Crypto Price Today: Bitcoin Hits $42,000 Again After Brief Slump, Most Altcoins Reflect Volatility

On Monday, January 29, Bitcoin entered the trading floor at a price of $42,175 (approximately Rs. 35 lakh). After a dull week, the asset recovered its price above the $42,000 (around Rs. 34.9 lakh) mark despite reflecting a loss of 0.50% on Monday. Over the past week, Bitcoin’s value has increased by $2,254 (around Rs. 1.87 lakh). According to market analysts, investors can expect Bitcoin to touch the $45,000 level (around Rs. 37.4 lakh) if the current momentum continues and there are no surprising news headlines.

Ether recorded a loss of 1.18% worth $2,259 (approximately Rs. 1.87 lakh).

“BTC also successfully reclaimed both the daily 20 Exponential Moving Average (EMA) and the weekly 7EMA, showing a highly bullish final weekly close and implying an overall bullish attitude. ETH, however, closed on a bearish note and is still positioned below the 20EMA Daily. Currently, the key support and resistance levels for ETH are at $2,175 (around Rs. 1.80 lakh) and $2,388 (around Rs. 1.98 lakh), respectively,” he said. the CoinDCX research team told Gadgets360.

In addition to the top two crypto assets by market cap, a large number of cryptocurrencies posted losses on Monday. These include Ripple, Cardano, Avalanche, Polygon, Shiba Inu, LitecoinAND Bitcoin Cash.

How, Stellar, Close to the protocol, ChronoAND Bitcoin SV they also showed price drops.

The overall cryptocurrency sector is down 0.83% over the past 24 hours. Currently, the industry’s valuation stands at $1.62 trillion (around Rs 1,34,68,388 crore), as shown CoinMarketCap.

“A 31.9% increase in trading volumes in the last 24 hours as the market exudes bullish sentiment. Bitcoin’s dominance has returned to 50.58%, which is driving the broader market sentiment with its price increase. Cryptocurrency enthusiasts predict a $2 trillion market capitalization for cryptocurrencies, similar to early 2022 levels, largely due to the conclusion of Bitcoin’s price correction phase, increased institutional investment, update of the Ethereum network and a potential spot ETF approval for the token,” Rajagopal Menon, vice president of WazirX, told Gadgets360.

In the meantime, Currency in USD, Tron, Polka dot, Chain shirt, Leo, UniswapAND Monero Monday reflected small profits.

“Solana has had a strong start to 2024. While in early January, the SOL network recorded its highest transaction volumes in over a year, over the weekend the network recorded its highest ever level of new addresses daily. Other cryptocurrencies that have posted gains in the past 24 hours also include Injective (INJ, nine%), Polkadot (DOT, +3.2%) and Chainlink (+2.7%),” Parth Chaturvedi, Investments Lead, told Gadgets360 , CoinSwitch Ventures.

Investors are closely following the FOMC meeting scheduled for the 30th and 31st of this month.

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