Crypto Prices Today: Bitcoin and Ether Dip as Altcoins Lose Momentum
The crypto market witnesses a downturn with Bitcoin and Ether losing value alongside most altcoins, reflecting cautious investor sentiment.
By Tylt Editorial Team
Bitcoin's value dips by 1% globally, trading at $94,472 (₹81.5 lakh).
Ether sees a minor loss, trading at $3,293 (₹2.84 lakh) on global exchanges.
Market sentiment dampened by macroeconomic factors and regulatory concerns.
The cryptocurrency market started the week on a sluggish note, with significant assets like Bitcoin and Ether registering losses. Bitcoin, the largest cryptocurrency by market capitalization, saw its global trading value fall by around 1% to $94,472 (approximately ₹81.5 lakh). On Indian exchanges, Bitcoin was priced slightly higher at ₹86.2 lakh, reflecting a smaller 0.47% drop in the past 24 hours. The token's dominance over the crypto market currently stands at 56.94%.
The crypto market's volatility continues to be evident as Bitcoin recently retraced from its peak of $102,000 (₹88 lakh) to as low as $91,250 (₹78.8 lakh). According to Avinash Shekhar, co-founder and CEO of Pi42, these price fluctuations are typical of Bitcoin's cyclical nature, often followed by strong recoveries. Bitcoin's all-time high of $108,000 (₹93.2 lakh) in December came just weeks after a similar downturn.
Ether, the second-largest cryptocurrency, mirrored the trend with a minor loss of 0.10% globally, trading at $3,293 (₹2.84 lakh). On Indian platforms such as CoinSwitch and CoinDCX, ETH was priced slightly higher at ₹3.02 lakh. Market analysts at CoinSwitch attributed this downturn to stronger-than-expected U.S. economic data. December's job addition figures significantly exceeded estimates, fueling speculation about the Federal Reserve's monetary policy stance and a possible pause on rate cuts in 2025.
Other popular altcoins, including Ripple, Solana, and Cardano, joined the loss-making group. Avalanche, Chainlink, Shiba Inu, Dogecoin, Stellar, and Polkadot also experienced declining values. These declines collectively brought down the overall valuation of the cryptocurrency market by 0.90%, leaving the total market cap at $3.29 trillion (₹2,84,20,723 crore).
Amid this downturn, select cryptocurrencies such as Tether, Iota, Status, and Braintrust showed gains, providing a glimmer of hope for investors. However, broader market sentiment remains cautious. Factors such as concerns over FTX liquidations, speculation about potential U.S. government Bitcoin sales linked to the Silk Road case, and impending regulatory changes under the pro-crypto U.S. President-elect Donald Trump are adding to the uncertainty.
Cryptocurrency remains an inherently volatile and unregulated market. Investors are advised to exercise caution and avoid basing financial decisions solely on price movements or market speculation.
