Several cryptocurrencies experienced losses on April 24 due to post-BTC halving volatility. Bitcoin declined by 0.56%, while Ether lost 1.79%. Tether, Ripple, Dogecoin, and other altcoins also recorded dips. However, some cryptocurrencies managed to reflect minor gains, including Binance Coin, Solana, and Litecoin. The overall crypto market cap saw a slight increase of 1.37% in the past 24 hours.
Cryptocurrency Market Plunges into Volatility Post-Bitcoin Halving
The cryptocurrency market has been gripped by a wave of volatility following the recent halving of Bitcoin, with a significant number of digital assets experiencing notable losses. As of Wednesday, April 24, Bitcoin, the world's largest cryptocurrency, witnessed a decline of 0.56 percent, currently trading at $65,693 (approximately Rs. 54.7 lakh), according to the crypto price tracker by Gadgets360. On international exchanges such as Binance, Bitcoin is trading slightly higher at $66,359.69 (approximately Rs. 55.2 lakh). Market analysts suggest that a gradual uptrend in Bitcoin's price could positively impact altcoins.
Ether, the second-largest cryptocurrency, has joined Bitcoin in the red zone. At the time of writing, Ether was trading at $3,037 (approximately Rs. 2.5 lakh) after incurring a price dip of 1.79 percent. According to the CoinSwitch Markets Desk, "Bitcoin saw its first red day after five consecutive green days, with the market maintaining a delicate balance between bulls and bears. Ethereum, on the other hand, has demonstrated slight strength against Bitcoin despite the reduced likelihood of ETF approval in May." The CoinSwitch Markets Desk also noted that "Bitcoin's 200-day average price, a closely monitored indicator, is approaching its highest levels in over two years. Ether's year-end price target remains at $8,000 (approximately Rs. 6.66 lakh)."
Other cryptocurrencies reflecting losses on Wednesday include Tether, Ripple, Dogecoin, Shiba Inu, Avalanche, and Polkadot. Chainlink, Near Protocol, Cronos, Stellar, and Cosmos have also settled in negative territory. "Altcoins have exhibited mixed results. Meme coins like Bonk and Pepe are currently leading the market," said the CoinDCX team. However, they expressed concern regarding Mt. Gox's plan to distribute cryptocurrencies, including substantial amounts of Bitcoin and yen, by October 2024. "Some creditors anticipate earlier payouts, while others fear selling pressure in October," they added.
Meanwhile, Binance Coin, Solana, Dogecoin, Tron, Polygon, and Litecoin demonstrated minor gains alongside Leo and Uniswap. Minor profits were also recorded by EOS Coin, Ardor, Iota, and Zcash. "Solana has broken past its resistance at $150 and is showing signs of further rally. The next resistance is anticipated at $161 if the current trading volumes continue. Despite its ongoing legal battle with the SEC, XRP has maintained its steady momentum. The impact on investors appears to be minimal," said Rajagopal Menon, Vice President of WazirX.
The overall market capitalization of the cryptocurrency sector has witnessed an increase of 1.37 percent in the last 24 hours, currently standing at $2.47 trillion (approximately Rs. 2,05,73,988 crore), as per CoinMarketCap.
It is crucial to note that cryptocurrency is an unregulated digital currency and not considered legal tender. It is subject to market fluctuations and carries inherent risks. The information provided in this article should not be construed as financial advice and should not be relied upon for investment decisions.
