergone huge ups and downs in the month of March, with Bitcoin hitting a new high of over $73,000 (around 60.8 lakh). On Monday, April 1, Bitcoin posted a slight gain of 1.35% to trade at $67,014 (around Rs. 55.8 lakh) in India. The price of Bitcoin, the crypto block’s most expensive asset, has not seen a significant change from its value last week in early April. On Binance, the asset is trading at a slightly higher price of $70,950.37 (around Rs. 59 lakh).

“Since last week, Bitcoin has been trying to break the $71,500 (around Rs 59.6 lakh) resistance only to fall back to the $70,000 level. It would be interesting to see how Bitcoin’s price action develops in this halving with only approximately 22 days left for Bitcoin’s fourth halving,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360, commenting on Bitcoin’s trajectory.

Ether following Bitcoin and posted small gains on April 1. At the time of writing, ETH was trading at $3,395 (around Rs. 2.83 lakh).

“While ETH is experiencing overall positive price action, its liquid supply appears to be declining. According to Glassnode data, only 11% of ETH’s total supply is currently available for active trading, down from 15.8% in the same period last year. However, given investor sentiment and the whale accumulation pattern, this has only strengthened the price of ETH by over 50% since the start of 2024,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets360.

Most altcoins exited volatile phases over the weekend and stabilized on the profit side of the cryptocurrency chart on Monday.

These include Solana, Ripple, Currency in USD, Dogemoneta, Avalanche, Polka dotAND Bitcoin Cash.

Small profits were also recorded Tron, Polygon, Litecoin, Close to the protocol, CosmosAND Chrono.

“DOGE has emerged as a top gainer in the last seven days with gains of over 25%, currently trading at $0.17 (around Rs. 14.52). Another dog-themed meme coin entered the big leagues of meme coins over the weekend. Dogwifhat (WIF; +6.2%) has become the third largest meme coin with over 60% weekly gains,” Chaturvedi noted.

The overall cryptocurrency market capitalization increased by 0.48% in the last 24 hours. The industry’s valuation currently stands at $2.67 trillion (approximately Rs. 2,22,68,721 crore), according to CoinMarketCap.

While most altcoins are trading at gains on Monday, a notable number of cryptocurrencies also posted losses on Monday. These include Bind, Binance coin, Cardan, Shiba Inu, Chain shirtAND Uniswap.

Market analysts have warned investors to be cautious because, overall, the cryptocurrency market continues to be extremely greedy.

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