Cryptocurrency Price Today: Bitcoin and Ether See Drop in Value Due to Market Liquidations, Followed by Most Altcoins

Bitcoin saw a decline of 4.37% on Monday, December 11, settling at the price of $42,026 (around Rs. 35 lakh). The most expensive crypto asset essentially failed to maintain its value above the $43,000 (around Rs. 36 lakh) mark over the weekend. Between December 8 and today, the value of BTC fell by $1,422 (approximately Rs. 1.18 lakh). According to market analysts, Bitcoin is currently experiencing a surge in take profit and sell orders, leading to widespread market liquidations.

“The market is in a tug of war between bulls and bears, and a potential resumption of the uptrend could occur if BTC price clears the $44,700 (around Rs. 37.2 lakh) resistance. Conversely, a decline to below may find support at $40,600 level (around Rs. 33.8 lakh),” Edul Patel, co-founder and CEO of Mudrex, told Gadgets360.

The price of Ether fell 4.76% on December 11. At the time of writing, the value of ETH stood at $2,234 (approximately Rs. 1.86 lakh). Over the weekend, the value of Ether saw a decline of $133 (around Rs. 11,096).

“The week started with corrections in the cryptocurrency market. According to data from CoinGecko, the top 10 cryptocurrencies by market capitalization are currently trading in the red. Most of the losses, however, occurred around 6:00 IST in then they could be a result of liquidations of over $335 million (about Rs 2,793 crore) in the last 12 hours, with $300 million (about Rs 2,501 crore) in long positions, according to Coinglass data,” he said. said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures Gadget360.

Binance coin, Ripple, Solana, CardanoAND Dogemoneta – today everyone is at a loss.

Polygon, Polka dot, Bitcoin wrapped, Shiba Inu, LitecoinAND Bitcoin Cash are among other loss-making cryptocurrencies alongside Shiba Inu, StellarAND Monero.

The overall market capitalization fell by 3.40% in the last 24 hours. From $1.61 trillion (approximately Rs. 134,22,046 crore) recorded last week, the cryptocurrency market valuation as of today stands at $1.58 trillion (approximately Rs. 1,31,74,679 crore), second CoinMarketCap.

Avalanche, LeoAND Brain trust have emerged today as the only three cryptocurrencies trading profits.

With a gain of 7.57%, Avalanche is trading at $35 (around Rs. 2,926), while Braintrust and Leo have made minuscule profits of around 1% each.

“The sharp market move appears to be more of a correction or profit booking, considering BTC’s eight consecutive weekly green candle closes,” the CoinDCX team told Gadgets360, advising investors to make cautious investment decisions.

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