Bitcoin Clings to $93,000 While Altcoins Navigate a Sea of Fluctuations

The price of Bitcoin continued to climb on both domestic and global exchanges on Friday. The leading crypto asset appreciated by under one percent, reaching $93,400 (approximately Rs. 79.7 lakh) on worldwide platforms. In India, Bitcoin’s current trading range is between $93,086 (around Rs. 79.4 lakh) and $93,962 (approximately Rs. 80.2 lakh). BTC has remained priced above $93,000 (approximately Rs. 79 lakh) for more than 48 hours, while most altcoins are experiencing price variations due to ongoing market volatility.

“Bitcoin started trading on a positive note today but encountered a slight pullback. Additionally, altcoins are facing some downward pressure yet have managed to hold onto their gains. This suggests a strengthening presence of the bulls, who are currently somewhat passive but may soon initiate a fresh upward movement,” noted the CoinDCX Research Team to Gadgets 360.

Ether saw slight declines (less than one percent) across national and international exchanges on Friday. CoinMarketCap reports that ETH is trading at $1,766 (approximately Rs. 1.50 lakh) on global platforms. On Indian exchanges, its price is $1,773 (about Rs. 1.51 lakh).

“The cryptocurrency seems to be consolidating its recent gains and appears ready for another upward trend. Ethereum has entered a consolidation phase during this period, with the $1,800 (around Rs. 1.53 lakh) threshold acting as minor resistance in the near future,” stated Piyush Walke, Derivatives Research Analyst at Delta Exchange.

The crypto price tracker from Gadgets 360 indicated that the values of numerous altcoins dipped on Friday.

These include Tether, Ripple, Binance Coin, Dogecoin, and Tron. Moreover, Stellar, Bitcoin Cash, and Polkadot also registered price decreases in tandem with ETH on Friday.

“Market sentiment is cautiously optimistic. Should liquidity conditions persist, certain altcoins might outperform major cryptocurrencies shortly. Nevertheless, investors should prioritize fundamentally robust projects and keep disciplined risk management strategies,” advised Himanshu Maradiya, Founder and Chairman of CIFDAQ Group.

Currently, pricier cryptocurrencies include Solana, Cardano, Leo, Shiba Inu, Litecoin, Monero, Cronos, and Cosmos, among others.

The total market capitalization of cryptocurrencies increased by 0.92 percent in the past day, according to CoinMarketCap. The current market cap stands at $2.92 trillion (approximately Rs. 2,50,03,960 crore).

“Overall market sentiment is cautiously optimistic, with accumulation patterns indicating a potential turnaround. As Bitcoin stabilizes, the crypto market may be positioning itself for a new rally driven by renewed interest and strategic choices,” commented Avinash Shekhar, Co-Founder and CEO of Pi42, to Gadgets 360.

Cryptocurrency is an unregulated digital currency, not classified as legal tender and is exposed to market risks. The content in this article is not intended to serve as, nor does it constitute financial advice, trading recommendations, or any variations thereof endorsed by NDTV. NDTV does not accept responsibility for any financial losses arising from investments based on perceived recommendations, forecasts, or other information provided in this article.