Tech
The price of Bitcoin exceeds $48,000, the values of several cryptocurrencies drop
Bitcoin posted a small gain of 0.74% on Monday and the price of the world’s most popular cryptocurrency was at $48,101 (around Rs. 39.9 lakh) at the time of publication. Over the weekend, the value of the digital asset increased by $1,826 (around Rs 1.5 lakh). According to market analysts, if the price of Bitcoin crosses $48,970 (around Rs 40 lakh), the next target would be $50,000 (around Rs 41.5 lakh), a milestone that Bitcoin has failed to cross since December 2021.
Ether he couldn’t follow Bitcoin it was on the back of profits on Monday and saw its value fall by 0.55%. Currently, the value of Ether stands at $2,498 (approximately Rs. 2.07 lakh).
“Over the weekend, Bitcoin hovered above $48,000 (around Rs. 39.8 lakh), hitting its highest level in 26 months, fueled by significant net inflows into spot Bitcoin ETFs in the previous week. Meanwhile, Ethereum has also reached the $2,540 mark (around Rs. 2 lakh) – its highest since January 19 – and is currently consolidating around $2,500 (around Rs. 2.07 lakh), with resistance at $2,620 ( around Rs. 2.17 lakh) and support at $2,440 (around Rs. 2.02 lakh),” Edul Patel, CEO of Mudrex, told Gadgets360.
Like Ether, most cryptocurrencies posted losses on Monday. These include Binance coin, Ripple, Dogemoneta, CardanAND Avalanche.
Other altcoins like it too Solana, Binance coin, Shiba Inu, Litecoin, Bitcoin CashAND Uniswap saw their values plummet on Monday.
The overall cryptocurrency sector valuation fell by 0.76% in the last 24 hours. Currently, the cryptocurrency market capitalization stands at $1.8 trillion (approximately Rs. 1,49,40,576 crore). CoinMarketCap. While Bitcoin’s market dominance currently stands at 52.5%, Ether’s dominance stands at 16.7%.
“Once Bitcoin’s dominance cools, Ethereum and altcoins may also see a potential rapid jump in their market capitalization,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
In the meantime, Bitcoin Cash, Litecoin, Uniswap, Close to the protocol, Monero — managed to see small profits on Monday.
“We are likely to see some major token unlocks this week, including the release of over $96 million (approximately Rs. 796 crore) worth of Sandbox SAND, equivalent to approx. 9% of the entire SAND supply. This is expected to Valentine’s Day Other unlocks include Aptos with a release of more than 7% (worth approximately $224.8 million (approximately Rs. 1,865 million)) of its total token supply, and ApeCoin on February 16 with a release. of 2.5% (worth approximately 21.84 million rupees (approximately USD 21.84 million) Rs. 181 crore) of its total token supply,” Parth Chaturvedi, Chief Investment Officer, told Gadgets360. CoinSwitch Ventures.
However, market experts advised the global investment community to be cautious. “Overall, BTC’s resilience amid regulatory scrutiny and market dynamics highlights its potential for further gains, but investors should remain vigilant of key resistance levels and external factors influencing market sentiment,” he said at Gadgets360 Rajagopal Menon, vice president of WazirX.
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