Crypto Market Keeps Away From Gains as Year-End Draws Closer

Crypto market, under the effect of daily fluctuations, ended up fluctuating negatively for majority cryptocurrencies on Tuesday. Bitcoin started the day with a loss of 1.48 percent in its trading values, which currently stands at $53,126 (roughly Rs. 39.7 lakh) on Indian exchange CoinSwitch Kuber. On international exchanges such as Binance and CoinMarketCap, Bitcoin value went down by 2.54 percent, taking its trading value to $49,662 (roughly Rs. 37 lakh). This loss in the value of the world’s oldest cryptocurrency comes a day after it registered gains and elevated its value above the mark of $50,000(roughly Rs. 37.4 lakh) after days of sluggish movement.

The value of Ether also slipped by 2.44 percent on December 28. Presently, the altcoin is trading at $4,209 (roughly Rs. 3.15 lakh) per token, as per Gadgets 360’s crypto price tracker. Despite the marginal dip, there have not been any major changes in Ether value, which has managed to hover around the $4,200 (roughly Rs. 3.14 lakh) mark in recent times.

Ripple, Polkadot, Dogecoin, Shiba Inu, and Polygon are among the majority of other cryptocurrencies to register dips. Among a handful gainers, Tether, Cardano, and USD Coin secured positions.

“The lack of strong momentum in Bitcoin near the resistance level caused it to drop below $50,000 (roughly Rs. 37.4 lakh). The rest of the crypto market followed Bitcoin’s cues and fell lower. Over the coming few days, the cryptocurrency market is likely to remain range-bound,” Edul Patel CEO and Co-Founder of crypto investment firm Mudrex told Gadgets 360.

The global crypto market capitalisation rose to $2.39 trillion (roughly Rs. 1,80,02,836 crore) from $2.35 trillion (roughly Rs. 1,77,02,311 crore) as per CoinMarketCap

The crypto trading volume also increased to $75.03 billion (roughly Rs. 5,63,587 crore) from $72.62 billion (roughly Rs. 5,45,485 crore) earlier this week.

Meanwhile, crypto-related crimes in India have risen in recent times and Hyderabad Police has issued a warning. This is while India still decides on its stance over legalising crypto assets in the country.

On the international level, dog coin Shiba Inu emerged as the most popular cryptocurrency in 2021 on exchange CoinMarketCap, defeating even Bitcoin and Ether.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.