Over the weekend, the cryptocurrency market stayed slow and showed no sign of gaining traction. According to CoinMarketCap, Bitcoin saw a 3.88 percent drop on global exchanges on Monday, March 10, closing at $82,680 (about Rs. 72 lakh). In the meantime, Bitcoin fell 3.30 percent on Indian platforms like CoinSwitch and Giottus, reaching $88,563 (about Rs. 77.2 lakh).
Bitcoin is currently trading around $82,200, or about Rs. 71.6 lakh, and is on a rebound trend. A similar pattern may be seen in the larger market, which indicates that retail investors are interested in making purchases. Investors should exercise caution, though, as Bitcoin volatility is still at its highest level since December. Alankar Saxena, CTO and co-founder of Mudrex, told Gadgets 360 that Bitcoin is currently facing significant resistance around $89,400, or roughly Rs. 77.9 lakh, while the support is at $80,000, or roughly Rs. 69.7 lakh.
Over the past day, the value of ether has decreased by 5.50 percent. Ether is currently worth $2,234 (about Rs. 1.94 lakh) on Indian platforms, while it is selling at $2,067 (about Rs. 1.80 lakh) on foreign markets.
The cryptocurrency markets are attempting to regain power following yet another dismal weekend, but the bulls are still unsure. The majority of cryptocurrency values have therefore recovered from their monthly lows, but the markets are still apprehensive about another decline. Extreme fear is implied by market attitudes. In light of this, it is anticipated that the prices of Ethereum and Bitcoin will shortly test new lows and break the support, the CoinDCX Research Team informed Gadgets 360.
These consist of Chainlink, Dogecoin, Binance Coin, Ripple, Solana, and Cardano.
Due to the adverse market momentum, the cryptocurrency market cap saw a significant decline of 4.35 percent over the past day. The worldwide cryptocurrency market capitalisation is $2.7 trillion, or approximately Rs. 2,35,48,050 crore, according to CoinMarketCap.
In a market that was otherwise losing money, USD Coin, Leo, Iota, and Status were able to hang onto tiny gains on the price chart.
Although any emerging market is likely to see short-term volatility, the general trend appears to be encouraging. Both individual and institutional investors are still interested in Bitcoin and other cryptocurrencies. We’re getting closer to a more secure future for cryptocurrency with every legislative development’, stated Avinash Shekhar, co-founder and CEO of Pi42.
CREDIT: Gadget360, Allneeds
Related News:
- More Apple Intelligence Features Support in the iOS 18.4
- Gmail will Now Use QR Codes For Two-Factor Authentication
- Apple Stops iPhone SE, iPhone 14, and iPhone 14 Plus in India
- According to Google, Android 16 will bring lock screen widgets
- OpenAI may cost up to $20,000 per month, according to reports
No products in the cart.