Bitcoin, Ether See Minor Price Gains After BTC Halving, Most Altcoins See Gains

On Monday, April 22, Bitcoin joined the majority of cryptocurrencies on the losing side of the cryptocurrency chart. The value of the asset, at the time of writing, stood at $62,734 (approximately Rs. 52.3 lakh) after earning a profit of 2.20% according to Gadgets360 cryptocurrency price tracker. On international exchanges like Binance, however, Bitcoin is trading at a slightly higher price of $64,493 (around Rs. 53.8 lakh). The asset underwent its fourth halving process over the weekend, which reduced Bitcoin miners’ incentives to add new blocks to the blockchain. This slows down the addition of new BTC tokens into circulation.

“After the fourth halving, the price of Bitcoin saw a surge. The rebound signals strong buying interest at lower levels. Over the past year, BTC has increased by 137%. Currently, neither bulls nor bears have the upper hand, suggesting a potential sideways move between $62,000 (around Rs. 51.7 lakh) and $66,000 (around Rs. 55 lakh) in the near term,” Edul Patel told Gadgets360 , CEO of Mudrex.

Ether increased in value by 2.61% when it entered the trading arena on Monday. The asset is trading at a price of $2,985 (approximately Rs. 2.49 lakh).

“Overall, the market appears bullish following the BTC halving, especially as tensions related to the Iran-Israel war ease. ETH is currently below the 50 EMA D. Key resistance for ETH is $3,656 (around Rs. 3.05 lakh),” the CoinDCX team told Gadgets360.

On Monday, most cryptocurrencies reflected profits along with BTC and ETH. These include Ripple, Dogemoneta, Cardano, Binance coin, SolanaAND Currency in USD.

LitecoinAND Uniswap, Bitcoin Cash, Polka dot, Chain shirt, Avalanche, Shiba InuAND Bitcoin Cash it also reflected Monday’s gains.

“Shiba Inu (SHIB) is approaching a crucial moment, approaching its 50-day EMA, a crucial position between conflicting sentiments of bulls and bears. A move above the $0.00003 mark (around Rs. 0.0025) could push the SHIB further higher,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.

The overall cryptocurrency market capitalization increased by 1.12% over the past day, currently sitting above the valuation of $2.43 trillion (around Rs. 2,02,71,181 crore), according to CoinMarketCap.

Polygon, ElrondAND Augur emerged among the cryptocurrencies that recorded losses.

Market analysts have advised the investment and trading communities to be cautious in the coming days.

“This week could see significant volatility, probably in favor of the bulls as Hong Kong ETFs are preparing for launch and the economic calendar is also irrelevant,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

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